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R. Klein, EA
R. Klein, EA, Accountant
Category: Social Security
Satisfied Customers: 3375
Experience:  Tax & Social Security Benefits specialist
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I am 74 and I receive Social security. My wife is 55 and still

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I am 74 and I receive Social security. My wife is 55 and still working. Can we use FAASF and how would we start.

R. Klein, EA :

Hello, and thank you for your Social Security question.

R. Klein, EA :

FAASF refers to "File as a Spouse First".

R. Klein, EA :

In order for your wife to qualify for SS benefits, she first has to have passed her 62nd birthday

R. Klein, EA :

She is too young right now.

R. Klein, EA :

When she turns 62, you will want to determine if she is eligible for ANY benefit, because if she is still working at Age 62, her benefit will be reduced if she is earning more than about $15K a year.

R. Klein, EA :

When she turns 66, she will be eligible for full benefits regardless of her working status.

R. Klein, EA :

The benefit to using "FAASF" strategy is that she can receive up to 50% of your benefit while she waits until Age 70 while her benefit grows based on her work record.

Customer:

Is there anything I can do to get my payments, because they seen to low.

R. Klein, EA :

Get your payments? What do you mean?

Customer:

Sorry , they are to low

R. Klein, EA :

If you are Age 74, your benefit will only increase based on COLA (Cost of Living).

Customer:

My monthly payments from SS

R. Klein, EA :

Did you start taking a benefit when you were 62? Or did you start at Age 65?

Customer:

62

R. Klein, EA :

You took an early benefit. As a result, your benefit monthly payment was reduced and will be premanently reduced.

R. Klein, EA :

At this point, you are pretty much stuck with that choice you made 12 years ago.

Customer:

I understand, I made over 100K for the last 10 years I worked.

Customer:

I sthere any way to get a review?

R. Klein, EA :

You may contact the Social Security Admin directly(NNN) NNN-NNNN/p>

R. Klein, EA :

Remember that your benefits are based on the highest 35 YEARS of working, not just the last 10

R. Klein, EA :

But your benefit is permanently reduced by about 30% from what its maximum could have been had you started at Age 65

Customer:

I understand. My average salary was about 75K over the 35 years

R. Klein, EA :

I do not have the tools to review your account since we are not part of the Social Security system here

R. Klein, EA :

We have no personal information about your account.

R. Klein, EA :

I can only answer general questions like what FAASF is.

R. Klein, EA and other Social Security Specialists are ready to help you