SS and retirement question

[MacLawn]

If me wife takes her SS a bit early, will she still be able to get 50% of mine at her full retirement age (66)? I've searched and researched, but canno' find an answer to this one.

I'm 65, not taking SS yet, she's 64. So, we would like for her to begin her SS, then switch to 50% of mine when she gets 66 because 50% will still be more than her full SS.

Oh, since this is the Rural Living section, we will retire in a rural place. Heheheeee...

 

[ovrszd]

Good question. I spent a few minutes on the SS website and couldn't find an answer either.

I started drawing at 62 in January. When in my 40's never thought I'd see the day.

 

[jeff9366]

I believe her Social Security remains the same, based on her earnings history, until you die.

When you die, her Survivor's Benefit is 100% of your Social Security, replacing her 'regular' Social Security payment.

 

[murphy1244]

I believe her Social Security remains the same, based on her earnings history, until you die.

When you die, her Survivor's Benefit is 100% of your Social Security, replacing her 'regular' Social Security payment.

If this is true you better keep a eye on her.

 

[bajabum]

I'm in the same boat, I'm 65 and the wife is 62.
I plan on pulling the pin next year, I'll get full retirement $$, and the wife will get %16 less.
I also never thought I'd get to Y2K, much less retirement.
Looking foward to it though...:thumbsup:

I spent an hour or so on the SSA site today, and I now have more questions than when I started.
I think your best bet (and mine) is to make an appointment at the nearest SSA office.
Take a list of your questions with you, and I'm going to see if I can get a small recorder, as the old memory ain't what it used to be.
Very confusing, and if you do it wrong, it can cost you serious money .

 

[JakeBrake]

Hope this helps.


https://faq.ssa.gov/link/portal/340...it-amount-a-spouse-may-be-entitled-to-receive

 

[deerseeker001]

I would go into SS office they were real helpful to explain things.It is best if you make appointment to talk to Agent.

 

[MacLawn]

Reckon I'm the local SS expert. I know a lot about how SS works for me and wife, except this one question eludes my research. I'm usually the one giving SS answers to people. Looks like there is no answer to be found online, so I'll stop by local SS office when I have time, and if I find an answer, I'll let y'all boys know.

 

[Pilot]

A couple points:
1. When you take SS, your wife can take it based on your earnings. But if she earned enough to get more based on her own income, she can take it based on yours and it won't affect how much she will get based on her own earnings. She may be able to get it without you taking SS, it's worth checking on.
2. The "Full Retirement" label is just a scam. Starting at 62, if you don't take SS, your eventual payout will increase about 8% per year up until age 70 and regardless of your "full retirement" age. It's a straight line increase (well, geometric increase actually). Full retirement may have been important in the past when it was 65, I don't know, but it means nothing since they changed it. Retire when things are right for you to do so and ignore the full retirement label. Think about this: Where else can you get a guaranteed 8% (unless the feds change it) return on an investment?
3. If one of you worked for the federal gov't under the, civil service retirement system instead of FERS, you will get penalized unless you have 30 years of "significant" earnings under SS. They will take hundreds of $$ right off the top. Calculating exactly how much they take is hard to find on the SS website, but it's there.

 

[Loren49]

Is this any help?

http://easysite.commonwealth.com/Ea...oads/FAQSocialSecurityRetirementBenefits2.pdf

q: What are spousal benefits?
A: While you are living, your spouse can receive a
dependent benefit of up to 50 percent of your full
retirement amount. Benefits paid to your spouse will
not decrease your retirement benefit

q: can i apply for spousal benefits if my spouse
hasn’t yet filed for social security?
A: No. You cannot get spousal benefits until your
spouse has applied for social security retirement
benefits. You can apply for a benefit based on your
work record and, when your spouse retires, qualify for
a spousal benefit, if higher, at that time. Or, your spouse
can apply for benefits at his or her full retirement age and
then withdraw the application. This will allow you to
receive a spousal benefit.

My guess is spouse can change to 50% of yours after you start collecting.

This issue of when to take benefits has some gray areas when deciding.

If you collect the reduced benefit from 62 to 67 (5 years) and your benefit is $15,000 per year you are at that point $75,000 ahead.

At 67 the full benefit is 30% higher. So now you make an extra $4500 per year and it will take over 17 years to be ahead of the game. If the decreased value of the money (inflation) and possible interest on the early money is factored in it would likely add at least another year. You will be at least 84 before you are ahead of the game.

I started collecting at 62 as I feel that if I make it to 84, my desire to do some of the things we now enjoy will likely be diminished. Most people I know in that age group are not big spenders.

What seemed right for us may not be the best for others. I'm now 65 and am satisfied with our choice. Until I make it to beyond 84 I won't know how it looks from that end.

My philosophy for finances in retirement....If we stay healthy we'll do just fine....and if the health goes the money doesn't really help. (I do have medical insurance)

Loren