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survivor benefits are reduced though if you take them before your own fra . you get what your husband got at fra . it is reduced though for every year you take them before your own fra . there is a floor though where it won't get a cut any further . if you took them at 62 as an example you would not get cut lower then his full benefit at fra x .81%
Survivor's benefits are calculated on the deceased record not on the survivors. A widow can collect as early as age 60 and at 55 if disabled. I had SS do my calculation and here is what it looks like to get a better idea. In my case my benefit is higher because my husband died before he was eligible to collect SS as well as I was the higher earner.
My Widow FRA is 66.2 - My Widow PIA = $1,451.90 - at 62 = $1,243.60
My Own FRA 66.6 - My Own PIA = $2021.40 - at 62 = $1,600.20 - at 70 = $2,533.40
The highest amount a widow/widower can get claiming on a deceased spouses record is the amount that is calculated at their widow/widower FRA if they claim at that age. Delaying widow/widower's benefit beyond widow/widower FRA does not increase the benefit. The age I choose to claim widow's benefits the buck stops there unless I convert to my own benefit at a later age and my amount is higher.
OK I think everyone has it by now but to summarize the lesson here is the spouse should never file early if at all possible. 1/2 of the other's FRA figure is bad enough, if they file early this figure will be reduced forever. And again the key here is it does not matter when the high earning spouse files in relation to their FRA, the figure for the lower earning spouse will not be effected as long as the higher earner has filed. If the low earner waits to his//her FRA they will get the full 1/2 of the high earners FRA figure.
So let's say the high earner files a year before FRA, then he/she dies a year later. The surviving spouse is entitled to survivor benefits equalling his/her reduced figure for filing early, not the FRA figure correct?
What ever happened to file and suspend? A while ago it was lauded as a great deal nobody takes advantage of. Um....still trying to understand the great advantantage of doing this.
many times it is worth the smaller benefit spouse filing early and the higher one delaying . but as i mentioned above when you take it is a highly individualized issue with lots of factors .
my wife has been collecting since 62 but so far i am delaying a bit . i may go to 64 or latest 65 .
we have an appointment at 10 am today with our fidelity team to use their new social security planning tool incorporated with all our assets and situation . .
Last edited by mathjak107; 12-14-2015 at 06:58 AM..
OK I think everyone has it by now but to summarize the lesson here is the spouse should never file early if at all possible. 1/2 of the other's FRA figure is bad enough, if they file early this figure will be reduced forever. And again the key here is it does not matter when the high earning spouse files in relation to their FRA, the figure for the lower earning spouse will not be effected as long as the higher earner has filed. If the low earner waits to his//her FRA they will get the full 1/2 of the high earners FRA figure.
So let's say the high earner files a year before FRA, then he/she dies a year later. The surviving spouse is entitled to survivor benefits equalling his/her reduced figure for filing early, not the FRA figure correct?
What ever happened to file and suspend? A while ago it was lauded as a great deal nobody takes advantage of. Um....still trying to understand the great advantantage of doing this.
file and suspend and restricted application is now dead if you are not 62 this year . for someone who was going to delay to 70 it was a big perk to get a check off your spouses record while your's grew or they get a check off your record while yours grew .
now there is no more letting your own grow while either of you collect off their record or they collect off yours unless you were 62 this year .
Last edited by mathjak107; 12-14-2015 at 06:59 AM..
OK I think everyone has it by now but to summarize the lesson here is the spouse should never file early if at all possible. 1/2 of the other's FRA figure is bad enough, if they file early this figure will be reduced forever. And again the key here is it does not matter when the high earning spouse files in relation to their FRA, the figure for the lower earning spouse will not be effected as long as the higher earner has filed. If the low earner waits to his//her FRA they will get the full 1/2 of the high earners FRA figure.
So let's say the high earner files a year before FRA, then he/she dies a year later. The surviving spouse is entitled to survivor benefits equalling his/her reduced figure for filing early, not the FRA figure correct?
What ever happened to file and suspend? A while ago it was lauded as a great deal nobody takes advantage of. Um....still trying to understand the great advantantage of doing this.
just got back from our meeting at fidelity .
we used their new social security optimizer and ran a few different scenario's . they run an average life expectanccy and an extended one .
the most optimized involved me delaying to 70 .
to give you an idea what it calculated here is the plan. no cola's are added in to these numbers .
i am 63 and my wife 2 years older.
so here is what they have .
my wife is collecting the last 3 years ever since she was 62 . the plan has her stopping in august of 2016 and suspending her early benefit of 707 a month ..
she resumes her benefits in august 2020 when she is 70 at 933.00
i file a restricted application against her record for spousal at 471 per month at age 67 and 10 months , . i am 63 now .
i switch to benefits on my record at 70 getting 3345.00 per month .
my wife adds a spousal benefit to her benefit when i file bringing her up to 1258.00 a month .
it really shows how complex things can get if you want to maximize your benefits and reduce dependency on markets and interest rates .
Last edited by mathjak107; 12-14-2015 at 10:49 AM..
You are not FRA but are lucky your age falls into the sweet spot for retaining a file/suspend option.
Do you mind giving what your benefit amount would be if filed now and at FRA (67?).
Of course your situation/decision offers options because you have resources that permit delaying receiving SS or even your wife's option to suspend.
Confused though--about that option--guess it is because of your ages that you retain those options past the April 2016 date the new regulations become effective.
I didnt think past April that you could receive spousal on a benefit that was suspended which hers would be I believe.
>>>edit portion<<<
Or maybe you file spousal when she resumes in 2020...
Last edited by loves2read; 12-14-2015 at 11:57 AM..
we used their new social security optimizer and ran a few different scenario's . they run an average life expectanccy and an extended one .
the most optimized involved me delaying to 70 .
to give you an idea what it calculated here is the plan. no cola's are added in to these numbers .
i am 63 and my wife 2 years older.
so here is what they have .
my wife is collecting the last 3 years ever since she was 62 . the plan has her stopping in august of 2016 and suspending her early benefit of 707 a month ..
she resumes her benefits in august 2020 when she is 70 at 933.00
i file a restricted application against her record for spousal at 471 per month at age 67 and 10 months , . i am 63 now .
i switch to benefits on my record at 70 getting 3345.00 per month .
my wife adds a spousal benefit to her benefit when i file bringing her up to 1258.00 a month .
it really shows how complex things can get if you want to maximize your benefits and reduce dependency on markets and interest rates .
Now if you should pass away at age 70 does your wife now get the $3345 a month ?
Now if you should pass away at age 70 does your wife now get the $3345 a month ?
yep she does . none of th numbers are cola adjusted so the actual mounts will be higher
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