How do I maximize my SS benefit? (55, husband, best)

[grlwthprl]

I know receiving 1/2 of my husband's benefit will be more than my taking my own. When do I do this to get the most benefit per month? I'm 62, he's 63. Please try to keep your answer simple - I drowned the last time I posted this question!

[raggedjim]

Has your husband taken early SS? If so, you have lost your best chance to maximize...

[PartIrish]

1. Receiving 1/2 of your husband's benefit may be more than your own benefit, but only if you wait until your full retirement age to claim it. Either way, once you claim any benefit (your own or a spousal benefit) you have officially locked in your rate, except for COLA increases, when they occur. Your spousal benefit at age 62 is about 32 percent of your husband's current benefit.

2. In order for you to claim a spousal benefit, your husband needs to have claimed his. If he claims now, his benefit will be much lower than at age 66.4 (his full retirement age), and your benefit will also be much smaller. (see raggedjim's comment, above.)

3. For the highest benefit possible, wait as long as possible to claim it. You are my age, so your full retirement age is 66 and 6 months. Claim any earlier and you will get a lower payout for the rest of your life.

That is as uncomplicated as I can make it. Do you have your online SS account set up at SSA.gov?

[grlwthprl]

So if he waits until age 70, I have to wait until I turn 70 a year and a half later?

[PartIrish]

If your husband waits until 70 to collect, he will receive the highest benefit possible for him, based on his earnings. Your spousal benefit tops out at 50 percent of his age 66 benefit, so there is no benefit to you waiting longer than 66 1/2 to claim a spousal benefit.

Note, however, that if your husband waits until age 70 to claim, it doesn't add to your spousal benefit while he is alive, but if he passes away before you, your survivor's benefit will be the same as his age 70 benefit.

[mathjak107]

Originally Posted by grlwthprl

I know receiving 1/2 of my husband's benefit will be more than my taking my own. When do I do this to get the most benefit per month? I'm 62, he's 63. Please try to keep your answer simple - I drowned the last time I posted this question!

first of all you always get your own benefit if you have a work history and can collect ... you can no longer choose to take his only ...so whenever you file as long as you have an eligible record you get your own ...


whatever your age is when you file that is what you get ....

whenever he files they take 1/2 his full amount regardless of when he filed and subtract your full amount regardless of when you filed . any difference is added to your own benefit ..... it can never equal more than 1/2 his fra amount ..

if you file before you are fra that difference gets added to your early benefit

[grlwthprl]

Here's a hypothetical example:

Dh's amount at age 70 is 6,000 per month.
If I claim at age 66.5 my benefit alone is 800/month.

How to proceed?

[mathjak107]

6000 a month is wrong .. no such thing


What is his fra amount ..his 70 amount has nothing to do with you , it can’t be 6k either...only his fra amount counts as far as you.. take 1/2 his fra amount , subtract your fra amount and add it to your 800 ....that is assuming you file at your fra


So let say his is 2500 a month at fra ... half is 1250 ..... your fra amount is 800 so 450 gets added to your benefit ..that is 1250.

Now let’s say you filed at 62 and got 500 ... so 450 gets added to your 500 for 950 as a total

[PNW to NEPA]

Originally Posted by grlwthprl

Here's a hypothetical example:

Dh's amount at age 70 is 6,000 per month.
If I claim at age 66.5 my benefit alone is 800/month.

How to proceed?

There is an fairly simple answer to this, but just for the sake of clarity in your specific case, what is the amount your husband would collect at HIS full retirement age on his earnings record? (Not looking for the amount if he waits until 70, just the amount he'd get at his FRA.)

(*Also, Mathjak is correct, there is no benefit of $6000/mo for anybody.)

[ysr_racer]

6000 a month, want to adopt me? I'm only 61