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.
How are you today?
As you are under full retirement age, your benefit will be reduced as a result of your work activity
fine, thank you
With $80,000 per year, you could not draw a benefit
Your wife, at $18,000 per year would also have a reduction in her benefit of about $1,500 per year.
I am asking about my wife, not myself
Is she wanting to take her own benefit, or the spousal benefit?
I really don't know the difference so I need my options
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.
she would just draw her benefit then
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
If she stops working, then she would get her full benefit (which would still be reduced by 25% because she drew early).
I always think it's a good idea to wait until you are full retirement age to draw. Especially if you are still working.
so really, there are no other methods that all these websites suggest to earn additional dollars....just follow the standard ss guidelines!
The method to earn additional money would be through the spousal benefit
It's a method called "file and suspend"
But, you cannot do this until you are full retirement age
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
But, you guys would still get 1/2 of your benefit while you waited
This is only good if you are in excellent health
we are in good health so makes perfect sense
Yes, because you would draw benefits long enough to make up for the time you decided to suspend your benefits
Thanks for your help
No problem, any time. Is there anything else you need assistance with?
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not at this time, have a great rest of your day and thanks for your help