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I realize you have a question about social security. My goal is to help you better understand your options.
If your wife draws her own benefit now, she could receive a higher benefit off your record at 66, although that amount won't be equal to 1/2 of your benefit (which, it would be if she waited until 66 to draw altogether)
Her benefit would be calculated by taking 1/2 of your benefit, and subtracting out what she would have drawn on her own benefit, if she waited until full retirement age to draw it.
Then, that amount is added to her current reduced benefit.
So, if your benefit is $2,400 and she would have drawn $1,000 at full retirement age and is currently drawing $750, then you would take $1,200 (1/2 of $2,400) and subtract $1,000 = $200 then add that $200 to $750 for a benefit of $950
This benefit is still lower than what she would have drawn at full retirement age, but greater than her reduced benefit
Her largest benefit would be, however, reached at age 66
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Maybe you could help me with the numbers, I took ss at 62 and currently receive $1583. My wife just filed today, her benefit is $748. would she have benefited if she could have filed for mine at 66?
Was the lady at ss correct in saying she had to file now?
She does not have to file now
She can wait until 66 and her benefit would be higher
It looks like she's drawing a benefit off of her own record, and not yours though. At 62 her benefit would be about 35% of your benefit
She can withdraw her application at any time, and wait until she is 66 to draw
Yes the 748 is hers plus 40 from mine. How can we change this? the lady at ss said she had to do it that way and did not give us a choice. sorry I type slow.
That's fine...you're okay. I just type really fast because I do this all day
She can change this by withdrawing her application, or telling social security she only wants her own benefit now
The way that it currently stands is the most common way, but it's not required
Can you give me an idea what the difference might be?
using our current numbers
Well, if her benefit is $708 her benefit at full retirement age on her own record would be $1,041
Her benefit is 748
and her benefit off your record would be about 1,163
Her benefit is $748 but you said that $40 of it was from your earnings record
So, if she waited until full retirement age to take her benefit she would get about $1,163 per month
her is 748 and they were giving her another 40 from mine
could she take hers now and mine at 66
No, she could not do that
She could take hers now, which would mean she gets $748. At age 66 she could then step up to about $870
but her best option really is to wait until full retirement age
where does the 870 come from
That's her benefit of $748 plus the difference between 1/2 of your benefit at full retirement age and her benefit if she did not retire early
Is there anything else I can assist you with today?