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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16576
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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I turned 68 in September 2013. My wife turned 66 in March

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I turned 68 in September 2013. My wife turned 66 in March of 2013. She thinks she should start drawing SS now. We work for our on business and earning have been very small the last 3 or 4 years. Should most of the income be paid to me so that we build our future value of total SS earnings. Should I sign up for SS and suspend to allow her to draw off my account now (or is it too late)? We have saving such that we will not have to touch our SS earning under any circumstance - so should we maybe wait until she is 70 to retire also? Our combined earning from the business will probable be under 30k the next few years (interest income will be 20K at 2% return). We plan to sell or phase the business out as I turn 70 or can wait until she turns 70 as well. She has longevity in her family but I do not. We are both healthy at this time and estimate we can both work until she reaches 70. That a lot in one paragraph!

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 :

I would file and suspend your benefit now, and allow your wife to draw off your benefits. The funds you will get over the next few years will take several years to recover if you look at the extra income you earn from deferral. For example, if your wife got $500 per month, she would draw that for four years, which is roughly $24,000. Say, for example that your deferral only added $100 per month to your benefits. It would take 240 months, or 20 years, to make up that difference.

Megan C :

I am just using those numbers for simplicity

Megan C :

But, the basic gist is that I would file now.

Megan C :

She can draw the spousal benefit, allowing her own to grow and you can allow your benefit to continue growing.

Megan C :

It's a win-win scenario.

Megan C :

If you don't file and suspend, you're leaving money on the table.

Customer:

Answer good so far. If I file and suspend can I change my mind and start drawing my SS (without any penalty) if I find that my health changes?

Megan C :

Oh yes, you can start drawing your benefit at any time


 

Customer:

ok. Thanks you have earned an excellent rating. Thanks

Megan C :

You're welcome. If you would, please rate using the rating feature on your screen

Megan C :

it's along the bottom

Megan C and other Social Security Specialists are ready to help you
Thanks, Daniel for your positive rating. Please come back and visit me any time you need a tax question answered. It was a pleasure working with you today.