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you can't change if you filed early. but you do get a kicker added to your own if 1/2 of your spouses is more.
it is a little tricky but the way it works is if you file early you always only get your own.
but what they do is take 1/2 the higher spouses full retirement amount , subtract your full retirement amount and add it to your early bebefit you took .
it will be less than 1/2 of the higher spouses payment but higher than your own.
if your early ss is 800 and your full is 1200 , if your spouses full is 2800 and 1/2 is 1400 they woud add 1400-1200 or 200 bucks more to yours. you would get 1000 now instead of 800.
it isn't the full 1400 which is 1/2 the higher spouses because you filed early.
Last edited by mathjak107; 11-13-2014 at 05:58 PM..
Semes like the person was trying to do a good job but could not explain your options.
At your FRA (in 2 months) you could collect 50% of your husbands benefit and let your continue to grow to you are 70. If you do not start collecting you are giving up money forever.
Research file and suspend.
I question why he is collecting and still working. Might be better if he delays until he quits.
she cannot draw off her husbands record if she is below full retirementage herself . she can only take her own and once the husband files she can get a kicker added to hers if 1/2 the husbands is higher but you can never not take your own pre full retirement age if you have a work history .
one of the disadvantages of filing before fra is you have no options to take spousal benefits and let your own grow.
OP is so close to FRA (2 months out) that this is a non-starter.
I definitely think the OP needs to run the numbers by someone who understands the options. They sound like they might be missing out on some money.
for couples, when to take ss when meshed together with all your other tax issues can be one of the most complex decisions you can make. it can also be the most costly if you get it wrong.
i say it over and over , planning around what if i die vs what if i live can be one of the biggest mistakes in ones lifetime. this is no simple decision.
a fra they both have quite a few otions they can run with .
even singles make big mistakes . did you know a single can file and suspend too? why would they do that?
because if a single was going to wait until 70 and suddenely finds they have a disease or need a new roof at 67 thru 69 they can ask ss for a lump sum check going back to their fra if they are past that age. they get a retroactive check and then get reduced down to a lower check going forward based on their fra..
if they did not file and suspend that option does not exist . they have no claim to the money.
many times folks outsmart themselves too , they do a file and suspend when filing a restricted application would have given them more money as a couple
if you think the ss office is going to tell you this stuff or run the numbers guess again. .
i suggest you go to one of the many web sites like social security solutions and have a team of pro's do a work up for a small fee.
if you think the fee is expensive you can't afford free.
Last edited by mathjak107; 11-14-2014 at 03:53 AM..
for couples, when to take ss when meshed together with all your other tax issues can be one of the most complex decisions you can make. it can also be the most costly if you get it wrong.
i say it over and over , planning around what if i die vs what if i live can be one of the biggest mistakes in ones lifetime. this is no simple decision.
a fra they both have quite a few otions they can run with .
even singles make big mistakes . did you know a single can file and suspend too? why would they do that?
because if a single was going to wait until 70 and suddenely finds they have a disease or need a new roof at 67 thru 69 they can ask ss for a lump sum check going back to their fra if they are past that age. they get a retroactive check and then get reduced down to a lower check going forward based on their fra..
if they did not file and suspend that option does not exist . they have no claim to the money.
many times folks outsmart themselves too , they do a file and suspend when filing a restricted application would have given them more money as a couple
if you think the ss office is going to tell you this stuff or run the numbers guess again. .
i suggest you go to one of the many web sites like social security solutions and have a team of pro's do a work up for a small fee.
if you think the fee is expensive you can't afford free.
As always, mathjak has it right. This is complicated to ask and determin on a forum. Everything here are suggestions and unless you run the different scenarios for yourself they remain suggestions. Also seeing a professional is important. Two types are out there, commission and fee based. Both are okay as long as you know up front costs associated with it. Get second opinions if possible like a doctor. Also researching options at the public library is good. If you do research on line be prepared to weed out those selling stuff and look at independent information.
you can't change if you filed early. but you do get a kicker added to your own if 1/2 of your spouses is more.
it is a little tricky but the way it works is if you file early you always only get your own.
but what they do is take 1/2 the higher spouses full retirement amount , subtract your full retirement amount and add it to your early bebefit you took .
it will be less than 1/2 of the higher spouses payment but higher than your own.
if your early ss is 800 and your full is 1200 , if your spouses full is 2800 and 1/2 is 1400 they woud add 1400-1200 or 200 bucks more to yours. you would get 1000 now instead of 800.
it isn't the full 1400 which is 1/2 the higher spouses because you filed early.
It's early and I'm not firing on all cylinders so maybe my question is explained here. But I'll ask anyway as you seem to have a pretty good grasp on this.
My wife is 2 years older than I am. She worked but not full time so her benefits are almost exactly half of mine. But being 2 years older she obviously is eligible to collect 2 years sooner than I am. My plan is to wait as long as possible to file but with an iffy job situation I just don't know what the future holds.
So here is my question: If she files on her own at say 62 and I wait till 66 1/2 (my FRA) can she later files to gain the difference between her benefit and 1/2 of mine as you have described? Would anything change should I be forced to file at say 63 due to circumstances?
even singles make big mistakes . did you know a single can file and suspend too? why would they do that?
because if a single was going to wait until 70 and suddenely finds they have a disease or need a new roof at 67 thru 69 they can ask ss for a lump sum check going back to their fra if they are past that age. they get a retroactive check and then get reduced down to a lower check going forward based on their fra..
if they did not file and suspend that option does not exist . they have no claim to the money.
if you think the fee is expensive you can't afford free.
As a single (currently 62 and working) planning on waiting to 70 to collect, this is extremely helpful. I had no idea this was an option or why it would be beneficial. I just made a note of this on my retirement spreadsheet.
Thank you Mathjak!
there so so much about the workings of ss and especially tax planning that most don't know that usually the free advice most seek ends up being the most costly advice.
next to buying a home ,decisions abou your ss are the 2nd biggest financial decision most make in their lives and yet they consider little else in to the equation except figuring out what they would give up if they die. yet it is the ramifications of living that count. both tax wise,amount wise and survivor wise .
all kind of a moot point too if you are dead.
Last edited by mathjak107; 11-15-2014 at 07:36 AM..
there so so much about the workings of ss and especially tax planning that most don't know that usually the free advice most seek ends up being the most costly advice.
next to buying a home ,decisions abou your ss are the 2nd biggest financial decision most make in their lives and yet they consider little else in to the equation except figuring out what they would give up if they die. yet it is the ramifications of living that count. both tax wise,amount wise and survivor wise .
all kind of a moot point too if you are dead.
Love that sentence!!!
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