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Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2677
Experience:  associate attorney
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I have a question. I am 65 and will be 66 in a few

Customer Question

I have a question. I am 65 and will be 66 in a few months...I have been on SS since age 62....my wife who is now 64 qualifies for SS, but I have not applied for it. I receive $1352 a month. She will receive $658. Should I apply now or wait until she is 65?
Bob ***-***-*****
Submitted: 7 months ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 7 months ago.
My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship. The are changes going into place by HR 1314 that will eliminate certain loopholes, if your spouse waits until age 66 to file for retirement, she can take advantage of one of those. This is called the "restricted benefit". If you turned age 62 be the end of December 31, 2015, you would be grandfathered in and at full retirement age you will still be able to restrict your benefit. This means that if your spouse would like to elect to take only the spousal benefit as opposed to her normal retirement benefit, she can restrict her election to ONLY the spousal benefit. This would allow her to collect the 50% spousal benefit while still gaining credits to her normal retirement benefit from ages 66-70 (the credit increases your benefit approximately 8% per year). If she elects to take her benefit at age 64, she would have to take the higher of the spousal benefit and her normal retirement benefit. both her spousal benefit and her normal retirement benefit would be reduced by early retirement. Her normal retirement reduced around 15% of her full retirement amount and the spousal benefit reduced to a little over 40% of your benefit. She cannot take only the spousal benefit unless she restricts and the spousal benefit does not stack with her normal retirement benefit. She only receives the higher of the two benefits. Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.
Expert:  Christopher B, Esq. replied 7 months ago.
Just checking back in, do you have any further questions?