How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Stephanie O Joy, Esq Your Own Question
Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13449
Experience:  19+ years legal exp. - 10+ years owning/operating her own SSD Law practice.
10805288
Type Your Social Security Question Here...
Stephanie O Joy, Esq is online now
A new question is answered every 9 seconds

My wife is ( never worked ) and I am 64 . Question - When

Customer Question

My wife is 69 ( never worked ) and I am 64 . Question - When Is the Optimal time ( assume excellent health & we have no need for extra cash flow ) ,she should apply to beginning collecting .
I was always a Maximum contributor ( married 34 years) and well a her ex (married 12 years
Submitted: 11 months ago.
Category: Social Security
Expert:  Stephanie O Joy, Esq replied 11 months ago.
Hi, my name is***** and I am here to assist you. I am a social security attorney in my private practice – that is ALL I do. Please let me know that my post here is coming through for you by typing a quick reply.
Expert:  Stephanie O Joy, Esq replied 11 months ago.
OK, my answer is not posting, so there must be a connection glitch (it is storming here) or a tech glitch. I will post as soon as it will let me, OK? You should get an email when I do!
Customer: replied 11 months ago.
07 April 2016 08:07
...
My wife is 69 ( never worked ) and I am 64 . Question - When Is the Optimal time ( assume excellent health & we have no need for extra cash flow ) ,she should apply to beginning collecting .I was always a Maximum contributor ( married 34 years) now reitired and her ex (married 12 years) was also a Maximum contributor
Expert:  Stephanie O Joy, Esq replied 11 months ago.
OK, hoping it works now! There is no optimal time that fits everyone. But, I can tell you some various considerations you must make to make your best decision. First, your wife can not collect a spousal (50% of your PIA) until you file and collect yourself. As such, you need to decide if you want to forego waiting til age 70 to collect, given what you forego for that higher amount waited for. As of now, you can file yourself for your age 64 amount, while your wife then files for her spousal, for a total of 150+% (a bit more than 150%) of your age 64 amount. That amount would be permanent. So lets say your age 66 amount is 2000 and your age 64 amount is 1700/mo, that would be 2700/mo (ballpark) you'd both take in (combined) by filing now, for 6 years, so 72 X 2700 = 194,400. Properly invested if you don't need it, could be a significant nest egg. (But, if you are working and earning, you are subject to an earnings limit, and depending on how your earnings are, that could negate ALL of the benefits. So that is something to figure out - as this option may NOT be available to you.) Now compare that with $0 coming in between 64 and 70 if you don't collect now but wait til 70. You could then be getting not 2700/mo for life (while both are alive), but perhaps, if your PIA was 2000, an additional 32% for a benefit to you of 2640, plus your wife's 1000/mo for 3640 total each month. That is 940 more a a month than if you took at 64. How long will it take you to earn the 194,400 you gave up, at a rate of 940/mo? That takes about 17 years - and that is assuming you earn no interest on the 194k during those years. So, that is what I would look at.... take more now for less later? Can it be invested wisely?? May not be a bad idea to run your numbers.....
Expert:  Stephanie O Joy, Esq replied 11 months ago.
I hope this helps! My goal is to provide you with excellent and accurate service – if you feel you have gottenanything less, please reply back, I amhappy to address follow-up questions. Kindly rate me "excellent"when you are done. I look forward to assisting you in the future, should you have legal questions. Be sure to start future posts with "To ***** Esq., ONLY" if you want me to specifically answer it. Sincerely, ***** ***** Joy, Esq.Your online SS legal resource!