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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16575
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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Thank you. My wife was 62 on December 31, 2015. She turned

Customer Question

Thank you. My wife was 62 on December 31, 2015. She turned 62 on August 31, 2015. After all that you have said, are we grandfathered in to the system even after May 1, 2016. If not, what remains?If I understand this correctly, I begin taking my FRA benefit of $2551/month. If my spouse, already 62 begins taking the spousal benefit, she will only receive a reduced benefit (.325x2551). If she elects to take her retirement benefit of 900 that will be additional. If she waits until her FRA of 66, she will get the full 50% spousal benefit and whatever her full retirement benefit is for her at that time. Am I correct?
Submitted: 1 year ago.
Category: Social Security
Expert:  Megan C replied 1 year ago.

Thank you for your question.

Unfortunately you are incorrect. Your wife can only get a spouse benefit OR her own benefit. So she, at age 62, would only get .325 of your benefit OR .5 of her benefit -- drawing early, social security would automatically give her the largest. This does not change.

She is grandfathered in. If you are already getting benefits -- she can take 1/2 of your benefits at her full retirement age and then switch to her own benefits after they are maximized at 70. She will never get both benefits at the same time, however.r

Please let me know if you need anything additional. If not, please rate positive.