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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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I am 71 and have been on SS since FRA. Wife is coming up on

This answer was rated:

I am 71 and have been on SS since FRA. Wife is coming up on FRA in December. What should she be applying for to maximize our benefits?

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 :

First you need to figure out if your wife has a higher benefit on her own record, or if 1/2 of your benefit is the largest amount she can draw.

Megan C :

If her own benefit is larger, what I would do is file as a spouse first (FASSF) and draw 1/2 of your benefits, allowing her own benefits to reach their maximum at age 70. This would accrue additional benefits. Over time, she will draw more money.

Megan C :

If your benefit is the larger of the two amounts, then there's no benefit to FAASF and she should simply take 1/2 of your benefit.

Customer:

My benefit is higher. So all she should do is file for her own benefits which would be half of mine. Am I understanding this correctly? There are no spousal benefits involved.

Megan C :

How much would your wife draw at full retirement age, and how much do you draw

Customer:

Self = appx $2500 Wife would draw appx = $850

Megan C :

Okay, your wife would draw more if she drew a spousal benefit off your record. She would get 1,250 per month

Megan C :

And you would keep your same amount

Customer:

So when applying we should just ask for her spousal benefits?

Megan C :

Yes, that is correct. She will draw quite a bit more money that way.

Customer:

Ok. Thanks, Meg Have a great day!

Megan C :

You too. Before you leave, please take a moment to rate my response as "Excellent"

Megan C :

so that I may receive credit for assisting you today

Customer:

Ok, girl.

Megan C :

Thanks!

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Steven,

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