Dear Larry,

Thanks for all your helpful info online. I am 65 and my wife passed away last year at age 61. I will earn about $50K this year. My wife's SS benefit at full retirement age would be around $16,500.00. If I am understanding everything correctly, I would be penalized 50% on all of my wages over $16,920.00. That means $50,000 minus $16,920 equals $33,080 divided by 2 equals $16,540.00 penalty. Bottom line: it makes no sense for me to apply for survivor's benefits this year as I would "fail" the earnings test.

I am presently 64.5 , my ex-spouse (we were married over 10 yrs and I never remarried) turned 65 in Feb, 1017. I was first told by an agent at Soc Sec that I qualified for up to his 50% amount at my age 66 (and that at my age 70 I could switch and collect on mine instead, therefore letting mine continue to grow). The agent (rep?) went in the back to print out the information and came back saying I will never qualify for the Divorced spousal benefits (even if he dies) because of a law passed in 2015 under Obama administration.

My husband is receiving Social security already, about $2400 per month. In a few years at 62 I would receive $877. At 67, I would receive $1228 or half of what he receives which is about the same. Can I take my Social Security benefit at 62 and then switch it to a spousal benefit once I turn 67? Any other strategies that you would recommend? Many thanks!

Hi,

Larry, my ex husband passed away last fall. He was collecting SSI. I am currently 61 years of age. We were divorced in 2010. He went to live with his mother and had a very good life. I however, have struggled. I am working from home and the income is tight but I make my bills. I have not had a vacation in 10 years and I am very tired. I qualify for a percentage of his SSI as a widow married for more than 10 years. I am alone in every which way and so there is only me to get this right.

If my wife (born in 1956) delays filing for benefits on her work history and spousal benefits after her FRA, will her benefits be higher due to DRC's than just her PIA plus excess spousal benefit (ESB)? I was born in 1953 and don't plan to file for benefits until I'm 70.

Hi,

I just turned 64 on January 6, 2017, my wife turns 64 on May 24, 2017. I am retiring at the end of September 2017 and my wife has been retired for several years after mainly working part time. We were told by social security that she will be better off drawing a spousal benefit instead of from her earnings. We are trying to decide about when to take social security and we are in a financial position that we can wait until 70. Almost 5 years ago I was diagnosed with multiple myeloma and went thorough chemo and a bone marrow transplant.

Which would be financially better? Work till age 70 then collect social security or start collecting at 66.5 (FRA) and continue to put at least 5% of my salary which my employer matches into a my 403b? I may also cut back to part time at 66.5. Currently, 5% equals approximately $4400/year. Thank you. Sincerely, Sue

Hi Sue,

i am 59 and my husband is 62. in november of 2016, a financial advisor with a large bank recommended that i collect social security on my record at age 62 thru 66. it was also recommended that my husband wait to collect on his record until age 70. at that point (i would be age 67), i was advised to turn my ss off and then collect on my husband's record. they provided us with a beautiful chart showing all of the monthly and annual benefits until i reach age 95. however, another financial advisor has told us that we were given incorrect information.

Hi,

I AM ELIGIBLE TO RESTRICT MY APPLICATION AND TAKE 1/2 OF MY HUSBANDS SS AMOUNT AT AGE 66.

CAN I TAKE MY OWN SOCIAL SECURITY AT AGE 66, LET IT GAIN 8% UNTIL AGE 67, AND AT AGE 67 DO A RESTRICTED APPLICATION FOR 1/2 OF MY SPOUSE'S SS AMOUNT?. IS THIS ALLOWED? OR ONCE YOU TAKE YOUR OWN SOCIAL SECURITY AT AGE 66, YOU CAN NO LONGER, IN THE FUTURE, PERMITTED TO CHANGE IT AT AGE 67, OR 68 OR 69, DO A RESTRICTED APPLICATION, AND TAKE 1/2 OF YOUR SPOUSES?

Hi,

Retire early, and plan on filing for Social Security in order to maximize our expected lifetime income. Full retirement age for both of us is 67.

Husband:
Age: 55
Estimated benefit (in today’s dollars) at age 62: $850
Estimated benefit (in today’s dollars) at age 70: $1,200

Wife
Age: 53
Estimated benefit (in today’s dollars) at age 70: $2,700