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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29580
Experience:  Taxes, Immigration, Labor Relations
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My wife retired at 62 and receives approximately $13,000 per

Customer Question

My wife retired at 62 and receives approximately $13,000 per year in benefits. I retired at age 65 plus several months and receive approximately $26, 000 per year. We were both born in 1938. If I predecease her, what would she receive per annum? If she dies before me, what would I receive per annum?
JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else important you think the Retirement Accountant should know?
Customer: I think all the info is in my request.
Submitted: 1 month ago.
Category: Social Security
Expert:  lev-tax replied 1 month ago.

Because you were born in 1938 - your full retirement age is 65 and 2 months.
Assuming you start your social security benefits at your FRA - that are your full benefits without any reduction.
Your wife's benefits are 79.2% of her full benefits because she started at 62.
As she receives reduced benefits $13,000 - her full benefits are $16414.
Thus if she were passing away before you - you will be entitled to the larger of surviving spouse benefits $16414 OR your own benefits $26,000 - whatever is larger.
If you would pass away before her - similarly she will be entitled to the larger of surviving spouse benefits $26,000 OR your own benefits $16414 - whatever is larger - but either will be reduced to 79.2% because she started before her FRA.

As her surviving spouse benefits are larger - she would expect $26,000 * 79.2% = $20,592

Let me know if any clarification needed.

Customer: replied 1 month ago.
That is very clear. Thank you for your help.
Expert:  lev-tax replied 1 month ago.

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If you still have any doubts, need clarification - please be sure to ask.

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