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Old 09-28-2016, 03:53 AM
 
Location: Durham NC
1,189 posts, read 1,297,287 times
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I am quite a bit older than my wife and most likely will predecease her. I am currently collecting Social Security benefits. I decided to start collecting before my FRA at 64.
Before the Part B deduction I get around 2K. If she decides to take her SS on her record at 62 which is 5 years before her FRA and then decides to collect on my benefit at 67 would she collect what I am getting now? In other words would there be a penalty for her since she had already started collecting early?

Would the same answer apply if she collects SS disability since her knee injury is making it nearly impossible to get around on her job and has forced her into getting a handicapped sticker for parking to get to work?

I have checked the SS website and find it very confusing.
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Old 09-28-2016, 03:57 AM
 
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yes , as long as she waits until her fra to take survivor benefits she gets what you get .the fact she took her own early is irrelevant
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Old 09-28-2016, 11:18 AM
 
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But she only gets HIS, right? She no longer gets her own too, correct? I have a friend whose parents are both collecting now, and says her Mom is beside herself as Dad was just diagnosed with cancer, and will likely not last long. She says she can't get along without their current combined income.
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Old 09-28-2016, 11:21 AM
 
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yes , it is either or not both . you cannot double dip .

this is why survivor benefits and the higher wage earner have to be carefully thought out before just filing early .

the surviving spouse , loses an ss check , has to file single going forward and has rmd's eventually. all can take a nasty bite out of income when it is needed the most
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Old 09-28-2016, 11:24 AM
 
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Thanks. That's what I thought. Unfortunate, really. A household's expenses aren't necessarily cut in half when one person dies.
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Old 09-28-2016, 02:13 PM
 
Location: OH>IL>CO>CT
5,236 posts, read 8,406,103 times
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Quote:
Originally Posted by mathjak107 View Post
yes , it is either or not both . you cannot double dip .

this is why survivor benefits and the higher wage earner have to be carefully thought out before just filing early .

the surviving spouse , loses an ss check , has to file single going forward and has rmd's eventually. all can take a nasty bite out of income when it is needed the most
Also, if there is a house, if she waits too long to sell (2 years IIRC) the capital gains exemption drops from 500K to 250K.

FWIW, when my wife died, and I called the car insurance to take her off the 2 cars we owned, the premium went UP. The "goods hands" people never did explain why. And so they lost a 40 year customer.
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Old 09-28-2016, 02:42 PM
 
Location: Durham NC
1,189 posts, read 1,297,287 times
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Quote:
Originally Posted by mathjak107 View Post
yes , as long as she waits until her fra to take survivor benefits she gets what you get .the fact she took her own early is irrelevant

Thanks for responding. I was hoping that you saw the thread. I had no choice whether to take early or not. My wife needed to go down to NC to take care of a sick mother. Bought a house and lived up North for two years. That was as much as we could deal with. 17 hours in a car every few weeks for what basically amounted for one day. I would have rather have held off till FRA but it wasn't doable. We're both working the property will be paid off in no more than 4 years. The only major expense other than what a new house will require so far as maintenance goes would be a new car in a few years.
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Old 09-28-2016, 04:23 PM
 
71,592 posts, read 71,751,865 times
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Quote:
Originally Posted by reed303 View Post
Also, if there is a house, if she waits too long to sell (2 years IIRC) the capital gains exemption drops from 500K to 250K.

FWIW, when my wife died, and I called the car insurance to take her off the 2 cars we owned, the premium went UP. The "goods hands" people never did explain why. And so they lost a 40 year customer.
yes if she is single the exemption drops to 250k
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Old 09-28-2016, 04:52 PM
 
Location: The sleepy part of New York City
1,958 posts, read 1,208,648 times
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What is.. rmd?

and FRA?

I'm trying to follow this thread but don't know what those letters stand for.
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Old 09-28-2016, 04:55 PM
 
71,592 posts, read 71,751,865 times
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fra-full retirement age

rmd -required minimum distribution
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