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Old 07-31-2014, 11:31 AM
 
1 posts, read 963 times
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At the age of 64 my wife started drawing her social security based on her own earnings. I, being at the full retirement age of 66 at that time, applied for and starting receiving a spousal benefit based on a 50% payment of her benefit(I did NOT apply for my own earnings benefit, having decided to wait until I turn 70 years old to draw my own.)

Therefore when my wife applied @ age 64 she did not have the choice between drawing a payment based on her own earnings or to receive a 50% spousal benefit because I had not yet applied for my own.

I soon will turn 70 years old, and will apply and start to receive my own benefit of about $2700/month.

My question is: will my wife then be permitted to choose her 50% spousal benefit of about $1350/month(50% of what I'll be receiving) instead of the $1100/month she now receives based on her own earnings? She didn't have this choice initially when she applied @ age 64 because I had not yet filed for my monthly payments.

Any advice/feedback will be much appreciated.
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Old 07-31-2014, 09:12 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,169,984 times
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because she collected early she would be collecting less than 50% even if she could switch to yours, ALSO and this is important to you, She would not in any event collect based on your extra credit amount she would only recieve a percentage of the amount you would have gotten at full retirement age.

However, should you die before her, she will be eligable to collect your full benefit including the increase credit amount. She would of course lose her benefit at that time.
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Old 08-01-2014, 02:53 AM
 
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the survivor benefit will be slashed though if your wife takes it before her own fra.
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Old 08-01-2014, 07:02 AM
 
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People need to use software or research their own situation as there are to many variables and what one person says may seem similar but could have very different outcomes. Such is spousal benefits. While we are doing the 62/70 strategy and my wife took at 62 she would never take spousal as her benefit at any point is greater than 50% of mine. Yet as MathJak indicates someone else with different numbers might be making a mistake taking either at 62 as they could be leaving spousal benefit money on the table.
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Old 08-01-2014, 10:00 AM
 
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No, I am pretty certain -- having asked this question of Tom Margenau -- that it doesn't matter if you take your Social Security benefit before FRA, you will still receive the full survivor benefit just as if you had waited until your FRA. Arwenmark is correct.
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Old 08-01-2014, 11:09 AM
 
Location: Northern panhandle WV
3,007 posts, read 2,169,984 times
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Quote:
Originally Posted by LookingatFL View Post
No, I am pretty certain -- having asked this question of Tom Margenau -- that it doesn't matter if you take your Social Security benefit before FRA, you will still receive the full survivor benefit just as if you had waited until your FRA. Arwenmark is correct.
Just to try to be clear here.
The survivor benefit would not be reduced because you took early retirement benefits, but it would be reduced some percentage IF you are not FRA when you go to collect the survivor benefit.

Funny I also had asked Tom Margenau.
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Old 08-01-2014, 03:54 PM
 
29,775 posts, read 34,860,277 times
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This is why I warned about seeking and accepting answers in forums like this. The OP asked about spousal benefits and the discussion shifted to survivor benefits and this is only within 6 responses and shifted at response #3. Did MathJak mean to write spousal when he wrote survivor in post 3.
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Old 08-01-2014, 04:42 PM
 
71,517 posts, read 71,694,121 times
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Was replying to post 2
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