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LawTalk, Attorney
Category: Social Security
Satisfied Customers: 37639
Experience:  I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.
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Thinking of retiring at 62 my full age retirements benefits

Customer Question

thinking of retiring at 62 my full age retirements benefits are 2182 a month. my wife has never worked and will file at the same time 62... how much can we get at 62...
Submitted: 1 year ago.
Category: Social Security
Expert:  LawTalk replied 1 year ago.
Good afternoon Sonny,I'm Doug, and my goal is to provide you with excellent service today. With both of you retiring early, keep in mind that there are significant early retirement penalties that will be applied to each of you. Also keep in mind that your estimated FRA benefit is based on an assumption that you will continue to work to age 66. If you quit work 4 years early and take social security, then your FRA benefit will actually be as much as $200 per month less than has been reported to you. So, if you retire at 62 as opposed to 66, you will receive just 75% of your full retirement age (FRA) benefit---which would be about $75% of $2000, or $1,500 per month. Your wife at age 62 would get a spouse benefit equal to just 35% of your benefit, or about $525 per month. If you can put off taking your social security until each of you are 66, the difference in your benefits will be tremendous. Instead of you getting only $1400 per month, you will receive about $2200 and your wife will receive about $1100. So if you retire at 62, you and your wife will get only about $2,025 per month for the both of you. But if you wait to age 66, you will get about $3300 per month for the both of you. You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.I hope that I have been able to fully answer your question. As I am not an employee of JustAnswer, please be so kind as to rate my service to you. That is the only way I am compensated for assisting you. Thank you in advance.I wish you and yours the best in 2016,Doug
Expert:  LawTalk replied 1 year ago.
Good evening,Do you have any additional questions that you would like me to address for you?In case you would like a phone call to further discuss these issues you have raised, I will make that offer to you. You are certainly not obligated to accept a call offer, but many people do find it helpful for clarification purposes, as well as to allow them to ask additional questions.As I have provided you with the information you asked for, would you please now rate my service to you so I can be compensated for assisting you?Thanks in advance,Doug