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I will be 65 in two weeks and I wish to apply for spousal…

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I will be 65...

I will be 65 in two weeks and I wish to apply for spousal ssi and they are telling me that I have to be in full retirement but if I take my ssi I will be reduced 25%. How does this work and if I take it now if anything happen will I be able to take the hire SSI

Submitted: 1 month ago.Category: Social Security
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Answered in 1 minute by:
1/15/2018
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 month ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,479
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

25% is incorrect for ag5 65.

...

25% would be the reduction of you takk as early as age 62.

...

Bear with me a minute and I will pull up the rates, and sho tem to you

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 month ago

If you start your benefits early, they will be reduced based on the number of months you receive benefits before you reach your full retirement age. If your:

  • full retirement age is 66, the reduction of your benefits at age 62 is 25 percent; at age 63, it is about 20 percent; at age 64, it is about 13.3 percent; and at age 65, it is about 6.7 percent.
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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 month ago

And full retirement age IS 66 for those born between 1943 and 1954.

...

So at age 65 you'd only be reduced by 6.7%

...

In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.

...

For example, if the number of reduction months is 60 (the maximum number for retirement at 62 when normal retirement age is 67), then the benefit is reduced by 30 percent. This maximum reduction is calculated as 36 months times 5/9 of 1 percent plus 24 months times 5/12 of 1 percent.

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 month ago

You can see those reduction amounts here: https://www.ssa.gov/planners/retire/retirechart.html

...

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit"– That’s the only way I’ll be credited for the work.

But again, if you need more on this, or if I've not understood your question correctly, please let me know.

Lane

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 28 days ago

Hi ... just checking back in ... Did my answer help?

...

Let me know,

Lane

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,479
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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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