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I know we have gone over this a million times but just wanted to make sure I am on the straight and narrow. Her FRA is 66 and 2 months and will get $1,340 per month. I am waiting till 70 to collect. One half of my benefit at FRA is more than the $1,340 but because I’m delaying she gets her benefit and will step up to half mine when I sign up.
We can easily live without her benefit but it will be some “fun money” for us rather than waiting till 70 for her. Thoughts?
Good idea. I look at the delay as if you are buying an annuity with the "missed" checks. An 8% return is quite good. I think you are doing it correctly.
That sounds right. She would still get her benefit and then once you file for SS she will get an extra amount that adds up to 1/2 of your FRA benefit, not your age 70 benefit. But you must file for her to get that. I follow Tom Margenau on Creators.com and he gives some great advice each week. He is a retired SS employee. Here is something that was in his column about 2 weeks ago.
Q: I took benefits at 66 and get $1,245. My husband started his at 70 and gets $2,750. Shouldn't I get half of his?
A: You are due half of his age-66 rate, not his age-70 rate. I'm guessing his age-66 rate was about $2,100. Half of that is $1,050. So, your own benefit is higher.
But should you pass away before her, as long as she is 66 when that happens, she will be bumped up to the full age 70 amount. Widows are treated differently than a wife. Again, she gets her own benefits first, and then gets benefits added to that that would take her up to your full amount you were getting when you passed.
Q: If I take my own Social Security at 62, will that reduce the amount of widows benefits I will get when my husband dies?
A: No. Your widows rate essentially depends on one thing only: your age when your husband dies. Assuming you are over 66 when that happens, you will get your own benefit supplemented up to 100% of what he was getting.
I know we have gone over this a million times but just wanted to make sure I am on the straight and narrow. Her FRA is 66 and 2 months and will get $1,340 per month. I am waiting till 70 to collect. One half of my benefit at FRA is more than the $1,340 but because I’m delaying she gets her benefit and will step up to half mine when I sign up.
We can easily live without her benefit but it will be some “fun money” for us rather than waiting till 70 for her. Thoughts?
She gets increased to half your fra amount just to be clear , not your 70 amount
When we’re you born? If 1953 or prior you can file for half of hers after she starts collecting. Has no effect on yours growing. Not sure of your age but wanted to alert you just in case.
if fra is 66 and 2 months that means they were born in 1955 so that option is closed to them .
1943 to 1954= 66
1955 = 66 and 2 months
1956- = 66 and 4 months
Thought he was only referring to his wife’s age. Didn’t realize he, too, was born in 1955. That’s why I asked him when he was born. I don’t think he states that.
Thought he was only referring to his wife’s age. Didn’t realize he, too, was born in 1955. That’s why I asked him when he was born. I don’t think he states that.
I was born in 54 wife 55. Thanks for the responses looks like my assumptions were correct. People on CD are well informed. I was with a retired cop the other day who took his 401K and put it into his savings account upon retirement. Got hit with a huge tax bill. Said no one told him that it needed to be “rolled over”. Shocking.
I was born in 54 wife 55. Thanks for the responses looks like my assumptions were correct. People on CD are well informed. I was with a retired cop the other day who took his 401K and put it into his savings account upon retirement. Got hit with a huge tax bill. Said no one told him that it needed to be “rolled over”. Shocking.
people need to learn at least some basics on their own ...it always amazed me how much effort and time people put in to researching buying a car or refrigerator ...
yet they want to put no effort in to even the basics involving some of the biggest financial decisions in their lives ...
not knowing you will pay taxes on a 401k you don't roll over is as basic as you can get .
then they want to blame others for not telling them .....
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