Social Security Questions? Ask a Social Security Expert
Hello and thanks for your SS question today.
You may choose to take your retirement benefit early starting at Age 62, although your monthly benefit will be reduced about 30% for your lifetime if you start early.
If you wait until Age 66, you will qualify for your full retirement benefit
No matter when you start, you may always choose the HIGHER of your own earned benefit or 50% of your spouse's earned benefit
I knew that. What Im asking is will SS allow me to use my SS and then when I turn 66 switch to his SS
If you start at Age 62 with your benefit and switch at a later age (which really makes no sense), you will always have a reduced benefit because you started the retirement program before Age 66.
If you did what you are suggesting and 50% of his benefit is higher than 100% of yours, then you would be missing out on some money for 4 years.
I still think your missing my ?. I want to use "both" mine and deceased husbands SS benefits. Can I start with my SS now and then stop my SS and claim my husbands when I turn 66?
Right. I got it.
OK, so let's pretend your benefit is $500 starting at Age 62, but 50% of your spouse's is $600.
You want to switch 4 years later to his $600.
But you could have the $600 now at Age 62. Why would you want to have the lower amount for 4 years?
The benefit amount of your deceased spouse will NOT grow over the 4 years. (not including Cost of Living adjustments- COLA)
If he were alive his SS at 66 would around 1200. I wouldnt get that full amount if I were 66? Or doesnt my age matter when applying for survivor benefits
You can never get BOTH benefits combined at ANY time.
Your age matters when you START your benefit. If you start at Age 62, your monthly benefit is reduced 30% over your benefit if you wait 4 more years.
Imagine your benefits only for a moment
You may qualify for $900 a month at Age 66.
If you start at 62, that $900 is only $600 a month.
I understand that. I'll state it another way. If I only apply for survivor benefits does it matter at what age I apply? would I get more $ is I applied at 66 rather than 62 (husbands benefit only)
HIS benefit for you, should you WAIT until age 66 might be $700 a month.
if you start on HIS benefit now, you might only qualify for $500 a month.
You get a reduction for LIFE no matter WHOSE benefit base is used if you start your benefits before 66
Your benefit is based on actuarial tables based on the AGE YOU START your benefit, no matter what kind of benefit it is.
The LONGER you delay, the larger the monthly benefit grows
So can apply for mine now and then when I turn 66, can I drop mine and take my husbands?
Apparently, my explanation is not getting through because you are expecting me to tell you that you can get more benefits by switching to your spouse's base benefit at a later date. I'm trying to tell you that it does not work that way.
Ok thank you
That's what I wanted to know
Sure you can do what you suggest, but you are cutting out some benefits you are entitled to.
Your BETTER strategy is to start taking your SPOUSE's benefit while yours GROWS up until you turn Age 70 (assuming your 100% benefit will be larger than a 50% benefit based on his work base)
Then when you turn 70, you switch to YOUR benefit record.
It won't be greater
Then there is no benefit in switching benefit base.
Are you currently working?
And your current age?
But I am a teacher's aide, I don't get social security
Do you earn more than 14K?
Yeah about 20
Until you turn 66, your potential SS benefit is reduced by $1 for every $2 you are over the SS limit (About $14.5K). So if you are earning $5500 over the limit, your benefit is reduced by (5500/2) = 2750 or about $225 a month!
This penalty is only in effect until your 66th birthday
So if you start a benefit now, you might not get much AND your lifetime benefits will be reduced by 30%
Well you talked me out of it. Thanks for your time.
As long as you believe you can live longer than about Age 82, the LONGER you delay starting SS, the bigger your lifetime benefit wlil be.
If you have reason to believe that you won't make it to 82 or so, then the SOONER you start your benefit, the more you will get lifetime....
It's just the mathematics of it.
Unfortunately, there is no way to now how old we will get to be. For if we knew, we would save JUST ENOUGH money to get there and not have a penny left over!