Another SS Spousal Benefit Post

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dumbbunny
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Another SS Spousal Benefit Post

Post by dumbbunny » Wed Oct 11, 2017 4:08 pm

I have searched and read "spousal benefits" posts on this forum. But none exactly mirror my situation.

Me - 63, currently delaying SS so in the event of my death my wife would be eligible for more benefits. If I had started receiving SS at 62 my check would have been $1700/month. My benefits would be about $2300/month at 66.
Wife - 65, currently receiving $1400/month and is enrolled in Medicare.

Is it correct, that as soon as my wife turns 66 (FRA), I can (after applying to Social Security department) receive half of what she receives each month? And that I can receive this amount until I reach 66 (FRA) when at that time I would begin to receive my own SS?

Thanks in advance for your advice.
“It’s the curse of old men to realize that in the end we control nothing." "Homeland" episode, "Gerontion"

vtMaps
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Re: Another SS Spousal Benefit Post

Post by vtMaps » Wed Oct 11, 2017 4:41 pm

dumbbunny wrote:
Wed Oct 11, 2017 4:08 pm
Is it correct, that as soon as my wife turns 66 (FRA), I can (after applying to Social Security department) receive half of what she receives each month? And that I can receive this amount until I reach 66 (FRA) when at that time I would begin to receive my own SS?
No. You cannot do what you are proposing. If you had been born before 1954, you would be able to collect half your wife's PIA when you turned 66 and switch to your own benefit when you turned 70.

--vtMaps
The optimist proclaims that we live in the best of all possible worlds; and the pessimist fears this is true. --James Branch Cabell

Penguin
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Re: Another SS Spousal Benefit Post

Post by Penguin » Wed Oct 11, 2017 4:52 pm

Hm. You are 63. What is your birthday? If you turned 62 before January 2, 2016 you can file a restricted spouse application. If your you turned 62 on January 2, 2016 or later then you do not have this choice.
This may help:
https://www.ssa.gov/planners/retire/deemedfaq.html
Jon

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celia
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Re: Another SS Spousal Benefit Post

Post by celia » Wed Oct 11, 2017 5:19 pm

dumbbunny wrote:
Wed Oct 11, 2017 4:08 pm
Me - 63, currently delaying SS so in the event of my death my wife would be eligible for more benefits. If I had started receiving SS at 62 my check would have been $1700/month. My benefits would be about $2300/month at 66.
Are you aware that if you delay the start of your SS benefits, you would get a guaranteed 8% increase in your monthly benefit for each year you wait past FRA? When you die, your wife, should she survive you, would then be able to get the higher benefit.

So if you wait until age 70, an age 66 FRA benefit of $2300/mo would get you and extra 2,300 * 8% * 4 = $736/mo. And when cost of living increases come along, this extra money will also get the cost of living increase.

To be able to wait this long, you would have to use savings to live off of or continue working, even at a part-time job, or have another source of income, such as a pension.

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dumbbunny
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Re: Another SS Spousal Benefit Post

Post by dumbbunny » Wed Oct 11, 2017 9:05 pm

Penguin wrote:
Wed Oct 11, 2017 4:52 pm
Hm. You are 63. What is your birthday? If you turned 62 before January 2, 2016 you can file a restricted spouse application. If your you turned 62 on January 2, 2016 or later then you do not have this choice.
This may help:
https://www.ssa.gov/planners/retire/deemedfaq.html
Drat! I turned 62 in March of 2016. Thanks for the link.
“It’s the curse of old men to realize that in the end we control nothing." "Homeland" episode, "Gerontion"

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dumbbunny
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Re: Another SS Spousal Benefit Post

Post by dumbbunny » Wed Oct 11, 2017 9:44 pm

celia wrote:
Wed Oct 11, 2017 5:19 pm
dumbbunny wrote:
Wed Oct 11, 2017 4:08 pm
Me - 63, currently delaying SS so in the event of my death my wife would be eligible for more benefits. If I had started receiving SS at 62 my check would have been $1700/month. My benefits would be about $2300/month at 66.
Are you aware that if you delay the start of your SS benefits, you would get a guaranteed 8% increase in your monthly benefit for each year you wait past FRA? When you die, your wife, should she survive you, would then be able to get the higher benefit.

So if you wait until age 70, an age 66 FRA benefit of $2300/mo would get you and extra 2,300 * 8% * 4 = $736/mo. And when cost of living increases come along, this extra money will also get the cost of living increase.

To be able to wait this long, you would have to use savings to live off of or continue working, even at a part-time job, or have another source of income, such as a pension.
I think I can only afford to delay SS benefits until my FRA of 66. I have 29 months left to go. I have been living off of savings for the last four years.

Thanks Celia, I always enjoy all of your posts.
“It’s the curse of old men to realize that in the end we control nothing." "Homeland" episode, "Gerontion"

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