Hi - could you please help me with the following, Paul FRA 67, PIA $2,600/month, Susan FRA 67, PIA $1,000. They both intend on filing ASAP when eligible at age 62. The reductions are 30% for Paul, and some combination 30% for Susan for filing early on her own benefit and 35% for spousal Paul's. She would be eligible for $1,300 at her FRA. Reduction for Paul is straightforward, what are the logistics for calculating Susan's benefit? Thank you

Hi. Assuming Susan's spouse is collecting his benefits when she files at age 62, Susan would be eligible for her own benefit and an excess spousal benefit. Susan's own primary insurance amount (PIA) would be reduced by 30% to $700. Her unreduced excess spousal benefit of $300 (i.e. 50% of her spouse's PIA minus Susan's own PIA) would be reduced by 35% to $195, giving Susan a combined benefit of $895 (i.e. $700 + $195).

Before deciding when to apply for benefits, Paul and Susan should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully compare and analyze all of their various options in order to determine the best overall strategy for maximizing their benefits.

Best, Jerry