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I will be turning 66 next month on the 8th. My wife is 67 and

has started collecting her SS...
I will be turning 66 next month on the 8th. My wife is 67 and has started collecting her SS benefits. I will make around $127K net by the end of the year. Should I be using faasf for now while I'm still working? Also should I wait until the full year has been completed?
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Answered in 11 minutes by:
10/14/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,581
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Verified

Megan C :

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.

Megan C :

How are you today?

Megan C :

I would FAASF the month you turn 66. You do not have to wait until a full year has been completed to draw.

Megan C :

Allow your own benefit to reach its maximum at age 70.

Customer:

would you recommend that even if I was to retire within the next 2 yrs and not at 70?

Megan C :

If your health is good, then I would suggest taking FAASF and allowing your own benefit to grow to its max

Customer:

That makes sense, but while working I was going to use my benefits, not my wife's, to help reduce debt before I retire

Megan C :

It all depends on your personal circumstance. To maximize total dollars received from social security, FAASF is a good tool.

Customer:

Ok thanks. i realize its a bit of a crap shoot. One lact ?..Is this decision to accept faasf reversible?

Megan C :

Yes, it is. You can at any time stop drawing your spousal benefit and start using your own

Customer:

Ok great! Thanks for your help.

Megan C :

You're welcome. If you would, please take a moment to rate my response as 'excellent" so that I may receive credit for assisting you today

Customer:

not a problem!

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,581
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, Gary for your positive rating. Please come back and visit me any time you have a question that needs answered. It was a pleasure working with you today. Thanks also for the generous bonus.
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,581
16,581 Satisfied Customers
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

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