Filing Strategies

Hi Larry,

Hello. My mother has been receiving Survivors Social benefits since age 60 or 62. She has just turned 65, 12th Nov. According to the ssa.gov website, her benefit should increase to 95% but I am also finding information about her needing to reach her retirement age - 67. I'm confused. Online I have found info that says at age 60 - you receive 71.5%, 62 - 81.00%, 64 - 90.50%, 65 - 92.25% and 66 - 100%. Also, would the rate most likely change after her birthday or in the new year? Any advice much appreciated. Thanks

Hi,

I will be 62 this year. I am considering drawing my SS, $650 until my husband retires in 2021, at 66 his FRA. He has earned maximum benefits. I believe that is $2861. When he retires will I be eligible for 50% of his SS for spousal benefits? Thank you for your help.

Hi,

No, if you file for your own Social Security retirement benefits prior to full retirement age (FRA) you won't get a full 50% of your husband's benefit rate when he files. I'll use an example to explain.

Hi Larry. I really look forward to your Ask Encore columns. You always seem to select pertinent questions and provide comprehensible answers. My wife is 21 months older than me. She will reach her full retirement age in June 2020. Her individual SS retirement benefit based on her own work history will be considerably smaller than her spousal benefit based on my work history.

Hello, I am 67 years old and when I turned 65 I had delayed getting SSA benefits because I understood that with each year I wait, the benefit amount grows by about 8 percent or so. However, does this growth happen automatically, or was I supposed to somehow activate my SSA benefits at 65 but then pause/freeze it until I am ready to start collecting in a couple of years? I don't see anywhere in my SSA account/mailings that would reflect this ~8 percent yearly increase. Question 2: my wife is soon turning 65, but her own SSA would be very low since she did not work much.

Dear Larry,

My DOB is 12-22-53 and my PIA is $2771. My wife's DOB is -7-06-59 and her PIA is $2148. In 2021, our strategy is to have her claim a reduced social security benefit at age 62 (~$1530), and I will claim a spousal benefit ($1074). Upon my reaching 70, I will then claim my increased social security benefit of ~$3658. Are my numbers and thinking correct to you?

Thx and Regards, Joe

Hi Joe,

I am 66 and my wife is 65 (Born August 1954). I am still working, but plan on retiring at 67. My wife is now retired. Another program suggested that she take her social security benefit now and that I file a restricted application and take a spousal benefit until I turn age 70.

Thoughts on this approach versus both taking benefits when I am 67 and she is 66, or both waiting until we are 70?

Hi,

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?