Spousal Social Security question.....

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Ykcor
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Spousal Social Security question.....

Post by Ykcor » Sat Dec 29, 2018 4:44 pm

I will turn 70 in July and will start to draw SS. My wife of 42 years will be 62. She only worked a year or two when we first married and was a stay at home mom. Can she draw a Social Security check? And should she wait until 66 or 70 if so?

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cheese_breath
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Re: Spousal Social Security question.....

Post by cheese_breath » Sat Dec 29, 2018 4:53 pm

She will be able to draw SS based on your work record when she turns 62. Whether she should, or whether she should wait would require more information than you've given us.
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One Ping
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Re: Spousal Social Security question.....

Post by One Ping » Sat Dec 29, 2018 5:01 pm

Ykcor wrote:
Sat Dec 29, 2018 4:44 pm
I will turn 70 in July and will start to draw SS. My wife of 42 years will be 62. She only worked a year or two when we first married and was a stay at home mom. Can she draw a Social Security check? And should she wait until 66 or 70 if so?
You have to have 40 quarters to claim your own benefit. I don't think that applies for spousal benefits, but is anyone sure?
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BL
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Re: Spousal Social Security question.....

Post by BL » Sat Dec 29, 2018 5:13 pm

One Ping wrote:
Sat Dec 29, 2018 5:01 pm
Ykcor wrote:
Sat Dec 29, 2018 4:44 pm
I will turn 70 in July and will start to draw SS. My wife of 42 years will be 62. She only worked a year or two when we first married and was a stay at home mom. Can she draw a Social Security check? And should she wait until 66 or 70 if so?
You have to have 40 quarters to claim your own benefit. I don't think that applies for spousal benefits, but is anyone sure?
Yes, she can draw spousal SS at age 62 or later. I believe there will be reductions based on how many months before her FRA that she begins. AFAIK, she would gain nothing by waiting beyond FRA.

Whether she should claim early or not is a very individual problem. You have done the important thing of waiting as a higher earner until age 70 to guarantee that the longest lived spouse gets the highest possible SS. There are some calculators mentioned on this site to help decide. My gut says that with your age difference she might as well start early to draw as long as possible.

Kennedy
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Re: Spousal Social Security question.....

Post by Kennedy » Sat Dec 29, 2018 5:30 pm

since your wife has not worked for the required 40 quarters, she will not be able to collect social security on her own behalf. However, she will be entitled to spousal social security benefits at age 62. If she does start collecting spousal benefits early, between ages 62 and her full retirement age (66-67ish), there will be a permanent reduction in benefits as opposed to if she waits until her FRA to collect her spousal benefits. If she waits until FRA, she can collect 1/2 of what your benefits would have been at your FRA.

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One Ping
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Re: Spousal Social Security question.....

Post by One Ping » Sat Dec 29, 2018 5:31 pm

BL wrote:
Sat Dec 29, 2018 5:13 pm
One Ping wrote:
Sat Dec 29, 2018 5:01 pm
Ykcor wrote:
Sat Dec 29, 2018 4:44 pm
I will turn 70 in July and will start to draw SS. My wife of 42 years will be 62. She only worked a year or two when we first married and was a stay at home mom. Can she draw a Social Security check? And should she wait until 66 or 70 if so?
You have to have 40 quarters to claim your own benefit. I don't think that applies for spousal benefits, but is anyone sure?
Yes, she can draw spousal SS at age 62 or later. I believe there will be reductions based on how many months before her FRA that she begins. AFAIK, she would gain nothing by waiting beyond FRA.

Whether she should claim early or not is a very individual problem. You have done the important thing of waiting as a higher earner until age 70 to guarantee that the longest lived spouse gets the highest possible SS. There are some calculators mentioned on this site to help decide. My gut says that with your age difference she might as well start early to draw as long as possible.
I'm not questioning the ability for a person eligible for spousal social security to draw spousal SS at age 62. I'm asking whether THIS person, with only 4 to 8 quarters of work, is even eligible for any social security benefit at all because of the 40 quarters of work requirement.

ETA - Thanks, Kennedy.
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donall
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Re: Spousal Social Security question.....

Post by donall » Sat Dec 29, 2018 5:39 pm

Even if spouse has never worked, can collect spousal benefit.
https://www.ssa.gov/planners/retire/applying6.html

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One Ping
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Re: Spousal Social Security question.....

Post by One Ping » Sat Dec 29, 2018 5:49 pm

donall wrote:
Sat Dec 29, 2018 5:39 pm
Even if spouse has never worked, can collect spousal benefit.
https://www.ssa.gov/planners/retire/applying6.html
:oops: D'oh. I must have had a brain cramp ... or a CRS attack. :wink: :beer
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Silk McCue
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Re: Spousal Social Security question.....

Post by Silk McCue » Sat Dec 29, 2018 6:15 pm

I plugged in your ages into https://opensocialsecurity.com/ based on turning 70 in July 2019 and setting your wife's birth date to July with age 62. She would get about 26% of your benefit for Spousal at the same time you start yours. ObliviousInvestor member (Edit: UGH Mike Piper not Rick Ferri) created opensocialsecurity.com and it is used by many here. You might want to take a look at it.

Given your age it is unlikely that having her delay would provide a superior solution than filing at age 62 since once you pass (assuming you predecease her) she will get your full benefit.

From an earlier post I see you have $4M in investments. That's another reason in my mind not to delay as the Spousal SS is not a critical source of income and never will be even if you were to delay and let it grow.

Cheers
Last edited by Silk McCue on Sat Dec 29, 2018 6:41 pm, edited 1 time in total.

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ResearchMed
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Re: Spousal Social Security question.....

Post by ResearchMed » Sat Dec 29, 2018 6:18 pm

Silk McCue wrote:
Sat Dec 29, 2018 6:15 pm
I plugged in your ages into https://opensocialsecurity.com/ based on turning 70 in July 2019 and setting your wife's birth date to July with age 62. She would get about 26% of your benefit for Spousal at the same time you start yours. ObliviousInvestor member (Rick Ferri) created opensocialsecurity.com and it is used by many here. You might want to take a look at it.

Given your age it is unlikely that having her delay would provide a superior solution than filing at age 62 since once you pass (assuming you predecease her) she will get your full benefit.

From an earlier post I see you have $4M in investments. That's another reason in my mind not to delay as the Spousal SS is not a critical source of income and never will be even if you were to delay and let it grow.

Cheers
I think ObliviousInvestor is Mike Piper, not Rick Ferri (who is also extremely helpful, but under his own name).

RM
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Silk McCue
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Re: Spousal Social Security question.....

Post by Silk McCue » Sat Dec 29, 2018 6:42 pm

ResearchMed wrote:
Sat Dec 29, 2018 6:18 pm

I think ObliviousInvestor is Mike Piper, not Rick Ferri (who is also extremely helpful, but under his own name).

RM
Thanks for the catch. I know better.

Cheers

Topic Author
Ykcor
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Re: Spousal Social Security question.....

Post by Ykcor » Sat Dec 29, 2018 8:33 pm

Thanks to above replies. I'm happy to get the extra $$ from the US Treasury, but I can see why Social Security is due to go broke with people drawing out who (like my wife) who never paid in.

Topic Author
Ykcor
Posts: 119
Joined: Mon Nov 26, 2018 7:42 am

Re: Spousal Social Security question.....

Post by Ykcor » Sat Dec 29, 2018 8:42 pm

Silk McCue wrote:
Sat Dec 29, 2018 6:15 pm
I plugged in your ages into https://opensocialsecurity.com/ based on turning 70 in July 2019 and setting your wife's birth date to July with age 62. She would get about 26% of your benefit for Spousal at the same time you start yours. ObliviousInvestor member (Edit: UGH Mike Piper not Rick Ferri) created opensocialsecurity.com and it is used by many here. You might want to take a look at it.

Given your age it is unlikely that having her delay would provide a superior solution than filing at age 62 since once you pass (assuming you predecease her) she will get your full benefit.

From an earlier post I see you have $4M in investments. That's another reason in my mind not to delay as the Spousal SS is not a critical source of income and never will be even if you were to delay and let it grow.

Cheers
Five star post!!!

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