W2R
Moderator Emeritus
Yes, in my case it was IIRC.For those who have taken SS, doesn't matter when you took it, was the estimate on SSA.GOV close or equal to what you actually received?
Yes, in my case it was IIRC.For those who have taken SS, doesn't matter when you took it, was the estimate on SSA.GOV close or equal to what you actually received?
I am 68 will be 69 in January which is the timeframe I am thinking about. I guess it will depend on what the 2023 ACA costs will be. I do have trouble giving my SS to Florida Blue for my Wife's final Year of ACA.
Can you file when you're 70, but request retroactive payments for 6 mos? Will your wife be on medicare by then or at least within one month, correct?
Here is what I am struggling with. At what point will the ACA increase (as our MAGI will increase substantially) make taking SS at 69 viable or non-viable.
If your wife's SS will be less that 1/2 of your SS at FRA, she can taker her retirement at her rate and you can file for spousal. At 70 you retire and she can continue at whatever rate she got when she retired. At her FRA she can the file for spousal and get half of your FRA rate. If you go first she gets the highest survivor benefits.
At FRA you will make 3000/mo. At 70 about 3900/mo. You are 65 now. At 62 she can retire at 1000/mo according to her agw 62 SS statementand. She is 62 and so she retires and you claim spousal which is 500/mo total. 1500/mo till age 70.
At 70 you retire at 3900/mo and she continues at 1000/mo total 4000/mo till she reaches her FRA.
At her FRA she takes spousal on your account and her 1000/mo is now 1500/mo plus she is on medicare rather than ACA for probably 2 years. Total 4500/mo plus ACA is no longer a factor.
So the ACA subsidy may not be the controlling factor if you maximize SS income over the life of the transition.
he can never, ever file for spousal while preserving his own until he 70. That option went away years ago. When he files (assuming she filed at 62) he will receive the largest benefit he is entitled to, which would be his own because his own will always be greater than 50% of hers.
Well yes, if he had been born ON 01/01/1954 he can claim spousal if she files for her SS. He would collect that spousal amount for only about a year but she will still be locked into a lower amount permanently (until she can claim survivor) and not receive 50% of his PIA. But the odds of him actually being born on that specific date for purposes of this conversation....
You need to look not only at your "break even" year but also that of your spouse. Chances are your spouse will outlive you and then be able to transition to your SS amount as a "surviving spouse". So delaying that one year will not only mean less problems with the ACA but ensure your spouse has a higher benefit later on.
Thank you. This is how I understood it as well.This is not how it works. If she files early, she will forever be reduced in the amount she receives EXCEPT for survivor which she would receive the full amount he is entitled to as long as she is full retirement age when claiming survivor. Yes, she will get a bump up in her amount once he files, but it won't be for the full 50% because she filed early at 62. Also, he can never, ever file for spousal while preserving his own until he 70. That option went away years ago. When he files (assuming she filed at 62) he will receive the largest benefit he is entitled to, which would be his own because his own will always be greater than 50% of hers.
OP Here.
My Birthday is late January (1954), I Will be 70 in 2024 If I file at 69 I will get just $200 less than if I do so at 70.
DW Filed at 62 and will be 64 (Mid December 2023) her FRA is 66 and 8 months.
This begs the question that If I File at 69 and get Say $3,200 a month, If DW is currently getting $1000 a month. Can she file for spousal when I file, If so how much would she get? I think Spousal is based on PIA not current.
As DW Filed at 62, her Spousal benefit, according to my calculation would be 66.7% of my PIA. (Whatever that was). Say that was $2,500 DW's Spousal when I file would be $800 ($200 less than the amount she is getting now). Am I correct?
Thanks.
OP Here.
My Birthday is late January (1954), I Will be 70 in 2024 If I file at 69 I will get just $200 less than if I do so at 70.
DW Filed at 62 and will be 64 (Mid December 2023) her FRA is 66 and 8 months.
This begs the question that If I File at 69 and get Say $3,200 a month, If DW is currently getting $1000 a month. Can she file for spousal when I file, If so how much would she get? I think Spousal is based on PIA not current.
As DW Filed at 62, her Spousal benefit, according to my calculation would be 66.7% of my PIA. (Whatever that was). Say that was $2,500 DW's Spousal when I file would be $800 ($200 less than the amount she is getting now). Am I correct?
Thanks.