Social Security

Ask Social Security Questions and Get Answers ASAP

Ask an Expert,
Get an Answer ASAP!

Social Security
This answer was rated:

Ive been studying about "File & Restrict" social security

I've been studying about "File...
I've been studying about "File & Restrict" social security retirement and considering this method for me and my wife. I turned 62 in September of this year, and my wife turns 62 in August of next year, 2014.
I'm the higher wage earner , and will max out with $2,400.00 monthly at age 66. My wife will receive $1,182.00 at age 66. If she files for early retirement at 62, which is our plan, her monthly take is $835.00. I would then file and suspend my benefits, and file for spousal benefits amounting to half or $417.50 monthly, leaving my benefits to max out at 66. Once I'm 66, I will stop spousal benefits and file for my full benefits. My wife would also stop receiving her benefits and file for spousal for half of my full retirement.

My questions are:
1. Can we use "File & Restrict" or "Apply & Suspend" with early retirement?
2. Does my wife need to be 66 before she can file spousal on my full retirement?
3. Is there a penalty applied to my wife since she filed for early retirement?
4. My biggest question - Does any of this make sense?

Working through the numbers, this appears to be the best way to max out our social security earnings.

Regards,
Gordon Knight
Show More
Show Less
Ask Your Own Social Security Question
Answered in 2 minutes by:
11/11/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,593
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Verified

Megan C :

Thank you for your question, my name is XXXXX XXXXX I will be happy to help you today

Megan C :

How are you doing?

Megan C :

Unfortunately, you cannot use file and suspend in early retirement. You can only use this when you reach full retirement age. It is to allow your benefit to grow to its max at age 70.

Megan C :

If your wife draws early, her benefit will be forever reduced. She will never be able to draw a full 1/2 of your benefit.

Megan C :

She could file early, but you could not draw a spousal benefit early. Your own benefit would then be locked at its age 62 total, and that negates any positive impacts of putting off retirement.

Megan C :

These methods are only good once you reach full retirement age, unfortunately.

Customer:

Hello, Megan.

Megan C :

Hello

Customer:

I'm doing fine. Thanks for asking.

Megan C :

You're welcome

Customer:

Thanks for answering my questions. Unfortunately they are not the answers

Customer:

I wanted to hear.

Megan C :

I understand that they are not the answers you wanted to hear, but they will save you from making costly mistakes in drawing your benefits

Customer:

But, I understand, if the age is 62, it's 62! Is there any other recommendation if we need to take benefits at 62?

Megan C :

Well, if you take benefits at 62 you are forever reduced.

Megan C :

If you need to take the benefits, they would be reduced. Your wife's entitlement to your benefit would only be 35% of your benefit, not the full 1/2

Megan C :

And, if she took her own benefit, and you waited until 66 to draw your benefit and she wanted to switch, there may be an increase in benefits, although she will not draw a full 1/2 of your benefits

Customer:

Sounds like all options are off the table at 62.

Megan C :

Yes, early retirement limits your options unfortunately

Megan C :

If you are in good health, and plan on working until age 66, it's best to wait to draw. But, if you are in poor health or are going to stop working early it makes sense to draw early

Megan C :

There's not a "one size fits all" formula for social security - there are options.

Megan C :

But, those options are limited if you are under full retirement age.

Customer:

If I wait until 66 what would my wife draw? If not 1/2?

Megan C :

Well, what she would do is take 1/2 of your benefit, and subtract it from what she would have drawn at full retirement age with no reduction. Then, she would take that result and add it to her current benefit

Megan C :

So, if she could get $1,200 off you, and would have had a full retirement age benefit of $1,000 but drew $750 early, you would take $1,200-$1,000 = $200 ; $750 + $200 = $950

Megan C :

Still more than what she was getting, but not a full 1/2 of your benefits

Megan C :

There is no benefit to this if 1/2 of your benefit is equal to or less than what she could have drawn at full retirement age.

Customer:

Thanks for the information you've given me.

Customer:

I will have to take this and digest! I will get back with you once I have thought this out.

Megan C :

No problem, it is my pleasure

Megan C :

Okay. If you would, before you leave please rate me positively so that I can get credit for assisting you today

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,593
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
Ask your own question now
Ask Megan C Your Own Question
Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,593
16,593 Satisfied Customers
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

Megan C is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

dylatess

dylatess

ATTORNEY

3,441 satisfied customers

37 plus years of SSD practice

Megan C

Megan C

Certified Public Accountant (CPA)

16,593 satisfied customers

Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

LawTalk

LawTalk

Attorney

3,065 satisfied customers

I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.

R. Klein, EA

R. Klein, EA

Accountant

334 satisfied customers

Tax & Social Security Benefits specialist

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

233 satisfied customers

Licensed in multiple jurisdictions, experienced business attorney.

AttorneyTom

AttorneyTom

Attorney

16 satisfied customers

Attorney

Stephanie O Joy, Esq

Stephanie O Joy, Esq

Soc. Sec. Attorney

3,234 satisfied customers

22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.

< Previous | Next >

Related Social Security Questions
My disabled brother lives with me and collects both SSD and
Hi! My disabled brother lives with me and collects both SSD and SSI. I use the one check for part of his household expenses, but the other check is solely for his needs and entertainment. If I claim h… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I WAS JUST WONDERING IF MY MOM WILL GET A RAISE THIS YEAR
I WAS JUST WONDERING IF MY MOM WILL GET A RAISE THIS YEAR FOR SOCIAL SECURITY … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
How does marriage affect SocSec benefits/ Ages 83 and 81,
How does marriage affect SocSec benefits/ Ages 83 and 81, married last year. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My wife turned 62 in Dec. '17 and plans to file for SS
Hi there. My wife turned 62 in Dec. '17 and plans to file for SS benefits this month. I am 73 and have been collecting SS since April .06 but have been self employed and paying taxes on earnings as we… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My mom is getting social security disability because one eye
My mom is getting social security disability because one eye is blind and is causing the other to get worse, she can't work because headaches, Is social security will send that info to DMV to suspend … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I KNOW MY SS. NUMBER AND MY BIRTH DATE. BUT WHEN I TRY TO
i KNOW MY NAME AND MY SS. NUMBER AND MY BIRTH DATE. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My friend is applying for SSD and SSI, has no income
My friend is applying for SSD and SSI, has no income whatsoever here in NY and, hopefully, will be approved as disabled because of ADHD, learning disabilities, heart and other problems. He owns a hous… read more
Carter McBride
Carter McBride
LLM
269 satisfied customers
I will be 66 next month. I would like to retire, and need to
I will be 66 next month. I would like to retire, and need to know how to start this process, and also need to sign up for Medicare. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,811 satisfied customers
If a couple divorces after 38 years of marriage, is the wife
If a couple divorces after 38 years of marriage, is the wife still entitled to a benefit of 50 % of what the husband would receive once he starts drawing SS? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I need to give SSA a change of mailing address. I recently
I recently moved and need to provide a change of mailing address for my statements and medicare statements … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,811 satisfied customers
Could I draw funds from a divorced husband? We have been
We have been divorced 3-4 years can you tell me if I can draw on his social security? … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
My nephew is from England He came to US on a work visa and
My nephew is from England He came to US on a work visa and worked 9 9years,during that time he paid into social security … read more
Carter McBride
Carter McBride
LLM
269 satisfied customers
Follow up question: we are using the shared cell phone for
Follow up question: we are using the shared cell phone for the two factor identification. Is that ok?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I have a problem with SSA. I filed for soc sec at 62 they
I filed for soc sec at 62 they told me my benefit amount would be 1400.00 but kept working. for 3.5 years until I reached full retirement age, I received no monthly benefit checks. according to ***** 05-10069 "How Work Affects Your Benefits" they should raise my benefit but it still the same. I filed an appeal letter a month ago but the only contact from them was to tell me they received my letter. … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
As my Social Security benefit for the year is $21,600 for
As my Social Security benefit for the year is $21,600 for 2018 and it is the only income I have and I am 78 years old with no pension, stocks, or 401Ks and have a mortgage, HOA, no job, no pensions, c… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How do I change my bank name and routing number? My bank is
My bank is changing its name and routing number Feb. 9th. I need to change my info before my check is issued for Feb 14 … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
85 satisfied customers
I am 77 and have been drawing SS since I was 65. My wife is
I am 77 and have been drawing SS since I was 65. My wife is 66 and has been drawing SS since she was 60. She had very low earnings and is drawing a very low amount. Now that she is at her full retirem… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Can my pension from NYC be deducted from my S.S. I receive
i receive $34,000 from the NYC employee retirement system,based on salary and years of service.I paid social security taxes while i was working … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x