We are retired, I am 67, the higher earner, am waiting till age 70 to file for social security. DW is 62 & is getting social security,
Can I claim the spousal benefits now & still claim my own benefits at age 70. ?
Thanks
only those who were at least 62 in 2015 can do that .
now you only can take your own and if half the higher spouses fra amount is higher then the lower spouses fra amount the difference gets added to your benefit
We are retired, I am 67, the higher earner, am waiting till age 70 to file for social security. DW is 62 & is getting social security,
Can I claim the spousal benefits now & still claim my own benefits at age 70. ?
Thanks
yes …the lower spouse gets the adder
so if the higher is 2800 at fra , regardless of when they filed , they just have to have filed .
and if the lower has an early benefit of 800 but the full is 1200 .
then half the higher is 1400 minus 1200 is 200 .
so 200 is added to the 800 for a total of 1,000
^^^
Clarification question - the spousal benefit does not start until the higher spouse has filed, right? So, the lower spouse does not begin receiving the spousal benefit until higher spouse files at age 70 in the OP's case. This is one of the reasons I'm planning to file at 67 vs 70.
Hey, one more related question - if higher spouse files before FRA, then does this reduce the spousal benefit? I believe it does, but checking. This is further rationale for my waiting until 67, to maximize spousal benefit for DW.
no , everything is based on fra amount regardless.. however survivor is based on when you filed
Hey, one more related question - if higher spouse files before FRA, then does this reduce the spousal benefit? I believe it does, but checking. This is further rationale for my waiting until 67, to maximize spousal benefit for DW.
Confused. Why doesn't Jack get 50% of Jills age 67 amount of $3,000? They are both age 67 when they file.
Oh, Jack filed at 62 and has been getting $700 for five years. That is why he doesn't get $1500 at age 67 when Jill files.
So Jack has $42,000 socked away when Jill files, and for that he loses $300 a month. It will be 140 months before it is a loss.
Yes, according to opensocialsecurity.com, which is a trusted source of information for me. Assume that spouses are exact same age with FRA of 67. Jack has $1,000 PIA and Jill has $3,000 PIA.
If Jack files at 62 then he gets $700 until Jill files (70% of own $1,000 PIA).
If Jill files at 65 then Jack gets $1,120... the $700 above and $420 spousal benefit [(Jill's $3,000 PIA less Jack's $1,000 PIA)*50%*84%] because Jill filed before her FRA. Jill receives $2,600 (87% of her PIA).
If Jill files at her FRA of 67 (or later) then Jack gets $1,200... the $700 above and a $500 spousal benefit [(Jill's $3,000 PIA less Jack's $1,000 PIA)*50%*100%] and Jill gets $3,000 (100% of her PIA)
If Jill files at 70 then Jack gets the same $1,200... the $700 above and $500 spousal benefit. Jill receives $3,720 (124% of her PIA).
You can verify this by playing around with opensocialsecurity.com. I put in two married individuals both born on 2/1/1962, so both currently 62 years old. One has a PIA of 83 and the other a PIA of 250 (1/12 of the PIA's above since the opensocialsecurity.com output is annual).
FWIW, for us, DW's PIA was less than 50% of mine and we decided to have her file at FRA and I'll file at 70 so we will get the maximum possible benefit. That decision is predicated on good health, good family longevity, we didn't need the money and deferring gave us more headroom for low tax cost Roth conversions.
Agreed. I seen things both ways but trust opensocialsecurty.com
My reading from the actual Social Security Administration website and the law establishing Social Security is that the spousal benefit is based on the worker's Primary Insurance Amount (PIA), which is a calculated number that does not change, even if the worker starts taking benefits early. If the spouse retires early, then the spousal benefit is reduced from 50% of the worker's PIA, not reduced from 50% of the worker's actual benefit (which will be less than PIA if the worker retired early)
I have read the following sources that lead to to the above conclusion.
From the SSA website:
https://www.ssa.gov/oact/quickcalc/...gins receiving,spousal benefit is not reduced.
https://www.ssa.gov/benefits/retirement/planner/applying7.html
42 U.S.C. Subchapter II - FEDERAL OLD-AGE, SURVIVORS, AND DISABILITY INSURANCE BENEFITS
See Sections 402 and 415
https://www.law.cornell.edu/uscode/text/42/chapter-7/subchapter-II
you are correct ,call spousal is calculated off fra amounts regardless of when party’s filed .
that determines how much gets added to the lower benefit
Open Social Security suggested DW to file at 62 & for me to file at 70, so that is what DW did/I will do, we could have easily waited for DW to file at FRA of 67
I was not aware of / nor our Fidelity Rep suggested to check out the Fidelity SS software.
Oh, well I hope Mr Piper's Open Social Security was/is right .