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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.
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.
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
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.
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.
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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The "goods hands" people never did explain why. And so they lost a 40 year customer.
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.
