I will be 70 in August2019, and will be drawing my benefit at that time. I am a retired Firefighter and am subject to the WEP. I have 22 years of Substantial Earnings. I have an appointment to apply for benefits on April 29,2019, but don't really trust them to give me the best advice or amount I will receive. Is there a way to get the correct information on these questions so I know I am getting the straight story from them?
Also, I can't seem to figure out how much my wife's spousal benefit might be at her FRA, based on my WEP. Would it be based on my benefit amount at age 70, or my benefit amount at age 70 minus my WEP deduction or a different amount? She (Born in Oct1954) will be 66 in October 2020?
SSA estimates her own benefit amount at her FRA at $725 right now.
Thanks for taking a look at this if you have the time. I feel like I am running out of time
Yes, you could use our software to calculate your and your wife's benefit rates and help you determine your best possible strategy for claiming your benefits. Our software is fully programmed to handle Windfall Elimination Provision (WEP) calculations.
Your wife's spousal benefit amount (if any) will be based on 50% of your primary insurance amount (PIA). Your PIA is the monthly amount that you would receive if you had started drawing your benefits at your full retirement age (FRA), and after any reduction resulting from WEP. However, since your wife was born after January 1 1954 she could only receive spousal benefits if 50% of your PIA is higher than her own PIA (https://www.ssa.gov/planners/retire/deemedfaq.html).
For example, say that a person files for their Social Security retirement benefits this year at age 70 and their PIA after any WEP reduction is $1000. Such a person would receive a benefit rate of $1320, or 32% more than their PIA due to delayed retirement credits (DRC). However, the unreduced spousal rate for the person's spouse would be $500, or 50% of their PIA. And, if the spouse's own PIA is more than $500 and they were born after January 1 1954, they could not qualify for spousal benefits.