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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10163
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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This question is for Lane only - follow up to my previous

Customer Question

This question is for Lane only - follow up to my previous question which is having a problem w rating/deposit.
I can rate on this one when we are done. Thanks1. When I get close to turning 70, do all I need to do is contact SS in the
required advanced time, go through the application process, and I
I wifi be eligible for benefits 32 per cent more than I would have been @
Full retirement age of 66--- nothing else required to do---correct?
2. When I turn 70, if my ex wife of over 10 years applies for 50 percent of
my benefits, I have heard that her 50 percent benefit will be based upon
my benefit @ the full retirement age of 66, not on my benefit @ 70.
Is this correct or will it be based upon my benefit @ age 70?
Can she elect not to take 50 percent of my benefit when I turn 70?
If she declines, will I be eligible to receive the 32 percent increase in
Benefit over the full retirement age of 66?
Submitted: 3 months ago.
Category: Social Security
Expert:  Lane replied 3 months ago.

Hi Craig,

...

Let me paste your questions and then answer, so I can be sure to address everything:

...

"1. When I get close to turning 70, do all I need to do is contact SS in the required advanced time, go through the application process, and II wifi be eligible for benefits 32 per cent more than I would have been @ Full retirement age of 66--- nothing else required to do---correct?"

...

That's correct, when you file, the system will simply calculate this benefit based on the data that's aleady in the system:(1) your age, (2) your not having filed before age 70 (or having suspended until age 70), and (3) will pay a benefit of 132% of FRA automatically.

...

Expert:  Lane replied 3 months ago.

"2. When I turn 70, if my ex wife of over 10 years applies for 50 percent of
my benefits, I have heard that her 50 percent benefit will be based upon
my benefit @ the full retirement age of 66, not on my benefit @ 70.
Is this correct or will it be based upon my benefit @ age 70?
Can she elect not to take 50 percent of my benefit when I turn 70?
If she declines, will I be eligible to receive the 32 percent increase in
Benefit over the full retirement age of 66?"

...

That's right, both the spouse's benefit and the ex-spouses benefit are based on ONLY 50% of the Full Retirement Age benefit (whether you deferred to get that extra 32% or not)

...

And whether or not she decides to take her benefit in no way affects yours. Spousal benefits and ex-spose benefits are not a PART of your benefit ... but rather a separate benefit BASED off of your full retirent age benefit without any delayed retirement credits.

Expert:  Lane replied 3 months ago.

Please let me know if you have any questions at all.

...

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

Otherwise I’m working for no crediting at all here

...

Thank you!

Lane

I hold a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Expert:  Lane replied 3 months ago.

Did you have other questions Craig?

Expert:  Lane replied 3 months ago.

Hi,

...

I’m just checking back in to see how things are going.

...

Did my answer help?

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

...

But again, let me know if you need more here.

...

Lane