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Ask Megan C Your Own Question
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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My wife started social security benefits at 62. She did not

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My wife started social security benefits at 62. She did not qualify for the maximum social security monthly benefit because of her past earnings. I would qualify for the maximum monthly benefit for myself but have chosen not to apply for social security benefits at 62 because I am still working as a part time consultant. We have been told (not by experts) that there is a way that my wife can receive MY benefit payment until such time as I fully retire and begin claiming it for myself. Is this true, and if so, how do we go about it?

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 doing today?

Megan C :

The method you are talking about is "file and suspend" - and it's only available once you reach full retirement age

Megan C :

You cannot file and suspend prior to reaching your full retirement age.

Megan C :

How it works is that you open up your record by applying for benefits, your spouse applies for spousal benefits, and then you suspend your payments.

Customer:

So, it would have to wait until I reach 65 then?

Megan C :

She draws 1/2 of your benefit, yours grows to its max at age 70

Megan C :

Actually, it's 66

Customer:

66 right, typo

Megan C :

Yes, you would need to wait until 66

Customer:

and she would be eligible for 50% of mine benefit, therefore only of value for us if her payment today is less than 50% of mine.

Megan C :

That is correct. This is only a valuable tool if the other spouse has a lower benefit than 1/2 of the wage earners

Customer:

okay, I got it. It would help us a little but it is 2 years away and just a little more than she receives today. but thank you for clearing it up.

Megan C :

You're welcome

Megan C :

Is there anything else I can help you with?

Megan C :

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

Customer:

No, I think we're good. Yes, I will.

Megan C :

Thanks so much!

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

Thanks!