annetteski wrote:Thanks for all the great information in these forums. I've been lurking a while, but now want to introduce myself and seek some input/help.
I am 48 and my husband is 61.5. We have three young (biological) kids, twins aged 7 and a son who is 9. Husband has paid in what is neccessary to get the maximum monthly SS payment for age he retires at.
We never imagined that we would be focused on SS (previously prosperous!), but (like many folks) we've had a series of bad luck events the last few years and we are now very focused on SS and retirement.
We are trying to find out if-- even for reduced benefits-- my husband can file at 62 and suspend so that our kids can get a little something each the next several years. Or would my husband need to file early at 62 and go ahead and collect in order for our children to get benefits the next 8-10 years (i.e., before he turns 66 -- it is pretty clear that he can file and suspend at 66 at which time our children can collect on his record until they are 18, but it is not clear if anything can be done on their behalf BEFORE he turns 66).
We own a business (S-Corp) and both work in it. We didn't pay attention to whom the paychecks were going the last several years... in retrospect we should've been paying ME so that I could get the top amounts when I retire, but that won't be the case now-- my record shows many years "off" and I will not get highest amounts.
Thanks in advance for any light that anyone can shed! There is very little info out there about SS, retirement on SS and minor children still at home.
Your answers are mostly here:
Your husband can file at age 62 and then he and your three children may be entitled to benefits. His benefits will be reduced because he is claiming before full retirement age, however, he may suspend his benefits at age 66 if he wishes and start collecting delayed retirement credits until age 70. All the benefits may be reduced if your husband has earned income of more than about $14,160 per year before age 66.
Each month that you delay claiming benefits for your 3 children will be a loss of approximately your husband's primary income amount (the amount he would be entitled to at age 66) divided by 2 multiplied by the three of them (PIA x 3/2). I suspect this is the maximum social security benefit your family may collect.