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Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16580
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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I am 65 years old an work full time. My husband is 75 and fully

This answer was rated:

I am 65 years old an work full time. My husband is 75 and fully retired and collects social security. I have tried to file for spousal benefit, but hae been unable to do that on line.
Am I enttitles to that now?

MyVirtualCPA :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

MyVirtualCPA :

How are you today?

MyVirtualCPA :

The answer is "yes" you are entitled to your spousal benefit now, but it won't be a full 50% of your husband's benefits - that's because you would be drawing one year earlier than your full retirement age

MyVirtualCPA :

Your full retirement age is 66

Customer:

So what would my benefit be?

Customer:

Is my benefit reduced by the amount I earn?

Customer:

How do I apply as it certainly does not work on line?

MyVirtualCPA :

Your benefit is about 45% of his benefit, because you drew early. It would not be based on your earnings, rather your husbands

MyVirtualCPA :

Your benefit would be reduced $1 for every $2 you earn above $15,120 until you reach 66 and then there's no reduction

MyVirtualCPA :

You can apply in person at a local office or by calling 1-800-772-1213

Customer:

So if I earn over $100k then no sense in applying early?

MyVirtualCPA :

Yes, that is correct

Customer:

What if I apply in January 2014 since I will be 66 in the next calendar year?

MyVirtualCPA :

If you apply in January, then you can make (let me check - it's different for the year you retire)

Customer:

Please do - an not plannng to retire next year, but will turn 66 in May

MyVirtualCPA :

Yes hold on - the value changes each year and I don't want to give you the 2012 figure

MyVirtualCPA :

It's $40,080

MyVirtualCPA :

You can earn $40,080 between January and May and if you earn over that you're only reduced $1 for every $3 above that limit

MyVirtualCPA :

So to summarize, given your earnings it's not worth your while to apply for benefits now. but, you can apply for benefits in January and have a lower earnings limit. The limit only applies from January-May. There's no limit on what you earn after you turn 66.

MyVirtualCPA :

You can call 1-800-772-1213 when you're ready, or visit your local office

Customer:

Thanks - that helped to clarify

MyVirtualCPA :

You're welcome. Is there anything else that I can assist you with today? If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

will do

Megan C and other Social Security Specialists are ready to help you
Thanks, Deborah for your positive rating. Please come back and visit MyVirtualCPA any time you need a tax, finance, or social security question answered. It was a pleasure working with you today.

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