How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask lev-tax Your Own Question
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29571
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Social Security Question Here...
lev-tax is online now
A new question is answered every 9 seconds

Under the restricted application law will this work? My wife

Customer Question

Under the restricted application law will this work? My wife is 62 can she start drawing SS today, and i am 68 can I apply a restricted application for spousal benefits, leaving my credits to grow to 70 witch them I will switch, Then when my wife turns 66 FRA can see covert over to spousal support under me and collect half of my FRA benefit.
Bill & Linda Bowers ***@******.*** (###) ###-####
Submitted: 1 year ago.
Category: Social Security
Expert:  lev-tax replied 1 year ago.

You CAN apply for social security benefits because you are above your full retirement age.
However if you will be receiving benefits - regardless if these are social security benefits based on your earning record OR spousal benefits - you would NOT have your benefits delayed.
So possible growth woudl be possible ONLY if you continue to work till age 70.
You may NOT elect which benefits to receive.
If you are eligible to both social security benefits based on your earning record AND spousal benefits - the SSA will pay your benefits first and if spousal benefits are higher - your benefits will be increased by that difference.

Customer: replied 1 year ago.
What about my wife, what is best for her? can she collect at 62 on her own credits them switch to mine as a spousal at fra.
Expert:  lev-tax replied 1 year ago.

See here
https://www.ssa.gov/planners/retire/yourspouse.html#&a0=0
How Much Will My Spouse Receive?
If your spouse qualifies on his or her own record, we will pay that amount first. But if he or she also qualifies for a higher amount as a spouse, they'll get a combination of benefits that equals that higher amount. If he or she begins receiving benefits:
•between age 62 and their full retirement age, the amount will be permanently reduced by a percentage based on the number of months up to his or her full retirement age.
If your spouse is under full retirement age and
◦works while receiving benefits, his or her benefits may be affected by the retirement earnings test.
◦also qualifies on his or her own record, his or her application will include both benefits.

So - can she collect at 62 on her own credits - YES ,

them switch to mine as a spousal at fra - NO - there is no "switch" but if her spousal benefits (50% of yours) are higher she may receive a combination of both.

We may not receive benefits and delay benefits at the same time.

Expert:  lev-tax replied 1 year ago.

Under the restricted application law - your spouse may apply for social security benefits and suspend her benefits after that.
That will allow you to apply for spousal benefits based on her earning record.
But your spouse woudl be able to delay her benefits till FRA or as late as 70 and her benefits will grow.

I am not sure if that will benefits you or not - that depends whether your own benefits are more or less than spousal benefits.

If your spousal benefits are higher - you will benefit from that strategy.

Customer: replied 1 year ago.
I am 68 still working and waiting for my credits go grow to 70, My wife is 62 and not working with fewer credits them me. what is the best way to max out SS for both us.
Expert:  lev-tax replied 1 year ago.

If your spouse doesn't work - she may apply and will receive a combination of her own benefits and spousal benefits (based on your earning record).
That might be the best option today.
However - if your spouse has good health and expect to live long enough - she may use the same strategy as you - and delay her benefits at least till her FRA.

Customer: replied 1 year ago.
My wife at 62 could collect $1,030 at 66 fra $1,350 I am 68 at fra I could collect $2,938 at 70 $3.556 I am still working, using file and suspend or RESTRICTED Application what is the bst way for us as a couple to max out SS.
Expert:  lev-tax replied 1 year ago.

If your wife's benefits (based on her own working record) is $1,350
and YOUR benefits $2,938

both are determined at FRA, then your wife will receive HER benefits first $1,350 plus additional spousal benefits
$2,938 / 2 - $1,350 = $119.

her total benefits woudl be $1469

If she starts benefits NOW at age 62 (before FRA) her benefits wil be permanently reduced - she will get 75% of the monthly benefit because she will be getting benefits for an additional 48 months - and her benefits would be $1102.

There is no "best way" - she will either start benefits now but will have less OR start later and will have higher benefits.

By starting benefits earlier - she will receive additional $1102 * 48 = ~$53k.

If she elect to delay benefits - she will catch up only in 144 months - or 12 years at age 78. So if she will live longer - she may expect to benefit from that delay assuming there will not be any changes in social security laws.

Expert:  lev-tax replied 1 year ago.

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.
I am here to help you will all tax related issues.