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PDtax
PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4409
Experience:  35 years tax and professional advice in all matters money
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I am 66 and will work until age 75 .i will not take social

Customer Question

i am 66 and will work until age 75 .i will not take social security ubtil age 70 my wife is 62 and started taking her social scurity this year should i file now for mins and suspend and could she then stop taking hers and take half of mine as a spousal benefit how exactly does it work /
Submitted: 1 year ago.
Category: Social Security
Expert:  PDtax replied 1 year ago.

Hi from just answer. I'm PDtax, and can assist.

Expert:  PDtax replied 1 year ago.

If you have reached full retirement age, and you have, your wife could be eligible for a spousal benefit if you file and suspend. If she was also 66, her benefit could be 50% of yours.

Expert:  PDtax replied 1 year ago.

Since she is claiming early, a discount would apply to her spousal benefit. Let's assume it might be 35%. Just like the discount she took by claiming her own benefit early.

Expert:  PDtax replied 1 year ago.

If you would be eligible for $2,000 at full retirement, her spousal benefit at 66 would be $1,000. Her benefit is reduced for claiming early, by 35% or so. Her spousal benefit might be $650. If that is more than her benefit now, file and suspend.

You should know this filing option is soon to expire. If you think the math might generate a higher benefit, schedule a visit to a SSA office for an accurate review and calculation of benefits.

Expert:  PDtax replied 1 year ago.

Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.