Soc. Security Strategy (spouses, social security, married, husband)
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Asking for advice if this strategy will work: Nov. 2012 wife age 62 begins benefits on her account, at apx $760 month. At the same time, husband (age 65 1/2) draws on wifes benefits at 50% rate. Then at age 66 husband "files & suspends" on his account and wife then draws 50% of his benefits, which is more than before. Husband then files for his benefits at age 70, which lets his benefits grow at 8% year from age 66 to age 70.
Comments welcome
im pretty sure once your wife files early she can not re-file later on for the higher rate of half yours if she filed first..... i believe thats written in stone.
only the spouse who didnt file for their own can re-file later on after taking half the spouses benefit. by the way did you know if your wife files early you get at 66 not 1/2 her early benefit but 1/2 her full retirement benefit even though she filed early.thats like 3/4 of her full you get.
I wouldn't bother soliciting opinions when the only absolutely reliable source on SS issues is your local SS office. You/we/taxpayers have spent some really serious money on SSA's customer service function, by all accounts it works quite well. Try it.
I wouldn't bother soliciting opinions when the only absolutely reliable source on SS issues is your local SS office. You/we/taxpayers have spent some really serious money on SSA's customer service function, by all accounts it works quite well. Try it.
I went to local office and agent had never heard of the "file & suspend" strategy! Assume CD members most likely know as much, if not more. When it's time I will visit 3 or 4 different offices to see if I receive the same answers to my questions prior to filing.
I went to local office and agent had never heard of the "file & suspend" strategy! Assume CD members most likely know as much, if not more. When it's time I will visit 3 or 4 different offices to see if I receive the same answers to my questions prior to filing.
That is a surprise. The multiple office check is certainly a good idea but you might want to also query the office manager at the local office as well. SSA spends a ton of money on training and its unusual to get an unknowledgeable staffer.
I personally don't know the answer to your question but SSA darn well should! Good luck.
Asking for advice if this strategy will work: Nov. 2012 wife age 62 begins benefits on her account, at apx $760 month. At the same time, husband (age 65 1/2) draws on wifes benefits at 50% rate. Then at age 66 husband "files & suspends" on his account and wife then draws 50% of his benefits, which is more than before. Husband then files for his benefits at age 70, which lets his benefits grow at 8% year from age 66 to age 70.
Comments welcome
im pretty sure once your wife files early she can not re-file later on for the higher rate of half yours if she filed first..... i believe thats written in stone.
only the spouse who didnt file for their own can re-file later on after taking half the spouses benefit. by the way did you know if your wife files early you get at 66 not 1/2 her early benefit but 1/2 her full retirement benefit even though she filed early.thats like 3/4 of her full you get.
this is correct as i said, i looked it up. once your wife files for her own she cannot switch back to yours later . .
only the spouse at 66 has the option of taking their own or their spouses and letting their own ride. once anyone takes their own the game is over.
mathjak107: Just for grins, I called another S/S office just now and after explaining this, was advised that wife can indeed receive "additional" benefits from 50% of my benefit, if it is more than her sole benefit. Hopefully, that is the case. Will have to check again with accountant to verify.
YES SHE CAN BUT ONLY IF SHE DIDNT FILE FOR HER OWN FIRST.....any time you file and dont immeadiately suspend it your locked into your own .
as an example you file at 62... she can file for 1/2 yours or her own which ever is bigger...
they mis-understood that she filed for her own at 62 and collected her own benefit and then wants to switch to yours after the fact at 66..
see below
"Social Security Spouse Claim and Suspend Strategy
Another technique for maximizing total Social Security retirement benefits received by a married couple is to use the “claim and suspend” strategy. This strategy can work if you can afford to wait until age 70 to claim all of your benefits.
The basic claim and suspend method involves the following steps:
1. One spouse claims his or her Social Security benefit. The other spouse signs up for the spousal benefit. The first spouse then immediately notifies Social Security that he or she wants to “suspend” his or benefit. This causes the primary benefit to stop but the spousal benefit continues.
During the time that the primary benefit is suspended, the amount of the benefit will increase by 8 percent a year, until age 70. The spouse then “unsuspends” and collects the larger benefit.
Again, you can use this strategy only if you are at full retirement age and have never collected early benefits."
Last edited by mathjak107; 07-11-2011 at 12:53 PM..
So, if at 66 I file for my own benefit, my wife who would be 62 could file for 1/2 my benefit. Then, at 66 file for her own - full retirement age - benefits, which would be larger than the half of mine she previously took. Does that work?
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The multiple office check is certainly a good idea but you might want to also query the office manager at the local office as well. SSA spends a ton of money on training and its unusual to get an unknowledgeable staffer. 
