Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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I started collecting my SS at 65 and one month. My full SS retirement age is 66. Is the amount my wife (as spousal benefit) receives at her full SS retirement age 66 be based on 1/2 the amount I would have received at my age of 66? Or would it be based on 1/2 the amount I received by collecting early? Also are the amounts based on 1/2 what I presently receive after this year's increase in SS. I started collecting starting in 2012? I know she has to wait until her full retirement age of 66 to be able to switch to her own SS at age 70. Which is our plan.
Her benefit at 66 would be half of your FRA benefit, which is of course higher than your actual benefit. Therefore, she is not affected by you taking your benefit early. COLAs are included.