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Old 03-11-2017, 03:14 PM
 
410 posts, read 554,888 times
Reputation: 254

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Lots of conflicting information in what I've found so far. Our situation:
Spouse (66 now) started SS at age 63 based on HER (substantially smaller) earnings record-her current benefit (before Medicare withholding) is $575
I (64 now) retired last year but plan to defer claiming until FRA (66)-Per a current SSA statement, my projected benefit =$2600

When I begin claiming she was planning to transition to receiving the spousal supplement and we were trying to get information on what her TOTAL benefit amount would be. I know it WILL NOT be 50% of mine since she took benefits early.

From the Kotlikoff website: "Excess spousal benefits are calculated by subtracting her full retirement age benefit (i.e. the amount she would have received if she had waited until age 66 to start) from 1/2 of your full retirement age benefit amount." This would give her a TOTAL benefit of ~$1170 (50% of 2600 minus 706=594 which is added to her "own earnings record" amount of 575)

Another online source mentioned a flat 30% reduction on the 50% of my benefit she would have received had we waited to file claims together when I reached FRA. This number is $910

Any information from folks who've been through this would be appreciated!
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Old 03-12-2017, 08:21 AM
 
71,593 posts, read 71,751,865 times
Reputation: 49204
you take 1/2 your full amount ,regardless if you filed early and subtract her full , regardless if she filed early .

any difference is added to her early benefit if she filed early . if she filed at fra than she gets a full 1/2 if higher than her own .
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Old 03-15-2017, 08:19 AM
 
Location: Northern CA
43 posts, read 32,005 times
Reputation: 169
I have a question that may have been answered elsewhere but I am unable to find it.


SSA.gov shows the following amounts for me.


At full retirement age (66 and 2 months):
$2,577 a month


At age 70:


$3,423 a month


At early retirement age (62):


$1,853 a month

My question is, If I stop working when I turn 62 at the end of this year and wait until I turn 66+2mo to collect SS, will I really get the amount shown ($2,577) or is that based on me continuing to work earning what I am earning now? If it is based on my continuing to work, how does one find the number that I would actually get if I did not work?
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Old 03-15-2017, 02:21 PM
 
Location: OH>IL>CO>CT
5,236 posts, read 8,406,103 times
Reputation: 7191
Quote:
Originally Posted by Clancer13 View Post
I have a question that may have been answered elsewhere but I am unable to find it.


SSA.gov shows the following amounts for me.


At full retirement age (66 and 2 months):
$2,577 a month


At age 70:


$3,423 a month


At early retirement age (62):


$1,853 a month

My question is, If I stop working when I turn 62 at the end of this year and wait until I turn 66+2mo to collect SS, will I really get the amount shown ($2,577) or is that based on me continuing to work earning what I am earning now? If it is based on my continuing to work, how does one find the number that I would actually get if I did not work?
It would depend on which of your working years are the "highest 35" in wages. The difference could be nothing, or it could be fairly small.

You can use one of SSA's calculators at https://www.ssa.gov/OACT/anypia/index.html to see what your own result would be. Basically you input your wage history from your Earnings Statement, then zero out the non-working years. You can run different scenarios to find what works for you. Remember, they are all estimates, but usually very close. I prefer the "On-Line Calc" and my estimates were within $5/month.
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Old 03-15-2017, 03:34 PM
 
Location: Northern CA
43 posts, read 32,005 times
Reputation: 169
Thanks for the direction reed303.


I tried it but not real happy with the results.
It was $43 a month lower for me at age 62.
And $78 lower for me at 66 and 2 months.

Oh Well, close enough for gov work.
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