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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 111506
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I just read about the Bipartisan Budget Act of 2015-2016,

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I just read about the Bipartisan Budget Act of 2015-2016, and am a little concerned. I am 63 years old (born 1952), work full time, and in relative good health, so I believe that I can work well past my "full retirement" age. I believe that my current SSA benefit is around $2300/mo. Should I go ahead and apply for SS beneifts now or wait until 66?
I've also read about extra "one-time" lump sum payments that I could be eligible for (according to MoneyMorning's Keith Fitz-Gerald). And finally, I've read about an SSA provision that allows my wife and me to receive an extra $1300/month in benefirs because we've been married over 10 years.
Could you please enlighten me on these possible benefits?
Submitted: 10 months ago.
Category: Legal
Expert:  Law Educator, Esq. replied 10 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Do not let the politicians scare you, which is what both sides are trying to do. If you are in good health and want to continue to work, wait until you reach your maximum social security age to file to collect. The "spousal benefit" does not allow YOU and your wife to collect, it allows your wife to collect her own SS payment based on your benefit. So if she does not have SS retirement on her own or her SS retirement is less than your SS Retirement, she can collect SS retirement based on your SS benefits. See: https://faq.ssa.gov/link/portal/34011/34019/Article/3754/What-is-the-eligibility-for-Social-Security-spouse-s-benefits-and-my-own-retirement-benefits
At this point you should hold out for your maximum age eligibility before applying, because then you can keep working still and not worry about the maximum earnings impacting your SS benefits. See: https://faq.ssa.gov/link/portal/34011/34019/Article/3739/What-happens-if-I-work-and-get-Social-Security-retirement-benefits
Overall, relax, do not panic over the politicians rhetoric trying to scare people. Your benefits so far are secure and not going anywhere.

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