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The husband at age 66 takes full retirement, can his wife at…

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The husband at age 66...
The husband at age 66 takes full retirement, can his wife at 62 receive a spousal benefit ? If yes, what is the percentage of the husband's annual payout ? And, with the 62 year old wife working, is that annual S.S. payout reduced when the wife surpasses an annual income amount ?
Submitted: 4 years ago.Category: Social Security
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Answered in 5 minutes by:
9/7/2013
Social Security Expert: Megan C, Certified Public Accountant (CPA) replied 4 years ago
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
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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 :

Yes, the wife can take a benefit at age 62, but it will be about 35% of the husband's amount. However, if she waits until full retirement age of 66 she will get a full 1/2 of his benefit

MyVirtualCPA :

The wife's benefit would be reduced if she earns more than $15,120 per year. The reduction is $1 for every $2 above that amount.

MyVirtualCPA :

So in short, the wife can draw a benefit at age 62 equal to roughly 35% of the husband's amount. This would be further reduced by any earnings that surpass $15,120

MyVirtualCPA :

Once she reaches age 66 she can earn an unlimited amount without reduction of benefits

MyVirtualCPA :

Do you have any further questions?

JACUSTOMER-q82rsj7d- :

at 66, can the wife reapply to SS for her own revised 100% full retirement payout and drop the 35% of the husband program and continue to earn an unlimited amount without any further reduction of benefits ?

MyVirtualCPA :

No, you cannot get your own full benefit after taking a spousal benefit early

MyVirtualCPA :

She would be able to get her own reduced benefit - at the same level as it would have been at age 62, making it pointless to draw the spousal benefit early

MyVirtualCPA :

Is there anything else that I can assist you with today?

MyVirtualCPA :

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

JACUSTOMER-q82rsj7d- :

Am I correct in thinking that a 62 yr old wife and a 66 yr old husband are better off financially, applying separately and without the so called "spousal benefit" ?

MyVirtualCPA :

Yes, that is correct

MyVirtualCPA :

if she's applying at age 62 you're better off just having her get her own benefit

JACUSTOMER-q82rsj7d- :

With the 62 year old applying on her own, and continuing to work, her benefits would still be reduced when exceeding the 15k threshold--correct ? However, at 66, she can earn any amount without a reduction in benefits--also correct ? But, initially applying at 62 will permanently reduce the benes she would have received had she waited until 66 ?

MyVirtualCPA :

That is all correct. Her benefits are still reduced when she earns more than $15k, and at 66 she can earn an unlimited amount. However, her benefit is permanently reduced if she draws early. If she waits until 66 she will get a higher benefit

JACUSTOMER-q82rsj7d- :

Final question...From what I've given you, under what conditions would a --spousal benefit make sense ?

MyVirtualCPA : Based on this a spousal benefit would not make sense unfortunately. I wish I had better news for you
MyVirtualCPA : Is there anything else I can help you with?
MyVirtualCPA : If not please rate my response as excellent so that I may receive credit for assisting you today
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Social Security Expert: Megan C, Certified Public Accountant (CPA) replied 4 years ago
Paul,

Thanks for requesting me directly and thanks for the opportunity to assist. In order for me to receive credit for assisting you, I would need a positive rating from you. Please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today. Thanks again for being a valued JustAnswer.com customer.
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Social Security Expert: Megan C, Certified Public Accountant (CPA) replied 4 years ago
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer
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Category: Social Security
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