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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 64 years old and started to collect at age 64 in January

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I am 64 years old and started to collect at age 64 in January 2013. My husband is 61 and will be 62 in May 2014. How can we optimize our social security benefits? We needed to stop working early, but have other assets savings and 401ks to use.

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 :

Unfortunately, the social security maximizing tricks are not available until you reach full retirement age.

Megan C :

Your husband, if he wants a benefit at age 62, will have a reduced benefit.

Megan C :

He cannot draw a spousal benefit and allow his own benefit to grow; he can, however, do that after the age of 66 which is full retirement age

Megan C :

Do you have any questions?

Customer:

So, the only option is to wait until he is 66. He can not collect spousal benefits when he is 62 and I turn 66?

Megan C :

He can collect spousal benefits, but if his own benefit is larger it won't maximize your benefits. Further, the benefit is only 35% of your benefit when he is 62

Customer:

So, he could collect the 35% of what I now receive until he is 66 or later when he would collect on his own earnings?

Megan C :

You could do that, but there's really no benefit. HIs benefit is reduced forever as if he took it at age 62. SO, if he wants his benefit at 62 the only option is really to take his own benefit

Customer:

I understand. Our only choice is to claim his at 62 or wait until he is 66. The reduction in savings for me to wait until 66 was too great.

Megan C :

That's fine. If he needs to stop work, then it makes sense to retire early. The important thing is that it makes financial sense for your particular needs, and if you're concerned about dipping too much into savings then it does make sense to draw early.

Megan C :

You're doing the right thing.

Megan C :

Is there anything else that I can assist you with today?

Megan C and other Social Security Specialists are ready to help you
Carole,

I see we were having trouble with chat. I apologize for that. If you have further questions, please reply below using the "reply" button. Otherwise, if I have addressed your concern, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today. Thanks again for being a valued JustAnswer.com customer.

Megan