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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 10380
Experience:  Licensed CPA, CMA, CFE M.Accy Also Teach Accounting courses at Master's Level
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I am confused regarding "spouse benefits". I am 69. I retired

Resolved Question:

I am confused regarding "spouse benefits".
I am 69. I retired at 62. My wife will be 62 next July and plans to retire at that time.
An aquaintance told her that she could get a spouse benefit based on my social security and not take hers until she reached the full retirement age of 66. Is this true and how would we determine what her spouse benefit is in order to figure out if we can get by on that income? My current benefit is approximately $1420/mo. at the moment.
Submitted: 5 months ago.
Category: Social Security
Expert:  Megan C replied 5 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 :

Youi are correct that your wife would be able to draw a benefit off your record as early as age 62, however she cannot draw the spousal benefit and then allow her own benefit to grow

Megan C :

If she takes the spousal benefit early, her own benefit is forever reduced so there's no incentive to do this

Megan C :

If your amount is $1,420 your wife would get roughly 35% of that at age 62 and 50% of that at age 66

Customer:

Ok. That's a good answer and what i needed to know Megan, thanks.

Megan C :

You're welcome!

Megan C :

If you would, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

Will do. I can print this exchange can't I?

Megan C :

Yes, you can - using your browser's print function

Customer:

Thanks and have a nice day.

Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 10380
Experience: Licensed CPA, CMA, CFE M.Accy Also Teach Accounting courses at Master's Level
Megan C and 4 other Social Security Specialists are ready to help you
Expert:  Megan C replied 5 months ago.
Thanks, Terry for your positive rating. Please come back and visit me any time you have a tax, finance, or social security question that needs answered. It was a pleasure working with you today.

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