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Re: Spousal Benefit Decision

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I just applied for my own social security and will only get $832 a month, I will be 62 in June.

 

I was married over 10 years so eligible for partial spousal benefits which if applied now would only be $120 extra per month, if I wait the 4 years until I am 66 I get $1264.00 a month and since higher than my benefits get only that amount.

 

My question is this, if I apply for her benefits in 2 years that comes to $632 a month which is less than my $832, would I get both amounts or just one of the two? Thanks

 

I'm a little confused... "partial spousal benefits which if applied now would only be $120 extra per month" but then you say "if I apply for her benefits in 2 years that comes to $632 a month which is less than my $832". How could the benefit in 2 years time be less than the amount now? Am I misinterpreting something?

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Re: Spousal Benefit Decision

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I just applied for my own social security and will only get $832 a month, I will be 62 in June.

 

I was married over 10 years so eligible for partial spousal benefits which if applied now would only be $120 extra per month, if I wait the 4 years until I am 66 I get $1264.00 a month and since higher than my benefits get only that amount.

 

My question is this, if I apply for her benefits in 2 years that comes to $632 a month which is less than my $832, would I get both amounts or just one of the two? Thanks

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Re: Spousal Benefit Decision

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Thank you Gail1.  My wie wanted to begin her retirement income now and I will be retiring later this year. So it looks like she will only collect her retirement for now, then when I retire she may be able to get an increase based on my benefit.

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Re: Spousal Benefit Decision

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@karlk986996 wrote:

My wife and I are trying to make a decision when applying for her SS benefits.  Here is the situation:

- She was born January 1953 (66), she is at FRA, her benefit is $1085

- I was born in February 1956 (63), My FRA is 66 and 4 months, my benefit at 63 is $2400, at FRA is $3050

- I am still working and will for the next few months.  My wife retired and now wants to apply for SS retirement benefit

- When applying online there is a question "If you are at full retirement age and we determine that you are eligible for both a retirement benefit and a spouses benefit, you may choose to delay receiving your own benefit and receive only the spouses benefit for now?  YES or NO"

 

We are at a loss as to how to answer that question to maximize benefits.  Any help would be greatly appreciated.

 

Thanks.  


She was borned at a very complicated time for filing benefits - she has some good choices but the choices are hers to make -

I am assuming that this online application is for your wife -

If so, right NOW, she is ONLY eligible for her own benefit since you (as her spouse) have to be already retired under the SS system for her to be eligible to claim her spousal benefit on your record, which according to your figures, the spousal benefit would be higher.

 

IF SHE WANTS TO RETIRE NOW -

The question is rather tricky because she would want to preserve her option to claim her spousal benefit once you do retire.  She should be able to do this. 

 

Social Security Benefit Planner - The Bipartisan Budget Act of 2015

see the "how the law is changing" 2nd paragraph

Under the new law (The Bipartisan Budget Act of 2015 (Public Law 114-74; November 2, 2015), "deemed filing" is extended to apply to those at full retirement age and beyond. In addition, deemed filing may occur in any month after becoming entitled to retirement benefits.  For example, if you begin receiving your retirement benefit and only later become eligible for a spousal benefit (or vice versa), you will be “deemed” to have applied for the second benefit as soon as you are eligible for it. Your monthly payment will be the higher of the two benefit amounts.

 

I am not sure if this is applicable - just depends if she wants to wait for you to retire -

Social Security Benefit Planner -Deemed Filing For Retirement And Spouse’s Benefits FAQs

If you turn 62 before January 2, 2016, deemed filing rules will not apply if you file at FRA or later. This means that you may file for either your spouse’s benefit or your retirement benefit without being required or “deemed” to file for the other. You may also restrict your application to apply only for spouse’s benefits and delay filing for your own retirement in order to earn delayed retirement credits.

 

Under this scenario -since she meets the "62 BEFORE January 2, 2016 rule"

  • she would wait for you to retire
  • file for her spousal benefit on your record
  • let her benefit grow until she is 70 and then file for her own benefit - it grows at about 8% per year.

The figures seem close to me so before she decides to go this later route - she should go to a SS office and have them run the numbers for her spousal benefit based on when you retire and then her own benefit at age 70 and make the decision as to when she want to actually retire.

 

I know you thought you asked a simple question - but Social Security is not known for being simple when you are outside the norm ( higher wage earner younger than spouse; the new law and your birthday).

 

So the answer to the question on the application form cannot be answered until she has made a firm commitment as to when she wants to retire based on her above options.

 

Sorry, you only have the one option - retire early or at FRA.

 

Remember AARP is answering SS questions on March 27 -

AARP - Social Security - Your Questions Answered - March 27 - Register

 

I am not an expert - I just try to help people interpret their options..

 

 

 

* * * * It's Always Something . . . Roseanne Roseannadanna
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Spousal Benefit Decision

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Message 5 of 5

My wife and I are trying to make a decision when applying for her SS benefits.  Here is the situation:

- She was born January 1953 (66), she is at FRA, her benefit is $1085

- I was born in February 1956 (63), My FRA is 66 and 4 months, my benefit at 63 is $2400, at FRA is $3050

- I am still working and will for the next few months.  My wife retired and now wants to apply for SS retirement benefit

- When applying online there is a question "If you are at full retirement age and we determine that you are eligible for both a retirement benefit and a spouses benefit, you may choose to delay receiving your own benefit and receive only the spouses benefit for now?  YES or NO"

 

We are at a loss as to how to answer that question to maximize benefits.  Any help would be greatly appreciated.

 

Thanks.  

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