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.
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
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.
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.
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.
I understand that a widowed spouse (in my case, the wife, age 61) can file a restricted application to only collect her widow benefits and allow her own benefits to grow. However, because her benefits are considerably lower than he deceased husband's benefits, she wants to know if she can restrict her application to just her benefits and then at her FRA switch to her unreduced husband's benefits (which will be his amount when he passed away). Thank-you.
I'm 69 waiting for 70 to take my benefit, my wife will be 62 in Nov should she take hers then(about $800)