No. of 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?
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.