How Soon Should You Meet With SS Before Collecting? (divorced, 2015, married)
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"Benefits paid to your spouse will not decrease your retirement benefit."
BTW, benefits are not based on "contributions" ( aka payroll taxes). They are based on a 35 year average of highest wages earned (up to the annual maximum).
My wife and I have decided collecting SS at 62 makes the most sense for our personal financial situation and financial goals. I turn 62 in about 7 months. I was thinking to set an appointment with SSA and getting things started at about six months before I plan to collect.
I have 35+ years employment, but my wife does not qualify on her own, so she will need to file for and collect spouse benefits - nothing real complex or unusual as far as I am aware from a filing/collecting standpoint.
For those that have been through the process, is that (6 months out) too early, to late, or just right? Anything you "wish you knew" about the process before filing and claiming benefits?
If your wife did not earn enough to collect on her own, does she still collect benefits? How much and how does that work?
If your wife did not earn enough to collect on her own, does she still collect benefits? How much and how does that work?
I have never heard of this.
Yes she collects up to half her husbands full retirement age amount as long as she is full retirement age herself ..otherwise she gets a reduced amount
does your wife have an earnings record of her own ?
if she has no earnings record at all then it is a different story but if she worked and has a minimum qualification , she must take her own first . then a reduced spousal benefit will get added since she is filling before fra.
if you both file early and she has no earnings record of her own then you both get reduced benefits as per this chart
keep in mind she does not get half your fra amount in that case .
She has about 6-7 years total earnings, almost all from before our marriage. About half of that is part time work. I understood you needed a minimum of 10 years or 40 quarters to qualify for SS, so I believe she will be claiming spousal benefits on my account, and her earnings record won't be a factor - although, I hadn't thought of her earnings being a potential issue.
I am aware of the deduct for her benefit as well as mine, and that is factored in, but thanks for the mention, because had I not known, that could have been a huge planning issue.
If your wife did not earn enough to collect on her own, does she still collect benefits? How much and how does that work?
I have never heard of this.
It is a spousal benefit. it is 50% of my benefit. So if my benefit is $1,000, the spousal benefit paid to her is $500. There are rules and regulations about how long you need to married, how multiple spouses (divorces) are considered, whether your spouse has their own earnings record, among other things.
Also, as I understand it, if I predecease her, she loses the $500 additional benefit, but gets paid $1000 (my SS rate).
Yes she collects up to half her husbands full retirement age amount as long as she is full retirement age herself ..otherwise she gets a reduced amount
Thank you for answering. So, if the wife has worked, but not enough to collect on her own, does she receive more than a woman who never worked at all?
Thank you for answering. So, if the wife has worked, but not enough to collect on her own, does she receive more than a woman who never worked at all?
I worked but not as much as my husband as I had years as a stay at home mom, also did not earn as much as my husband in the years I did work. So my spousal benefit will be what I get from my own work record, plus a spousal addition that will bring my total monthly benefit up to 1/2 of my husband's.
If I didn't work at all, my spousal benefit would still be 1/2 of my husband's.
So, in this kind of comparison, the answer is no. Just because I worked some I will not be getting a higher benefit as a spouse than I would have gotten had I not worked at all if I am also drawing as my husband's spouse.
Thank you for answering. So, if the wife has worked, but not enough to collect on her own, does she receive more than a woman who never worked at all?
no , spousal can never get more than their spouses half fra amount when combined.
at full retirement age if the wife's record is low she will get enough of a spousal adder to bring her up to the same 50% of the higher earners full retirement amount.
on the other hand a woman who never married long enough or never worked gets nothing.
it really is an unfair system to singles .
the social security system should be like pensions are . if you want it to extend to a spouse you need to opt for a lower benefit payout yourself
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