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Old 05-08-2014, 06:57 PM
 
179 posts, read 531,326 times
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To make a long story short I would like some information regarding maximizing SS for myself and my wife going forward (actually more so for my wife). I started taking my SS early at age 62 back in 2009. My wife just turned 62 and I'm trying to figure out when to start hers so that she gets the most she can when I pass on. Hers would currently be about half of what I now receive. We aren't in a position now of needing her SS at the present, so do we just wait until she's 70? Thank you in advance for any assistance anyone might be able to offer.

Bill
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Old 05-08-2014, 08:30 PM
 
Location: Florida
4,365 posts, read 3,704,692 times
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She would collect 50% of your SS at your death if it is more than her own.
Use the SS calculator at SSA.GOV and tell us her benefit at 62, 66 and 70. What would her benefit be if she got your spousal benefit now?
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Old 05-09-2014, 01:55 AM
 
71,639 posts, read 71,777,271 times
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Quote:
Originally Posted by billjr View Post
To make a long story short I would like some information regarding maximizing SS for myself and my wife going forward (actually more so for my wife). I started taking my SS early at age 62 back in 2009. My wife just turned 62 and I'm trying to figure out when to start hers so that she gets the most she can when I pass on. Hers would currently be about half of what I now receive. We aren't in a position now of needing her SS at the present, so do we just wait until she's 70? Thank you in advance for any assistance anyone might be able to offer.

Bill
there are 2 issues , social security and survivor benefits.

her survivor benefits depend on her age she files as well as yours .

you already filed early so her survivor benefit is reduced from what your full is and since a widow can file anywhere from 60 to fra she can be reduced again.

a 60 year old widow who's husband filed at 62 gets a 48% hair cut from what her fra survivor benefit benefits would have been.

we have my wife collecting on her own record at 62. i will file at 66-1/2 and she will take spousal benefits on mine instead of just hers at that point . i could do a file and suspend on my own at fra and hold off to 70 but we will see how things go.
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Old 05-09-2014, 04:44 AM
 
Location: Central Massachusetts
4,800 posts, read 4,850,322 times
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Isnt it possible that he could return the ss if he just started collecting? If so wouldnt that be a prudent move?
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Old 05-09-2014, 05:41 AM
 
71,639 posts, read 71,777,271 times
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Only first year
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Old 05-09-2014, 06:27 AM
 
29,782 posts, read 34,876,173 times
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As MathJak said this was a question best asked and answered prior to his filing. Best answer would gave been for him to wait til 70 if maximizing her survivor was the goal. Now if she waits til 66 she will get half his age 66. Depending on circumstance they might have been better off if she filed at 62 and he waited til 70 since it appears he has the highest benefit.also if she passes first he will have his age 62 benefit and that could bite him down the road.
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Old 05-09-2014, 06:58 AM
 
Location: Baltimore, MD
3,745 posts, read 4,219,341 times
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Quote:
Originally Posted by billjr View Post
To make a long story short I would like some information regarding maximizing SS for myself and my wife going forward (actually more so for my wife). I started taking my SS early at age 62 back in 2009. My wife just turned 62 and I'm trying to figure out when to start hers so that she gets the most she can when I pass on. Hers would currently be about half of what I now receive. We aren't in a position now of needing her SS at the present, so do we just wait until she's 70? Thank you in advance for any assistance anyone might be able to offer.

Bill
If this is your goal, then you MAY want to consider suspending your benefit until reaching age 70. AFAIK, this is the only away to increase the Survivor's benefit.
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Old 05-09-2014, 07:14 AM
 
Location: Central Massachusetts
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Quote:
Originally Posted by mathjak107 View Post
Only first year

That is too bad since he started in 2009


Quote:
Originally Posted by TuborgP View Post
As MathJak said this was a question best asked and answered prior to his filing. Best answer would gave been for him to wait til 70 if maximizing her survivor was the goal. Now if she waits til 66 she will get half his age 66. Depending on circumstance they might have been better off if she filed at 62 and he waited til 70 since it appears he has the highest benefit.also if she passes first he will have his age 62 benefit and that could bite him down the road.
That would be true but alas that is not going to be the case since he started taking tha back in 2009.

Quote:
Originally Posted by lenora View Post
If this is your goal, then you MAY want to consider suspending your benefit until reaching age 70. AFAIK, this is the only away to increase the Survivor's benefit.
Let's hope he can get the SS to get that in place. I am so glad that I found this site with some wonderful resources like you and mathjak. I have learned a lot in the time I have been here.
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Old 05-09-2014, 07:56 AM
 
71,639 posts, read 71,777,271 times
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Quote:
Originally Posted by TuborgP View Post
As MathJak said this was a question best asked and answered prior to his filing. Best answer would gave been for him to wait til 70 if maximizing her survivor was the goal. Now if she waits til 66 she will get half his age 66. Depending on circumstance they might have been better off if she filed at 62 and he waited til 70 since it appears he has the highest benefit.also if she passes first he will have his age 62 benefit and that could bite him down the road.
Actually she will not get half his age 66 benefit since he filed early. she gets the difference between her full and half his full added to her own early benefit . it is actually less than 1/2.

so my full would be 30k , marilyns full is 11k

,1/2 mine is 15k , she is collecting an early benefit of 8500.00.

we take my 15k minus her 11k full benefit and that leaves a 4k difference which gets added to her 8500.00 and that is 12,500....... 1/2 would have been 15k if she filed at fra so because she filed early she gets 12,500 which is less than 1/2.-

as far as survivor benefits she gets his actual early benefit less another penalty if she herself files early.

Last edited by mathjak107; 05-09-2014 at 08:38 AM..
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Old 05-09-2014, 09:58 AM
 
Location: Northern panhandle WV
3,007 posts, read 2,173,172 times
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Quote:
Originally Posted by rjm1cc View Post
She would collect 50% of your SS at your death if it is more than her own.
Use the SS calculator at SSA.GOV and tell us her benefit at 62, 66 and 70. What would her benefit be if she got your spousal benefit now?
This is Incorrect. She would receive the full amount that he is now receiving at his death. Well assuming she is 66 by that time, Otherwise she would receive his full benefit minus some for collecting before FRA. the amounts of reduction are different too for widows than for retirement benefits.
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