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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10152
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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Thanks Pearl...I am 67 to be 68 in march and wife 68 to be

Customer Question

Thanks Pearl...I am 67 to be 68 in march and wife 68 to be 69 in march and we both wish to retire april 15 of next year. we are presently receiving ss. Marisa filed at 62 and I filed at 66 suspended and am collecting on hers. My Question is do I just go in and have ss change my to full plus additional two years ? then have Marisa 9wife0 refile on mine? Thanks so much
JA: The Retirement Accountant will know how to help. Is there anything else the Retirement Accountant should be aware of?
Customer: no
Submitted: 1 month ago.
Category: Social Security
Expert:  Lane replied 1 month ago.

Hi, I can help you with this.

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Yes on the first part of the question. you'll file on your own record (receiving the 8% delayed retirement credit for the two years)

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And, yes, your wife should refile on yours ... DO understand, however, that when someone files early on their own benefit and then switches to a spousal benefit. their is an "excess spousal benefit" formula that comes into play. (She'll never come up to the full 50%).

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And, so sorry, but depending on how much difference there is between your FRA benefit and hers, she may not be able to increase at all (she should always file, to find out)

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Normally the spouse's benefit is 50% of the spouse's Full Retirement Age (FRA) benefit amount, reduced if the spouse claiming the spousal is filing for benefits early.

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But again, if one spouse is already receiving their own benefits, and later becomes eligible for (or has already been eligible and decides to file for) a spousal benefit, there is a formula that is used to determine what amount of spousal benefit (if any) they may receive.

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Let's work through an example. Let’s say that the younger spouse claimed at 62. Her FRA amount was $800, but because she claimed early she received $600 per month in benefits. ($800/.75 represents the reduction she receives for claiming before her FRA.) The older spouse will claim when he turns 66. His PIA is $2,100.

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To get the amount that can be added to your wife’s benefit when filing for spousal benefits, take the older spouse's FRA amount divided by 2, minus the younger spouse's FRA amount. $2,100/2 = $1,050 - $800 = $250.

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When her husband files for benefits and she becomes eligible for a spousal, that $250 gets added to what she is currently receiving so her monthly benefit will go from $600 to $850 at that time.

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If she had waited until her own FRA to file benefits, she would have received the full spousal benefit of $1,050, as that would have been higher than her own FRA benefit amount of $800.

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Of course she would have had to forego the first four years of benefits in order to then receive the higher amount. In this particular case, it likely made sense for her to file early.

Expert:  Lane replied 1 month ago.

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

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And if you DON'T have other questions Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …would be appreciated!

Otherwise I receive no compensation for the work.

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Thank you,

Lane

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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, a Master’s Degree, 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