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My wife and I are both 67 and have worked for over 40 years.

My wife and I...

My wife and I are both 67 and have worked for over 40 years. My current SS estimated monthly earnings is $2,500 monthly and her is $1,900. We have not started to draw. Is it possible for her to file on mine and me to file on hers? Then can we switch back at age 70 for her to draw on hers and me to draw on mine? BTW, she is not working and I am.

Accountant's Assistant: The Retirement Accountant will know how to help. Is there anything else the Retirement Accountant should be aware of?

My wife retired after 30+ years with AT&T but is not drawing any pension benefits yet. My salary is 0ver $200,000 annually. We have no dependents.

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Answered in 18 minutes by:
3/13/2018
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Question. Social Security takes the higher of either yours or your spouses. Unfortunately, you cannot switch back.

Some other items - spousal benefits cannot be claimed unless the spouse (that the spousal benefits are based off of )has already filed to claim his or her Social Security retirement benefit.

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Let me know if this helps and if you have any questions. Thank you.

ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified
ABC Accounting Group and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
if my wife wants to file now since she is 67 and can receive her full $1,900 per month, that is best? Or, should she file on mine and receive half of $2,500 which is $1,250 and then switch back to hers when she reaches 70 on 07-22-2020? And, if I file now my benefits will cease to grow from the current $2,500? But if I wait until I turn 70 on 08-17-2020, my benefits will be 16% higher. Which is best in the long term. We do not need the immediate cash but want to maximize our long term return.
Customer reply replied 1 month ago
No, I will wait on the written response.
Customer reply replied 1 month ago
if my wife wants to file now since she is 67 and can receive her full $1,900 per month, that is best? Or, should she file on mine and receive half of $2,500 which is $1,250 and then switch back to hers when she reaches 70 on 07-22-2020? And, if I file now my benefits will cease to grow from the current $2,500? But, if I wait until I turn 70 on 08-17-2020 my benefits will be 16% higher. Which is best in the long term. we do not necessarily need the immediate monthly cash but want to maximize our long term return in benefits from Social Security.
Customer reply replied 1 month ago
You have not responded to my last question.
Hi. Sorry for the delay. Was not able to open the link to your question. Unfortunately, you cant do the switch anymore. She can file on yours, only if you claim the benefits now. It would be advantageous to wait until you are 70. You and your wife will get a higher benefit.
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Best Regards.
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ABC Accounting Group
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
867 Satisfied Customers
Experience: Business Consultant/Accounting Manager

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