Filing Strategies

I filed for SS benefits in January 2018 at age 65 and turned 66 (FRA) four months later in April 2018. My income was considerably lower than my husband, who is 6 months younger, and is also retired. He is currently drawing half of my benefit, after he turned FRA, and delaying his benefit. Did I make a mistake by drawing mine those four months early if he should die before me? Would I still be able to receive his larger benefit because he delayed? Thank you, Lucy

Hi Lucy,

I was born 12/8/1953 and my husband was born 1/13/1954, so we will both be at FRA within a few months. We have been married 40 years. We are interested in taking advantage of the spousal benefit, since I was born before the cutoff for this benefit. I'm not sure which of us needs to file a restricted claim for the spousal benefit and which of us files a regular claim. Thank for your help!

Hi,

Hi Larry. My wife and I were both born in 1953 (ages 66). If my wife applies for her full SS retirement benefits off her record now, and then switches and applies for higher spousal benefits (50% off my record when I file for delayed retirement benefits at age 70, will her spousal benefit then be 50% of my retirement as calculated at my full retirement age of 66 (I'm not retiring then) or will her benefit be 50% of my delayed retirement benefit as calculated at age 70 when I retire?

Which plan gives us the best long-term strategy as a couple?

Slight twist to an earlier question on the best claiming strategy for our situation:
I haven't been able to get an answer from Social Security yet!

Both healthy - expect to live into mid-eighties or later. Strong investments; don't need the social security money for living expenses. We plan to invest the money.

Hi
I was married for 15 years, have been divorced 14 years, not remarried. I am now 63, my ex spouse is 73. My financial advisor says I need to know what my survivor's benefit would be if my ex spouse predeceases me in order to determine the best time to file for my own SS benefit.

My husband will be 64 in March 2020, and I will be 64 in May 2020. I am considering taking my SS April or May of 2020. If I take mine early I understand that it will be reduced. But when he takes his, at FRA (66& 4 mos.) can I then switch to spousal and still get 50% of his FRA amount, or will my spousal benefits also be reduced because I took mine early? I get different answers on this question

Hi,

Larry I am 68, and plan to work until 70. At 70, my projected SS benefit is $3450 p/month. My wife is 63 and her FRA is $1020 p/month. Is there any benefit to my wife filing "early" when I file at 70? Thanks.
Mark

Hi Mark,

Dob 10/1952 wife dob 10/1957 She is 62 and me 67 as of october. I have been collecting for 1 year. Getting about 2800/m. She can start collecting this month and will get about 1700. My questions: can i and should i suspend my benefits until 70? and should my wife start collecting and can i get spousal benefit once she starts?

I still work and earn about 70 per hour. she is a real estate agent and the income is not necessarily stable.. We do need to extra income to clean up some stuff over thr next 2-3 years.

Hi,

I was born in 1952, and am considering applying for my social security benefits in January 2020. I will continue working full time. My husband was born in 1956 and also works full time. I am trying to figure out how to maximize our benefits -- that is, get the most money per month if one of us filed in January 2020 for benefits. A few questions:

How do you calculate the break even point/ payback analysis in deciding whether to claim SS under my own record at FRA of 66 or spousal benefit and then claiming my benefit at age 70? I will be 66 in December 2019. Per the SS rep, I would receive 1542 on my own record and 1307 would be the spousal amount. My husband’s health ( he is 76) is currently OK but he does have a few potential health issues.

Hi,