UnThreaded | Threaded | Whole Thread (13) | Ignore Thread Prev | Next
Author: MostCurious Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76418  
Subject: Looking for Social Security Answers Date: 9/14/2000 10:57 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Have tried calling the SSA, but not gotten a real answer. Here's the scenario: I'm 57, my wife's 61.
In 2001, upon turning 62 my wife can get a small benefit of maybe $200 a month on her own earnings record. (Full benefit on her own record at 65 and 4 months maybe $250.)
Four years later in 2005, when I turn 62, I expect to apply for SS and get a reduced benefit (75% of full benefit at 66) of maybe $750 on my earnings record.
Once I start collecting on my record, my wife can increase her benefits by claiming her spousal (50%) benefit.
Some unanswered questions remain:
1.) In the situation described, is the spousal benefit 50% of my full retirement benefit, or 50% of my age 62 benefit.
2.) By drawing benefits for four years on her own record, does this reduce the 50% spousal benefit in any way?
I'm hoping for the following answers:
a.)yes she can draw $200 a month for 4 years on her own record.
b.)This does not reduce her spousal benefits; i.e. at age 62 I would get 75% of my full retirement benefit, and once I start collecting, she would get a 50% spousal benefit of my full retirement benefit because by that time she'll be 66.
In the above guesstimate of approximate benefits that would mean once I retire, I get $750 a month and my wife gets an additional $500 a month.
Is this correct?
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (13) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement