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Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16547
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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My wife is 62 and earns about 18,000 per year I am 63 and

This answer was rated:

My wife is 62 and earns about 18,000 per year
I am 63 and earn about 80, 000 per year
I am not planning to take social security until age 63
does it benefit us to start taking social security for my wife now?

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 :

As you are under full retirement age, your benefit will be reduced as a result of your work activity

Customer:

fine, thank you

Megan C :

With $80,000 per year, you could not draw a benefit

Megan C :

Your wife, at $18,000 per year would also have a reduction in her benefit of about $1,500 per year.

Customer:

I am asking about my wife, not myself

Megan C :

Is she wanting to take her own benefit, or the spousal benefit?

Customer:

I really don't know the difference so I need my options

Megan C :

Well, if she were to draw a spousal benefit, you would have to draw your benefit. This would not be a good idea in your situation.

Customer:

she would just draw her benefit then

Megan C :

If she has enough work credit on her own to be eligible for her own benefit, she could draw that. However, her benefit will be reduced by about 25% because she's drawing early. In addition, she gets another reduction because of her work activity

Megan C :

If she stops working, then she would get her full benefit (which would still be reduced by 25% because she drew early).

Megan C :

I always think it's a good idea to wait until you are full retirement age to draw. Especially if you are still working.

Customer:

so really, there are no other methods that all these websites suggest to earn additional dollars....just follow the standard ss guidelines!

Megan C :

The method to earn additional money would be through the spousal benefit

Megan C :

It's a method called "file and suspend"

Megan C :

But, you cannot do this until you are full retirement age

Customer:

got it..thanks

Megan C :

Once you are full retirement age, you would file for your benefit, then suspend and not receive it. Your wife would draw the spousal benefit, and you would allow your own benefit to reach its maximum at age 70

Customer:

understood

Megan C :

But, you guys would still get 1/2 of your benefit while you waited

Megan C :

This is only good if you are in excellent health

Customer:

we are in good health so makes perfect sense

Megan C :

Yes, because you would draw benefits long enough to make up for the time you decided to suspend your benefits

Customer:

Thanks for your help

Megan C :

No problem, any time. Is there anything else you need assistance with?

Megan C :

If not, please rate as "excellent" so that I may receive credit for assisting you today

Customer:

not at this time, have a great rest of your day and thanks for your help

Megan C and other Social Security Specialists are ready to help you
Thanks, Lucky for your positive rating. Please come back and visit me any time you have a tax, finance, or social security question. It was a pleasure working with you today!

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