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retirementlawyer
retirementlawyer, Tax Attorney
Category: Social Security
Satisfied Customers: 17083
Experience:  13 years experience in social security
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My wife will be 62 this friday.Will she get more money if she

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My wife will be 62 this friday.Will she get more money if she waits for for me to turn 62 next year 10/31/14 and we apply together?

retirementlawyer :

Yes, however it may not make a difference,

retirementlawyer :

If she files at age 62, she faces a 30% early penalty of benefits,

retirementlawyer :

if she waits a year her penalty is reduced to around 20%,

retirementlawyer :

regardless if you apply,

retirementlawyer :

if you apply together next year, you would face an early penalty and well as her, but her is less by 12 months,

retirementlawyer :

If she needs the money now, it may be best to apply for it now,

retirementlawyer :

the penalty is reduced if she waits till her full retirement age which is typically 66,

Customer:

SS papers we have say we are getting about $665 for her and $1715 at age 62 for me.Are you saying we are going to get a penalty on that amount?

retirementlawyer :

If that is the amount for full benefits,

retirementlawyer :

you would both face an early penalty on both,

retirementlawyer :

also if you do take benefits at 62, she can apply for spousal benefits, which would be 50% of your benefits,

retirementlawyer :

so that may be higher, than her amount,

Customer:

Super Thanks

retirementlawyer :

You can look at the link above, for more information about the early penalty,

retirementlawyer :

Good luck, and if you have any further questions please do not hesitate to ask.

retirementlawyer :

If satisfied please provide us with positive feedback.

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