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Ask Lane Your Own Question
Category: Social Security
Satisfied Customers: 12686
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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I will be 70 in Sept. and I'm drawing my SS. My Question is

Customer Question

I will be 70 in Sept. and I'm drawing my SS. My Question is may I apply and receive spuceial support also?
Submitted: 1 year ago.
Category: Social Security
Expert:  Lane replied 1 year ago.
Hi,...I'm so sorry, but the different benefits cannot be "stacked," as Social Security calls it....However, IF you are drawing yours and 1/2 of your spouse's benefit is more than yours, you may be able to get an increase....This is based on a formula called "excess spousal benefit." Normally a spousal benefit is 50% of the spouse's FRA benefit amount, reduced if the spouse claiming the spousal is filing for benefits early. If one spouse is already receiving their own benefits, and later becomes eligible for a spousal benefit, there is a formula that is used to determine what amount of spousal benefit (if any) they may receive....You can read more ab out that here from Social Security:...
Expert:  Lane replied 1 year ago.
FIrst of all, this isvery simple if 1/2 of your spouse's benefit is greater than your benefit. Your benefit will be increased to 1/2 of the spouses benefit (but not added to yours)....And if you took your benefit early? Maybe an example would help
Expert:  Lane replied 1 year ago.
The younger spouse claimed at 62. Her Full Retirement amount would have been $800, but because she claimed early she received $600 per month in benefits. ($800/.75 represents the reduction she receives for claiming before her FRA.) The older spouse will claim when he turns 66. His amount is $2,100....Take the older spouse's PIA divided by 2, minus the younger spouse's PIA. $2,100/2 = $1,050 - $800 = $250....When her husband files for benefits and she becomes eligible for a spousal, that $250 gets added to what she is currently receiving so her monthly benefit will go from $600 to $850 at that time....If she had waited until her own FRA to file benefits, she would have received the full spousal benefit of $1,050, as that would have been higher than her own FRA benefit amount of $800. Of course she would have had to forego the first four years of benefits in order to then receive the higher amount. In this particular case, it likely made sense for her to file early.
Expert:  Lane replied 1 year ago.
Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the smile or stars on your screen, and then clicking “submit”)…I receive no crediting at all unless you rate in this way....Thank you!Lane……I hold a law degree, (concentration in Tax Law, Estate law & Corporate law), an MBA, (specialization in finance & tax), as well as CFP and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986.