How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Megan C Your Own Question

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 13228
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
23669918
Type Your Social Security Question Here...
Megan C is online now
A new question is answered every 9 seconds

My wife is 62 and earns about 18,000 per year I am 63 and

Resolved Question:

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?
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 :

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, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 13228
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Megan C and other Social Security Specialists are ready to help you
Expert:  Megan C replied 10 months ago.
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!

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • dylatess

    ATTORNEY

    Satisfied Customers:

    3086
    35 plus years of SSD practice
< Last | Next >
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    ATTORNEY

    Satisfied Customers:

    3086
    35 plus years of SSD practice
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    3247
    Licensed CPA, CMA, CFE M.Accy Also Teach Accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/LA/LawTalk/2012-6-6_17379_LawTalk.64x64.JPG LawTalk's Avatar

    LawTalk

    Attorney

    Satisfied Customers:

    1138
    I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.
  • http://ww2.justanswer.com/uploads/FA/fastfile/2011-12-15_23139_Klein2011small.64x64.jpg R. Klein, EA's Avatar

    R. Klein, EA

    Accountant

    Satisfied Customers:

    254
    Tax matters relating to Social Security Benefits only
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    188
    Licensed in multiple jurisdictions, experienced business attorney.
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    137
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    83
    15+ years assisting tax clients with taxation and eligibility of Social Security Benefits.