What Will Happen If I File At Age 62?

Category: 
Jan 23 2017 - 6:30am

My husband started SS benefits at 64.5 years old (to access parent-in-care and CDB) and suspended this past July at FRA. I can start age 62 benefits next month and realize I will be deemed, but is my spousal 50% of his FRA benefit, or some reduced amount because he started benefits early? My own age 62 benefit is $900 and my (former) parent-in-care benefit was $1024.

Hi,

Unless you have an entitled child in your care, your spousal benefits will be reduced if you start drawing them prior to your full retirement age (FRA). The reduction amount is based on your age at the time you become entitled, not the age at which your husband started drawing his benefits.

If you start drawing spousal benefits at age 62, they will be calculated as follows:
1) 50% of your husband's full retirement age rate (PIA), minus your own PIA;
2) Assuming the amount in step 1 is positive, the result would be reduced by around 30.5%.

However, under the new law passed by Congress in 2015 (https://www.ssa.gov/planners/retire/suspendfaq.html), no auxiliary benefits can be paid on an account that is voluntarily suspended after April 29, 2016. So, it sounds like you wouldn't be able to receive spousal benefits on your husband's record while his benefits are suspended.

Best, Jerry