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Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13546
Experience:  22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.
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I am 67 years old and my wife's (62 yrs. old) birthdate is

Customer Question

I am 67 years old and my wife's (62 yrs. old) birthdate is 8 Jan 1954. We are both in excellent health. My wife plans to work at least until age 66 (FRA) and I might quit at any moment. We have savings. We have never filed for Social Security. Her current soc. sec. payment would be about $1,800/month and mine at about $2,000 at this point although I plan to wait until 70 to file. She is the real breadwinner ($70k/yr) as I am only working part-time now. I there a stategy that you recommend to maximize our payments as it relates to either 'restricted application' or 'file and suspend' prior to the rules changing at the end of this month?
Submitted: 1 year ago.
Category: Social Security
Expert:  Stephanie O Joy, Esq replied 1 year ago.
Hi, my name is***** and I am here to assist you. I am a social security attorney in my private practice – that is ALL I do. Please let me know that my post here is coming through for you by typing a quick reply.
Expert:  Stephanie O Joy, Esq replied 1 year ago.
You guys are in a difficult situation. First, your wife is a hair too young to be grandfathered in for a future right to file a restricted application for spousal benefits once she hits her FRA. YOU can file a restricted application IF you become eligible for spousal benefits - but that means your wife has to file. If she files now, she gets the smallest SS benefit, permanently. But she is also subject to the earnings limit, since she'd be trying to collect "early" when not actually "retired" but substantially earning. So, she'd likely NOT be eligible for any of the early retirement, which would also mean the benefits you collect would likely have to be paid back also, given her high income. For this reason, I think this would likely not work for you. The other option at this point is both of you to wait to collect. If you both wait til 70, you get nothing before 70, but you maximize your future monthly amounts to be 132% of your full retirement age amounts. Or, if you prefer at some point to collect prior to 70, you can, and the amounts either of you collect will be based on your ages at the time of starting. She file now, getting
Expert:  Stephanie O Joy, Esq replied 1 year ago.
I hope this helps! My goal is to provide you with excellent and accurate service – if you feel you have gottenanything less, please reply back, I amhappy to address follow-up questions. Kindly rate me "excellent"when you are done. I look forward to assisting you in the future, should you have legal questions. Be sure to start future posts with "To ***** Esq., ONLY" if you want me to specifically answer it. Sincerely, ***** ***** Joy, Esq.Your online SS legal resource!