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I tried a search on here for this answer. It was unsuccessful in the way I asked but maybe if I ask it now it will get saved this way. The question is actually three questions relating to SS as a widow where spouse SS is higher than their own.
First one is (I will use us as guinea pigs) age 62 wife SS is 1500 a month and mine is 1600. My wife is considering taking at 62. I am considering FRA which will be 2300. If I pass away before her she can then collect up to my SS amount? Even if she took early? This is assuming I am already passed FRA and die later.
The second half of this question is what happens if I die before FRA and my wife has filed and started collecting?
Third above and not filed?
For me I believe I guess I could file on hers for a while then at some point then I could then take mine. That point could be FRA or age 70 or any point in between. I would get a portion of her SS as a widower but eventually would have to file for my own since it is higher.
I am not trying to scam the system. I am just trying to really determine our best course of action. We are 7 months apart in age with me being older and our incomes were very similar. I guess birds of a feather flock together.
I've been reading the retirement book by Janet Quinn Bryant, the title is How to make your retirement money last. I stumbled on this and from my research I can get this survivor benefit after I turn 60, then I can wait to take mine at 70. I'm younger than my husband and I get bigger SS then his because I work here in USA longer.
The link below shows you the exact percentage. You get 100% survivor benefit if you are FRA or older.
I tried a search on here for this answer. It was unsuccessful in the way I asked but maybe if I ask it now it will get saved this way. The question is actually three questions relating to SS as a widow where spouse SS is higher than their own.
First one is (I will use us as guinea pigs) age 62 wife SS is 1500 a month and mine is 1600. My wife is considering taking at 62. I am considering FRA which will be 2300. If I pass away before her she can then collect up to my SS amount? Even if she took early? This is assuming I am already passed FRA and die later.
The second half of this question is what happens if I die before FRA and my wife has filed and started collecting?
Third above and not filed?
For me I believe I guess I could file on hers for a while then at some point then I could then take mine. That point could be FRA or age 70 or any point in between. I would get a portion of her SS as a widower but eventually would have to file for my own since it is higher.
I am not trying to scam the system. I am just trying to really determine our best course of action. We are 7 months apart in age with me being older and our incomes were very similar. I guess birds of a feather flock together.
at 62 she would get x.81 of your full . if she waited until her fra she would get your full .
if you die before fra she gets your full as a survivor benefit as long as she is fra , otherwise its less .
regular ss benefits are seperate from survivor benefits . when she takes her regular benefit is irrelevant .
many women take their own then switch to survivor at fra
at 62 she would get x.81 of your full . if she waited until her fra she would get your full .
if you die before fra she gets your full as a survivor benefit as long as she is fra , otherwise its less .
regular ss benefits are seperate from survivor benefits . when she takes her regular benefit is irrelevant .
many women take their own then switch to survivor at fra
I think that is what we will do. At 62 I will have a permanent decrease in income of just less than her SS at 62. So for a 7 month span we will be needing to increase withdrawals but then we can drop it back. I have known about that drop since I retired. I just didn't think on it until this weekend.
I am considerably older than my wife. I started collecting just a shade under 64 years of age. If she starts to collect after my death at her FRA does she get what I get now?
I am considerably older than my wife. I started collecting just a shade under 64 years of age. If she starts to collect after my death at her FRA does she get what I get now?
[quote=golfingduo;43897456]I tried a search on here for this answer. It was unsuccessful in the way I asked but maybe if I ask it now it will get saved this way. The question is actually three questions relating to SS as a widow where spouse SS is higher than their own.
First one is (I will use us as guinea pigs) age 62 wife SS is 1500 a month and mine is 1600. My wife is considering taking at 62. I am considering FRA which will be 2300. If I pass away before her she can then collect up to my SS amount? Even if she took early? This is assuming I am already passed FRA and die later.
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If your wife claims on her own record at age 62, and you started collecting at your own FRA and passed following, at what is determined to be her widow's FRA (mine is 66.2, my own FRA is 66.6) she can switch and get the full amount you were getting a FRA or a reduced amount if she decides to switch before her widow's FRA.
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The second half of this question is what happens if I die before FRA and my wife has filed and started collecting?
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If you die before your FRA or earliest age you were able to collect (my widow situation), SS does a calculation on your work record projecting what you would have likely received had you been alive 62 to your FRA. If your wife has already been collecting a reduced amount on her own record she can switch her survivor's benefit any time up to what is considered to be her widow's FRA because to defer beyond that point makes no sense because survivor's do not receive delayed credits like one's own benefit can.
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Third above and not filed?
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The earliest your wife can claim a reduced survivor's benefit is at age 60 or 50 if she is disabled. In choosing claim a survivor's benefit first she can switch to her own benefit anytime from 60 to age 70. If she chooses to collect her own reduced benefit at age 62 she can switch to her survivor's benefit anytime to her survivor's FRA since as noted above it does not grow beyond that. But, it is my understanding if the deceased deferred collecting to age 70 for example, and passed at age 72, the survivor can collect what the deceased spouse received at age 70 if the amount is higher than what they are currently collecting on their own record.
In my case my benefit is higher at all ages, but collecting a survivor's benefit at my widow's FRA provides me some income without having to heavily deplete other income sources until I collect my own delayed higher benefit at age 70.
Nightengale thank you for the information. It does help a lot. Our ages are nearly the same with me being 7 months older. I think that the circumstances will dictate we need to have her apply for and take her SS at 62. We will have decent income with two pensions and a supplement that ends at my 62nd birthday. With that ending our income will drop 1100 a month so it would probably be wise to do that. But we could change out mind since we are still 4 years away from that time.
The reason we were asking this is because we are working with a financial advisor and want to cover every option as we discuss the details of our plan. Plus I want to have enough money to buy a nice big boat when that time comes.
Nightengale thank you for the information. It does help a lot. Our ages are nearly the same with me being 7 months older. I think that the circumstances will dictate we need to have her apply for and take her SS at 62. We will have decent income with two pensions and a supplement that ends at my 62nd birthday. With that ending our income will drop 1100 a month so it would probably be wise to do that. But we could change out mind since we are still 4 years away from that time.
The reason we were asking this is because we are working with a financial advisor and want to cover every option as we discuss the details of our plan. Plus I want to have enough money to buy a nice big boat when that time comes.
I think the only way you would loose is if you both decided to collect a reduced benefit at 62 loosing the ability to grow one benefit to FRA which would help increase the income of the surviving spouse who opted to claim early.
That's my thought too. And if we get to my FRA and don't need the increase in income I could hold out to 70. Again thanks. I think that is good advice.
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