I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.
How are you today?
Your wife cannot FAASF until you file for your own benefit. So, you would need to be collecting your benefit in order for her to get one off your record.
She would qualify for the spousal benefit off your record, and she would be eligible to collect that for the rest of her life. However, when she retires from the school the benefit she receives off your record would be reduced by 2/3 of her teacher's pension amount.
If 2/3 of her pension is greater than your benefit, she would draw nothing.
If she does draw a benefit off your record, that would have absolutely no impact on what you would be able to draw yourself.
That is confusing to me. I thought FAASF means file as a spouse first. Because there are two spouses to a couple I assumed she would be the spouse, not myself, since I am the one who has the ss benefits.
Yes, FAASF means that you draw a spousal benefit before drawing your own benefit
So you are saying I file first. Then she files next, otherwise she won't be able to draw at all?
That's correct. She can't file until you file for your benefit.
It sounds as if she then draws before I do. When can I draw and will that negate her continuing to draw and is there a limit as to how long or the amount she may draw from my benefits?
She can draw her own benefit whenever she wants, but she cannot draw a spousal benefit unless you are also receiving your benefit. She would get 50% of your benefit, but it would be reduced by her teacher's pension. Most of the time, those who retire from the teacher's system will actually not get a social security benefity
You cannot draw until you are 62.
She can also draw for the rest of her life, if her teacher's pension does not make it such that she receives no spousal benefit
So she can possibly draw more from soc sec than from teacher's retirement?
No, probably not
She will draw more from teacher's retirement.
She has only worked for less than 20 yrs putting in to teachers retirement. She doesn't have much in there. Possibly 20k.
Okay if she doesn't have much, then she will only have a minimal reduction in the social security benefit
Is her draw from social security based on how much is in her teachers retirement account?
No, it's based on how much you earned during your career
So are soc sec benefits set up that I can never draw more than I've put in? for both or each of us?
No, there's no limit. They calculate a benefit and you draw that benefit for the rest of your life
You don't have an account with money in it.
So, you draw your benefit and she draws half of it and you do that for the rest of your lif
You will most definitely draw more than you put in.
and that's okay
ok by me too.
Yes, by you too
So in summary, I file. Then she files. I draw and she draws after I file at 62. Is this accurate?
Yes, that is correct
I draw full benefits. She draws half of my benefits.
What if one of us dies before the other? What happens then?
Well, if she dies then nothing changes for you. You still receive your benefit, but her benefit goes away.
If you die, then she starts to get your full benefit instead of the half benefit
Ok. Now Megan are you sure 100% sure of all you have told me? Might these answers change within two years? You know how the government likes to tamper with things.
Yes, I am positive on all the things that I have told you. I do not anticipate any major changes in the next couple of years, because things have been this way for a long time.
Thank you Megan for your help. No offense but I was under the impression when I posted my question originally that I would be answered by a certain lawyer that it said was available to answer my question. That seemed to be misleading when you arrived to answer my question. However, I do thank you for you time and patience with me. I do not hold anything against you as you stand by your responses, just to be clear. Have a great day and thanks again.
You too. If you would, please rate my response as "excellent" as that is how I receive credit for assisting you today
Ok. Have a great day.
The rating feature is located at the bottom of your screen