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It is called filing restricted application where one takes a spouses ss and lets their own grow .
For survivor benefits restricted application is still in place ..so one can take survivor and let their own grow or take their own and switch to survivor at their fra ..
However when it comes to spousal benefits the rules are different…restricted application was taken away unless you were at least 62 in 2015
Not asking because of need. Don't want to leave any money "on the table". Question is in regards to which of the 2 scenarios would gain more money, or if the same in the end. Can 62 yo spouse hold off on their ss and let it grow and take survivors benefit in the meantime, than switch to theirs at FRA to increase their SS check which would be more than survivors benefit now. Since age 65 took SS at age 62, I believe the survivor benefit to age 62 yo is approx 70/80% of 65 yo ss?
I'm also researching. From what I have read, the 62 yo spouse can take the survivor's benefit then switch to their own benefit later. If spouse waits to collect on their own until they are age 70 for an even higher amount rather than taking it at FRA, then they should be able to collect the survivor's benefit up until age 70. Please correct me if wrong.
I'm in a similar position trying to maximize for the long term without needing to take mine at 62. My husband is 10 years older than me, is in poor health, and has been collecting SS for a few years. If I take my own SS at 62, which will be lower than what he gets now, and if something happens to him, I'll be trapped into my own lower amount until I reach FRA at 67 when I'll get his. His is less that what I would get if waiting to age 70 for my own. I know that we have one year to change our mind if we collect and pay back what SS has paid us then collect later. When to take SS is a horrible decision to make because I feel as if I have to make some sort of call based on his health. Any suggestions from experienced people?
I'm also researching. From what I have read, the 62 yo spouse can take the survivor's benefit then switch to their own benefit later. If spouse waits to collect on their own until they are age 70 for an even higher amount rather than taking it at FRA, then they should be able to collect the survivor's benefit up until age 70. Please correct me if wrong.
I'm in a similar position trying to maximize for the long term without needing to take mine at 62. My husband is 10 years older than me, is in poor health, and has been collecting SS for a few years. If I take my own SS at 62, which will be lower than what he gets now, and if something happens to him, I'll be trapped into my own lower amount until I reach FRA at 67 when I'll get his. His is less that what I would get if waiting to age 70 for my own. I know that we have one year to change our mind if we collect and pay back what SS has paid us then collect later. When to take SS is a horrible decision to make because I feel as if I have to make some sort of call based on his health. Any suggestions from experienced people?
The trouble with trying to maximize earnings based ONLY on SS numbers can become a fools errand, and doesn't allow the complexity of a larger financial picture to emerge.
If one has enough income to last in retirement without having to go through the mathematical hoops of SS maximization, it simplifies the decision. Given our lower resources, had I decided to maximize my SS benefits by waiting until age 70, we would be nowhere close to as good a financial situation we ended up in by filing three years earlier.
Did we leave 'money on the table?'. Yes. Do I regret it? Absolutely not. I would choose the same path again if I had to do it over.
Last edited by MichiganGreg; 01-08-2022 at 09:53 AM..
One Spouse 65 has received SS since 62 has health issues and unfortunately may pass in 1-2 years. Other Spouse is 62 and healthy now and will get a SS check a little bit less than Spouse if taken at 62. Should the 62 year old take SS now, or wait.
Should the 62 year old wait and let theirs grow and take survivor benefits when 65 spouse passes? Then 62 year old takes theirs at FRA? Or, should 62 year old take the money and run now. LOL
Thanks!
I get survivor benefits. If I retired and received that of my own the benefit, payout would be less. I can also work full-time and it won't effect my benefits, because they are survivor, not retirement. If I live to be 72 and then retire, my benefits on my retirement would increase to $500.00 more a month.
Health issues? Medicaid will not kick in until age 65, unless the person qualifies for disability. Visit SSA.gov for more information.
I get survivor benefits. If I retired and received that of my own the benefit, payout would be less. I can also work full-time and it won't effect my benefits, because they are survivor, not retirement. If I live to be 72 and then retire, my benefits on my retirement would increase to $500.00 more a month.
Health issues? Medicaid will not kick in until age 65, unless the person qualifies for disability. Visit SSA.gov for more information.
Not true .
If you are under fra you are subject to the same earnings cap if working as retirement ss is they both deduct once you earn more then the limit .
If over fra then it does not have a cap in both cases as well
From ss site
What if I work?
If you work while getting Social Security survivors benefits and are younger than full retirement age, we may reduce your benefits if your earnings exceed certain limits. The full retirement age for survivors is 66 for people born in 1945-1956. The full retirement age will gradually increase to age 67 for people born in 1962 or later
Widow(er) Survivor benefits are less than what you would get on your own account. Maybe way less. In my case it paid my housing bill and not much more. I had ample other income, so I was okay with it. I didn't even expect to get it. If you are going to depend on social security as your primary income source you might not want to rely just on that survivor's benefit. My widower survivor's benefit was in the $870 range but at 65 I did use it for Medicare. I switched over at age 70 to my own account and got a huge raise. Looking back, I think that switching over a year or two earlier (68 or 69) would have been fine. You still get a big raise and can do more with it if you are a couple years younger. It depends on your personal situation.
One Spouse 65 has received SS since 62 has health issues and unfortunately may pass in 1-2 years. Other Spouse is 62 and healthy now and will get a SS check a little bit less than Spouse if taken at 62. Should the 62 year old take SS now, or wait.
Should the 62 year old wait and let theirs grow and take survivor benefits when 65 spouse passes? Then 62 year old takes theirs at FRA? Or, should 62 year old take the money and run now. LOL
Thanks!
She can collect SS now. When the husband passes she can chose to collect the higher amount of her SS or the husband's. That way they can collect both while the husband is alive. This is assuming she doesn't need to work to bring in more than her SS would be.
I get survivor benefits. If I retired and received that of my own the benefit, payout would be less. I can also work full-time and it won't effect my benefits, because they are survivor, not retirement. If I live to be 72 and then retire, my benefits on my retirement would increase to $500.00 more a month.
Health issues? Medicaid will not kick in until age 65, unless the person qualifies for disability. Visit SSA.gov for more information.
Quote:
Originally Posted by mathjak107
Not true .
If you are under fra you are subject to the same earnings cap if working as retirement ss is they both deduct once you earn more then the limit .
If over fra then it does not have a cap in both cases as well
From ss site
What if I work?
If you work while getting Social Security survivors benefits and are younger than full retirement age, we may reduce your benefits if your earnings exceed certain limits. The full retirement age for survivors is 66 for people born in 1945-1956. The full retirement age will gradually increase to age 67 for people born in 1962 or later
Quote:
Originally Posted by mathjak107
Not true .
It's what they told me at the phone interview when I applied for survivor benefits. Survivor benefits and retirement benefits are two separate claims. Full retirement age has no bearing on survivor benefits; neither does employment hours. At the time they began I was employed full time ... for more information visit ssa.gov or call your local office.
It doesn’t matter what you were told or how you interpreted it. ..survivor and ss retirement have the same earnings limits pre fra.
It’s right here
***************************
Working and receiving the survivors benefit
Can I work and receive the survivors benefit?
A special earnings limitation applies before FRA.
If you continue to work, are under FRA and earned more than $19,560 in 2022, your retirement benefit as well as your survivors benefit may be temporarily withheld.
After you reach FRA, you can earn as much as you want without any withholding.
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