Re: Spousal benefits

MartinE609196 · ‎10-05-2019

My wife will be 62 next June. She would like to draw on her own earnings, which will be about $400 per month. I am waiting until my FRA to draw at age 67. She will be 64.5 then. Can she then switch over to draw on my benefits? Her amount would be about $1,200 per month then. We have no need for the money now (or later).

fffred · ‎10-05-2019

When you take benefits at your FRA you will get your "full" benefit. Unlike your wife as when she takes benefits at 62 they will be "reduced" due to collecting before her FRA.

But when you collect your benefits she can then switch to the spousal benefit based on your own benefit. Because she will still be below her FRA she will again have her (spousal) benefit reduced somewhat for taking before her FRA. She'll get her full benefit by waiting until her FRA. "Might" be worthwhile waiting for that short period of time.

Some SS benefit calculators are available to help you explore various scenarios. Lifting this from a previous reply I made:

You can check using the "Maximize My Social Security" software, a commercial subscription software that is quite good

https://maximizemysocialsecurity.com/

Or use this free calculator put out by author Mike Piper. This is very good as well [Free is always good also}

https://opensocialsecurity.com/

You can check optimal scenarios with either. You can also run an alternate scenario of your own choice with these tools.

@MartinE609196 wrote:
My wife will be 62 next June. She would like to draw on her own earnings, which will be about $400 per month. I am waiting until my FRA to draw at age 67. She will be 64.5 then. Can she then switch over to draw on my benefits? Her amount would be about $1,200 per month then. We have no need for the money now (or later).

MartinE609196 · ‎10-06-2019

Thanks, that was very helpful. I ran the MIke Piper calculator and it was very informative. Basically, we draw the most if she does her's at 62 and I wait until 70 to draw mine and for her to switch over. I think i will probably draw at 67 and 2 months (01/2025) and have her switch then. We lose a little per month, but do not need the money, and it takes about 14.5 years to make up the difference (not even taking into account the time value of money). Retirement and Estate planning would be so much easier if you knew how long you were going to live.

Thanks again.