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My Wife and I are both 62. She has retired from her Job but…

My Wife and I are...
My Wife and I are both 62. She has retired from her Job but hasn't applied for her SS. I will wait until I'm 66 before I retire. If my wife applies for her SS right now she will get $506 a month. When I retire at 66 I will get appx. $2258 a month. My question is if my wife applies now and starts collecting her $506 a month can she change it when I turn 66 to collect half of mine which is higher than her $506 dollars?
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Answered in 1 minute by:
9/6/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,608
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Verified

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 :

Your wife could certainly do that, but her benefit won't be a full 1/2 of your benefit

MyVirtualCPA :

Based on the figures you gave me, her benefit if she opted to do that would be more around the neighborhood of $932

MyVirtualCPA :

this is because her benefit will always be reduced because she took social security early.

MyVirtualCPA :

Do you have any further questions, or do you need me to walk you through anything?

MyVirtualCPA :

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

Customer:

If I get this right my wife can apply now and get her $506 a month until I retire at 66 then she can re-apply and get the $932 a month instead of the $506 a month. The only penalty is she would forfeit a few hundred dollars, "half of mine" because she originally filed early.

MyVirtualCPA :

That is correct

Customer:

Thank You Very Much! I think our Gov. SS Dept. needs to hire some real Americans to explain things correctly. I hate to sound that way but our Government is trying to be to P. C.

Customer:

I will rate you as Excellent!

MyVirtualCPA :

Okay great, thanks! You can use the rating feature along the bottom of your screen.

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,608
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Verified
Megan C and 87 other Social Security Specialists are ready to help you
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Thanks, Ken 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: 16,608
16,608 Satisfied Customers
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

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