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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 12684
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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My husband will turn 66 in march. I will turn 64 in August.

Resolved Question:

My husband will turn 66 in march. I will turn 64 in August. My husband thinks that he should file and suspend his benefits until 70, allowing me to take reduced spousal benefits. At age 65, I would file and suspend my own benefits until age 70 which would be more than the spousal benefits. Is this the right way to go. Will my taking spousal benefits early reduce my later income in anyway. If I wait and file for my own benefits at age 66, they will be less than half of my husbands, but if I wait to file until 70, they will be more.
Submitted: 10 months ago.
Category: Social Security
Expert:  Megan C replied 10 months ago.

Megan C :

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.

Megan C :

How are you today?

Megan C :

Unfortunately, you cannot draw a spousal benefit early and allow your own benefit to continue growing.

Megan C :

So, you would not be able to draw benefits at age 64 and then let them grow to age 70.

Megan C :

You can wait until age 66 and draw the spousal benefit then, and THEN your amount will grow until you're 70, but you can't do that prior to age 66

Customer:

Is there any scenario that it would benefit me to take spousal benefits when he turns 66. My own benefits at age 66 will be less than what I would get from his.

Megan C :

If you take them when he turns 66, then you will have a forever reduced amount. Therefore, it would not benefit you to take them because you would never be able to allow your own benefit to grow

Megan C :

You can take them when you turn 66, and then take your own benefit at age 70

Customer:

Thank you. You have probably saved us some real issues as my husband has been pretty insistent that the best plan was for me to start now.

Megan C :

I'm glad I could help. Is there anything else I can help you with today? If not, please rate as "excellent" so that I may receive credit for assisting you today

Customer:

Wait , now we we are confused again.. Sorry. He wants me to take his benefit at age 64 and at 66 apply and suspend mIne. I can do that right

Megan C :

No, you can't - that's what we discussed. You can take his benefit when YOU turn 66. You don't need to file and suspend for yourself.

Megan C :

You simply take the spousal benefit at your age 66, then at age 70 take your own benefit

Customer:

Okay. That should stop him !!!! Thank you

Megan C :

You're welcome

Megan C :

Please don't forget to rate my response, before stepping out of chat

Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 12684
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Megan C and 2 other Social Security Specialists are ready to help you
Expert:  Megan C replied 10 months ago.
Thanks, Renee for your positive rating. Please come back and visit me for any of your tax, finance, or social security needs. It was a pleasure working with you today.

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