Social Security

Ask social security questions and get answers ASAP

Ask an Expert,
Get an Answer ASAP!

If my wife starts drawing her SS benefits at age 62 then…

Customer Question
If my wife starts...

If my wife starts drawing her SS benefits at age 62 then switches to Spousal benefits at age 68 what percentage will it effect her Spousal benefit.

Accountant's Assistant: 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. Please tell me more, so we can help you best.

My wife would like to retire early and draw her earned benefits at age 62. I plan on working to age 70 before drawing that would make her age 68 would it decrease her Spousal benefit if she start her drawing what she earn at age 62

Submitted: 9 months ago.Category: Social Security
Show More
Show Less
Ask Your Own Social Security Question
Answered in 7 minutes by:
9/18/2017
Social Security Expert: keeperumiami, Senior Tax Expert & Financial Planner replied 9 months ago
keeperumiami
keeperumiami, Senior Tax Expert & Financial Planner
Category: Social Security
Satisfied Customers: 7,468
Experience: Sr Tax Expert/Financial PlannerCPA/PFS (retired)Over forty years of advising individuals & small businesses
Verified

Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

Ask Your Own Social Security Question
Social Security Expert: keeperumiami, Senior Tax Expert & Financial Planner replied 9 months ago

You didn't mention your current ages, but for the moment I'll presume that you are grandfathered under the "old" rules and are eligible to do what you're asking.

First of all, her full Spousal benefit would be 50% of your full retirement benefit at your full retirement age, not your benefits at age 70, which of course is enhanced by the delay in your retirement to age 70.

So, again, to start with her full spousal benefit is 50% of your full retirement benefit at your full retirement age (66 or 67)?

Since she would start her retirement benefits at age 62 which is either 4 or 5 years early, her full retirement benefit will be reduced by 8% a year for each year prior to her full retirement age. She will receive a permanent reduction in her benefits based about the number of years prior to her full retirement age that she collects at age 62.

If (when) she applies for Spousal benefits, those benefits will also be permanently reduced because she started collecting her own retirement benefits early.

So, if her benefits are reduced by 30%, so that she receives 70% of her full retirement benefits will also be reduced by the same % reduction. So, in this example 70% of the 50% Spousal benefit would equal 35% (70% x 50% = 35%) of your full retirement benefit at your full retirement age.

Now, of course if her retirement benefit is greater than the 35% Spousal benefit, she will continue to receive her own permanently reduced retirement benefit (whatever she's collecting at age 62, plus any cost of living increases.

Let me know if you have any follow-up questions.

Please remember to rate my response.

Thanks very much,

Steve G.

Ask Your Own Social Security Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a social security expertLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask keeperumiami Your Own Question
keeperumiami
keeperumiami
keeperumiami, Senior Tax Expert & Financial Planner
Category: Social Security
Satisfied Customers: 7,468
7,468 Satisfied Customers
Experience: Sr Tax Expert/Financial PlannerCPA/PFS (retired)Over forty years of advising individuals & small businesses

keeperumiami is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

dylatess

dylatess

ATTORNEY

3,467 satisfied customers

37 plus years of SSD practice

Megan C

Megan C

Certified Public Accountant (CPA)

4,582 satisfied customers

Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

LawTalk

LawTalk

Attorney

3,071 satisfied customers

I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.

R. Klein, EA

R. Klein, EA

Accountant

334 satisfied customers

Tax & Social Security Benefits specialist

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

233 satisfied customers

Licensed in multiple jurisdictions, experienced business attorney.

AttorneyTom

AttorneyTom

Attorney

16 satisfied customers

Attorney

Stephanie O Joy, Esq

Stephanie O Joy, Esq

Soc. Sec. Attorney

3,283 satisfied customers

22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.

< Previous | Next >

Related Social Security Questions
My Dad is has recently moved back to Colorado from Missouri.
My Dad is has recently moved back to Colorado from Missouri. The cost of living is more in this state. Would he be eligible for a increase in benefits? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is there a reduction in social security benefits along with
is there a reduction in social security benefits along with medicare part B, occuring? … read more
dylatess
dylatess
ATTORNEY
JD
3,467 satisfied customers
Was I underpaid $ 23,441 by social security? Or is that just
Was I underpaid $ 23,441 by social security ? Or is that just worthless talk? … read more
keeperumiami
keeperumiami
Senior Tax Expert & Financial Planner
7,468 satisfied customers
My neighbor received a raise in social security. why didn;t
My neighbor received a raise in social security . why didn;t I … read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
I read that social security will charge us $109 a month for
I read that social security will charge us $109 a month for medicare premium. How come my benefit amount is $134?? … read more
keeperumiami
keeperumiami
Senior Tax Expert & Financial Planner
7,468 satisfied customers
Why did I get only a $1.00 increase in my social security
Why did I get only a $1.00 increase in my social security benefit payment for 2018? My SSN is: ###-##-####… read more
keeperumiami
keeperumiami
Senior Tax Expert & Financial Planner
7,468 satisfied customers
Why did I not get the 2% increase on my social security
Why did I not get the 2% increase on my social security check … read more
keeperumiami
keeperumiami
Senior Tax Expert & Financial Planner
7,468 satisfied customers
Medical insurance has been 110.00 dollars for a time. It was
Medical insurance has been 110.00 dollars for a long time. It was increased to 134.00.this year. My 2% benefit was 31.00 dollars.My net increase is 7.00. Very unfair. Also my understanding medical ins… read more
keeperumiami
keeperumiami
Senior Tax Expert & Financial Planner
7,468 satisfied customers
I got a cost of living increase in my monthly benefits but
I got a cost of living increase in my monthly benefits but it is not 2%. Why? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Is the, Is there a rate increase if you are a war veteran,
Is the JA: The Retirement Accountant will know how to help. Please tell me more, so we can help you best. Customer: Is there a rate increase if you are a war veteran JA: Is there anything else importa… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I just received my statement of benefits for 2018 and I have
I just received my statement of benefits for 2018 and I have not received a 2% cost of living raise, why not? I received $707 for 2017and it is $707 for 2018. Can you check this out for me? … read more
keeperumiami
keeperumiami
Senior Tax Expert & Financial Planner
7,468 satisfied customers
I just received a notice from social security that a new
I just received a notice from social security that a new amount for the benifit will increase by 2% cost of living raise. The notice went on to show me how the funds would be starting in Jan. 2018. I … read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
M., my question is did we get an increase for next year. I
My name is***** my question is did we get an increase for next year. … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
How can I get a form for yearly cost of living benefit
How can I get a form for yearly cost of living benefit statement. I lost the one they sent me. Virginia van Druten … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
How do you figure the 2% cost of living adj on my s.s. I
How do you figure the 2% cost of living adj on my s.s … read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
I didn't receive my cost of living increase this year. But
I didn't receive my cost of living increase this year. But they didn't raise my medicare payment either. Thanks for helping. … read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
3,283 satisfied customers
I am not receiving the cost of living on my check for 2017.
I am not receiving the cost of living on my check for 2017. I am getting the amount that I have been receiving for over two years. my Social Security number is *********. Thank You. Mary J. Navaroli … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I received a cost of living increase which was supposed to
I received a cost of living increase which was supposed to be 3%. The amount I received was 0.003, which is three-tenths of a percent...which percent is right? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x