Social Security Benefit Estimate
Social Security Benefit Estimate
My DW turns 70 in July. This post is to confirm my general understanding of what we can expect from SSA. I delayed receiving my SS benefit until I reached age 70 in 2016. DW started receiving a spousal benefit (50% of mine) when she reached Full Retirement Age (FRA) in 2017. When DW applies to SSA for her own benefit, starting as of August 2021, SSA will calculate approximately 132% of her Primary Insurance Amount (PIA) at FRA. If the latter amount is greater than the amount she is receiving now, she will start receiving the greater amount. So, her benefit may go up but it will not go down. What am I missing?
Re: Social Security Benefit Estimate
Suggest you use https://opensocialsecurity.com/ (written by Boglehead user ObliviousInvestor) to see what it recommends as ideal claiming strategy. I suspect it'll match what you described in the OP.
Re: Social Security Benefit Estimate
Nothing seems to be missing here.Prudence wrote: ↑Sat Feb 20, 2021 9:34 am My DW turns 70 in July. This post is to confirm my general understanding of what we can expect from SSA. I delayed receiving my SS benefit until I reached age 70 in 2016. DW started receiving a spousal benefit (50% of mine) when she reached Full Retirement Age (FRA) in 2017. When DW applies to SSA for her own benefit, starting as of August 2021, SSA will calculate approximately 132% of her Primary Insurance Amount (PIA) at FRA. If the latter amount is greater than the amount she is receiving now, she will start receiving the greater amount. So, her benefit may go up but it will not go down. What am I missing?
Has she looked at https://www.ssa.gov/ for her own benefits estimate?
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Re: Social Security Benefit Estimate
Yes Joe, we keyed in her payment history to the SSA online detailed calculator and her benefit increases about 11 bucks a month compared to what she is receiving currently.