Hello Larry - I purchased both books - Get What's Yours for Social Security and the one for Medicare. I have a fairly simple situation but can't seem to pinpoint the answer in the material. Wife reached FRA in May of this year 2019 and husband will reach FRA in November of this year. Wife has little to no earnings record as a stay at home mom and 1/2 of husband's benefit will be much higher. Since she is now FRA should she file now? or should she wait until he reaches FRA in November 2019? I think I read he must also be taking benefits.
Spouse & I both waited until full retirement age of 66 to begin Social Security however I took a spousal benefit & let me own benefit mature. I will be 70 in November. If I start my own benefit in June & I already received my spousal benefit, will I receive the additional amount between the two benefits? My own benefit “gross” would be @ $2319 vs spousal gross of $1405. Should I claim earlier than June of this year to get the additional difference amount less what was already paid to me under the spousal benefit?
My wife and I are 54 with a forecast PIA of $2500/mo at FRA and 62 with forecast PIA of $500/mo at FRA.
My thought is that there would be little downside for the older, lower PIA already retired worker to claim early now, and for the younger person with higher PIA continue to work and not claim till 70. Am I correct in my take that the reduction in benefits if claimed now would reduce the 62 yr old to $375 but when the 54 year old reaches FRA the spousal benefit would be $1250 less the $ 500 FRA amount plus the $375 individual benefit or $1125
My wife and I are both 57 (she is one month older). We will both be eligible for the maximum benefit at our full retirement age of 67. Is there a strategy or strategies we should look at that would allow one or both of us to collect the others spousal benefit(s) until 70 and then collect our own benefits?
Larry, I am 65, Wife is 56. I am self employed in the medicare sales arena. Got a 15 year old (Yup late)) my S.S. at F.R.A would be around 2000. I'm planning on working till I drop and debating taking S.S. at 70. Are there any benefits or losses to my wife taking hers at 62. I.E. When and if I die will she be stuck at that rate or will she get mine? Was thinking if I took it at 66 it would help with college some - but I do have some tucked away. Plan is she will join me in my business soon so we can travel a bit. advice?
Long-time reader and thanks for all you and your team do!
I am 51yo male married to a 63yo husband (who stopped working a well paying job at age 50, nice for him, right?). We are comfortable in our finances: mortgage paid off, no debt, well funded savings, 401k/IRA, etc, no kids, no extravagant spending and I earn in 6 figures. Not wealthy but definitely comfortable ... I plan to work approximately 5 more years myself.
Upon my FRA at age 67, I will be claiming SS benefits on my EX-spouse's work record.
However, do I have the option of claiming early at age 62 on MY OWN work record, BEFORE jumping to my EX-spouse's record when I reach FRA ? What, if any, downside might there be to this strategy?
Should i take Social Security at age 66 (FRA) or 70 or when I quite working? I plan on working until age 67 or 69. I'm in a 24% tax bracket and think if I take social security while I'm working that I'll pay significant taxes on it my Social Security check. I live in California, so I would pay Federal Income tax on it not state tax. My tax bracket should be around 12% when i quite working. Also, consider my Part B increase which would be $185 month.
My monthly SS check at age (FRA) 66 is $2,710, age 67 $2,951, age 70 $3,598
What would be my break even point?
Hi, I get confused on PIA/FRA. My husband is 88 and has been collecting since he was 64 or 65. He currently receives $1756 before medicare. I will be 66 in October and figure I will start collecting as I continue to work (Will most likely work until age 70 ) My FRA will be $1644. I am thinking it best to collect half of his and hold off on mine until age 70 where mine will jump to $2349. (without COLA) My two questions are: #1. Would my spousal be half of what he is currently collecting? or is it what he collected @ age 65? (FRA?PIA).
I was born in 1955. I know I am under the new law deeming that I apply for all my benefits. But I am unclear about my spousal benefits if I take my retirement now and my spouse is still working. My spousal benefit would be higher than my retirement benefit. Thank you