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I have collected ss since 62, 2 1/2 years ago. My wife filed

today, will be 62 in...
I have collected ss since 62, 2 1/2 years ago. My wife filed today, will be 62 in September. I spoke to an agent at the national ss 800 number and was told that my wife would benefit by filing for her benefit at 62 and my benefit at 66. However the lady at the local ss office said she could not do that, she said she had to file for hers and mine(at present she would only receive $40.00, the difference between her and mine today) could she have waited till 66 to receive a larger amount?
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Answered in 5 minutes by:
7/23/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,592
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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MyVirtualCPA :

I realize you have a question about social security. My goal is to help you better understand your options.

MyVirtualCPA :

If your wife draws her own benefit now, she could receive a higher benefit off your record at 66, although that amount won't be equal to 1/2 of your benefit (which, it would be if she waited until 66 to draw altogether)

MyVirtualCPA :

Her benefit would be calculated by taking 1/2 of your benefit, and subtracting out what she would have drawn on her own benefit, if she waited until full retirement age to draw it.

MyVirtualCPA :

Then, that amount is added to her current reduced benefit.

MyVirtualCPA :

So, if your benefit is $2,400 and she would have drawn $1,000 at full retirement age and is currently drawing $750, then you would take $1,200 (1/2 of $2,400) and subtract $1,000 = $200 then add that $200 to $750 for a benefit of $950

MyVirtualCPA :

This benefit is still lower than what she would have drawn at full retirement age, but greater than her reduced benefit

MyVirtualCPA :

Her largest benefit would be, however, reached at age 66

MyVirtualCPA :

Is there anything else I can assist you with tonight?

MyVirtualCPA :

If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

Maybe you could help me with the numbers, I took ss at 62 and currently receive $1583. My wife just filed today, her benefit is $748. would she have benefited if she could have filed for mine at 66?

Customer:

Was the lady at ss correct in saying she had to file now?

MyVirtualCPA :

She does not have to file now

MyVirtualCPA :

She can wait until 66 and her benefit would be higher

MyVirtualCPA :

It looks like she's drawing a benefit off of her own record, and not yours though. At 62 her benefit would be about 35% of your benefit

MyVirtualCPA :

She can withdraw her application at any time, and wait until she is 66 to draw

Customer:

Yes the 748 is hers plus 40 from mine. How can we change this? the lady at ss said she had to do it that way and did not give us a choice. sorry I type slow.

MyVirtualCPA :

That's fine...you're okay. I just type really fast because I do this all day

MyVirtualCPA :

She can change this by withdrawing her application, or telling social security she only wants her own benefit now

MyVirtualCPA :

The way that it currently stands is the most common way, but it's not required

Customer:

Can you give me an idea what the difference might be?

Customer:

using our current numbers

MyVirtualCPA :

Well, if her benefit is $708 her benefit at full retirement age on her own record would be $1,041

Customer:

Her benefit is 748

MyVirtualCPA :

and her benefit off your record would be about 1,163

MyVirtualCPA :

Her benefit is $748 but you said that $40 of it was from your earnings record

MyVirtualCPA :

So, if she waited until full retirement age to take her benefit she would get about $1,163 per month

Customer:

her is 748 and they were giving her another 40 from mine

Customer:

could she take hers now and mine at 66

MyVirtualCPA :

No, she could not do that

MyVirtualCPA :

She could take hers now, which would mean she gets $748. At age 66 she could then step up to about $870

MyVirtualCPA :

but her best option really is to wait until full retirement age

Customer:

where does the 870 come from

MyVirtualCPA :

That's her benefit of $748 plus the difference between 1/2 of your benefit at full retirement age and her benefit if she did not retire early

Customer:

Thanks

MyVirtualCPA :

You're welcome

MyVirtualCPA :

Is there anything else I can assist you with today?

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,592
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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Thank you for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs. It was a pleasure working with you today.
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,592
16,592 Satisfied Customers
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

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