How much social security will I get at 62?
Your spouse is already collecting retirement benefits. You have been married for at least a year. You are at least 62 years old (unless you are caring for a child who is under 16 or disabled). The most your spouse can receive on your work record is 50% of your primary insurance amount, says AARP.
When taking social security at 62 could be wise?
You can begin withdrawing from Social Security at age 62, but there are some good reasons to wait. Your benefits will be reduced until your full retirement age if you make more than the annual earnings limit. If your benefits won't be reduced, or if you don't have any other accounts to withdraw from, you might need to begin withdrawing at age 62.
Can I collect full widow's benefits at age 62?
If you're receiving widows, widowers, or divorced widows or widowers benefits, you can switch to your own retirement benefit as early as age 62. Reminder: Your full retirement age for retirement benefits may not match your full retirement age for survivors benefits. If you start getting benefits at age 1.
Should we take Social Security at 62, 66 or 70?
Your first step in maximizing your Social Security benefits should be to visit the Social Security Administration (SSA) website. (between 66 and 67), and age 70. Remember that you don't have to start taking your benefits at those milestone ages; you and your spouse can start collecting anytime between ages 62 and 70.
Who is eligible for spousal benefits?
You qualify for spousal benefits if: Your spouse is already collecting retirement benefits. You have been married for at least a year. You are at least 62 years old (unless you are caring for a child who is under 16 or disabled, in which case the age rule does not apply).
Can I take a spousal benefit at age 62?
Claiming when you turn 62 would provide a spousal benefit equal to 32.5 percent of your mate's full retirement benefit. The proportion increases each month you wait to file, maxing out at 50 percent if you do so at your FRA. Receiving a spousal benefit does not affect the amount of your spouse's retirement benefit.
Can I claim Social Security at 62 then switch to spousal benefit?
Only if your spouse is not yet receiving retirement benefits. In this case, you can claim your own Social Security beginning at 62 and make the switch to spousal benefits when your husband or wife files.
How much Social Security does a spouse get at 62?
A spouse can choose to retire as early as age 62, but doing so may result in a benefit as little as 32.5 percent of the worker's primary insurance amount. A spousal benefit is reduced 25/36 of one percent for each month before normal retirement age, up to 36 months.
Can I collect half of my husband's Social Security at 62?
Key Takeaways. The maximum spousal benefit is 50% of the other spouse's full benefit. You may be eligible if you're married, formerly married, divorced, or widowed. You can collect spousal benefits as early as age 62, but in most cases, the benefits are reduced permanently if you start collecting early.
Can my wife collect spousal Social Security benefits before I retire?
No. You have to be receiving your Social Security retirement or disability benefit for your husband or wife to collect spousal benefits.
When can a spouse claim spousal Social Security benefits?
You must have been married at least 10 years. You must have been divorced from the spouse for at least two consecutive years. You are unmarried. Your ex-spouse must be entitled to Social Security retirement or disability benefits.
What are the rules for spousal benefits of Social Security?
To qualify for spouse's benefits, you must be one of these: At least 62 years of age. Any age and caring for a child entitled to receive benefits on your spouse's record and who is younger than age 16 or disabled.
When can a widow collect her husband's Social Security?
age 60The earliest a widow or widower can start receiving Social Security survivors benefits based on age will remain at age 60. Widows or widowers benefits based on age can start any time between age 60 and full retirement age as a survivor.
What is the average Social Security benefit at age 62 in 2021?
At age 62: $2,364. At age 65: $2,993. At age 66: $3,240. At age 70: $4,194.
Can I draw Social Security at 62 and still work full time?
Can You Collect Social Security at 62 and Still Work? You can collect Social Security retirement benefits at age 62 and still work. If you earn over a certain amount, however, your benefits will be temporarily reduced until you reach full retirement age.
What is the best Social Security strategy for married couples?
3 Social Security Strategies for Married Couples Retiring EarlyHave the higher earner claim Social Security early. ... Have the lower earner claim Social Security early. ... Delay Social Security jointly and live on savings or other income sources.
What percentage of spousal benefits do you get when you turn 62?
Claiming when you turn 62 would provide a spousal benefit equal to 32.9 percent of your mate's full retirement benefit. The proportion increases each month you wait to file, maxing out at 50 percent if you do so at your FRA. Receiving a spousal benefit does not affect the amount of your spouse's retirement benefit.
Can you claim spousal and retirement benefits separately?
Under Social Security's "deemed filing" rule, you can't separately claim retirement and spousal benefits. When you apply for one, you're applying for the other, if you're eligible. Social Security will pay you whichever benefit amount is higher.
How much Social Security benefits are suspended?
Basically, Social Security would need to withhold $1 of benefits for each $2 or $3 that you earn in excess of the exempt amount, which could cause your benefit payments to be suspended for part of a year or the entire year depending on how much you earn .
How much will my retirement rate grow?
Your own retirement rate would continue to grow by 8% per year until you reach 70 as long as you don't opt to start drawing your own benefits until then, so there's a very good chance that waiting until 70 might be the best way to maximize your benefits if you are able to delay them. Best, Larry.
What is WEP in Social Security?
The Windfall Elimination Provision (WEP) can result in the use of a less generous Social Security retirement benefit calculation formula for people who receive a pension based on their work that was exempt from Social Security taxes.
Can I suspend my Social Security benefits if I work before FRA?
Hi Jeff, If you start drawing reduced benefits prior to your full retirement age (FRA), you can't voluntarily suspend your benefits until you reach FRA. Your benefits could be involuntarily suspended, though, if you return to work prior to FRA and earn more than the Social Security earnings test exempt amount.
Can my wife draw her own retirement?
Hi Hal, Your wife cannot start drawing her own retirement benefits at 62 and later switch to a spousal benefit equal to 50% of your benefit amount when you start drawing your benefits. Once a person files for their own retirement benefits, that becomes their primary benefit for life.
Can I file for spousal benefits before full retirement age?
Thanks, Carla. Hi Carla, You can't file for spousal benefits prior to full retirement age (FRA) without also being deemed to file for retirement benefits on your own record, but assuming that you were born prior to 1/2/1954, you could file a restricted application just for spousal benefits only at your FRA and still allow your own retirement ...
What age can a spouse file for Social Security?
When a worker files for retirement benefits, the worker's spouse may be eligible for a benefit based on the worker's earnings. Another requirement is that the spouse must be at least age 62 or have a qualifying child in her/his care. By a qualifying child, we mean a child who is under age 16 or who receives Social Security disability benefits.
How much is spousal benefit reduced?
A spousal benefit is reduced 25/36 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.
What is the reduction factor for spousal benefits?
For a spouse who is not entitled to benefits on his or her own earnings record, this reduction factor is applied to the base spousal benefit, which is 50 percent of the worker's primary insurance amount. For example, if the worker's primary insurance amount is $1,600 and the worker's spouse chooses to begin receiving benefits 36 months ...
Can a spouse reduce their spousal benefit?
However, if a spouse is caring for a qualifying child, the spousal benefit is not reduced. If a spouse is eligible for a retirement benefit based on his or her own earnings, and if that benefit is higher than the spousal benefit, then we pay the retirement benefit. Otherwise we pay the spousal benefit. Compute the effect of early retirement ...
What Are Social Security Spousal Benefits?
Social Security spousal benefits are retirement benefits paid by the Social Security Administration to the spouse of a primary beneficiary. When Social Security started, many women did not work outside the home.
Who Qualifies For Social Security Spousal Benefits?
There are a few eligibility criteria that must be met to qualify for spousal benefits. Here are the basics, and then we will dive into a few exceptions to the basic rules. First, your spouse must already have filed for his or her own benefits. You cannot apply for spousal benefits until your spouse has already applied for their own benefits.
When Can A Spouse Claim Social Security Spousal Benefits?
A spouse can claim Social Security spousal benefits as early as age 62, as long as the other spouse has already applied for benefits. You cannot claim benefits until your spouse has claimed benefits using their own record. This rule applies to both a current spouse and a divorced spouse.
How Social Security Spousal Benefits Are Calculated
The calculation for spousal benefits is fairly straightforward. If you wait until full retirement age, then your benefit will be 50% of the spouse’s benefit amount. However, starting your benefits early will reduce your monthly payment.
Social Security Spousal Benefits For Divorced & Widowed Spouses
When it comes to retirement planning, many divorced and widowed spouses wonder whether they can still receive spousal benefits. The answer depends on a few different facts. Here are the rules you need to know when it comes to divorced or widowed spouses receiving spousal benefits.
Maximizing Spousal Benefits For Divorced & Widowed Spouses
Now that most of the spousal benefit loopholes have been closed, there are not as many strategies for maximizing your spousal benefits. One of the biggest tips for maximizing your benefits now is to wait as long as possible to start your benefits.
The Bottom Line
A spouse can claim spousal benefits at age 62 as long as the primary spouse has already applied for benefits. The age requirement can be waived if the spouse is caring for a child under 16 or a disabled child. An ex-spouse can claim spousal benefits at age 62 as well, as long as the marriage lasted for ten years.
What is the threshold for spousal support?
The threshold is $17,640 as of 2019. But if you're owed an additional amount because the spousal benefit is larger than your own when your spouse files, this additional amount will automatically be given to you.
What happens to Kara's Social Security at age 70?
Then, at age 70, she retires and switches to her own, now much larger Social Security benefit. Keep in mind that if Kara was to continue working up until her FRA, she would lose $1 of her benefits for every $2 she earned over a certain income threshold. The threshold is $17,640 as of 2019.
What is the "collect now and later" policy?
This "collect now and later" strategy provides some income in the present while locking in a higher benefit for later. However, due to changes in the Social Security rules that were signed into law in November 2015, only those who reached age 62 on or before Jan. 1, 2016, can file a restricted application for spousal benefits to utilize this ...
Can married couples get more Social Security?
Married couples might be able to receive more income from Social Security by looking at their options as a couple rather than as two individuals. You have a claiming option available that's sometimes referred to as "double-dipping" if one of you was born on or before Jan. 1, 1954. This "collect now and later" strategy provides some income in ...
How long do you have to be married to collect spousal benefits?
You qualify for spousal benefits if: Your spouse is already collecting retirement benefits. You have been married for at least a year. You are at least 62 (unless you are caring for a child who is under 16 or disabled, in which case the age rule does not apply).
How much is spousal benefit?
Depending on your age upon claiming, spousal benefits can range from 32.5 percent to 50 percent of your husband’s or wife’s primary insurance amount (the retirement benefit to which he or she is entitled at full retirement age, or FRA).
What percentage of survivor benefits are based on a child?
If the survivor benefit is based on your caring for a child, you receive 75 percent of the deceased’s benefit, ...
How much of a survivor's Social Security benefit do you get if you have a child?
If the survivor benefit is based on your caring for a child, you receive 75 percent of the deceased’s benefit, regardless of your own age when you file. Keep in mind. Your spousal benefit is not affected by the age at which your husband or wife claimed Social Security benefits.
What is survivor benefit?
In most cases, survivor benefits are based on the benefit amount the late spouse was receiving, or was eligible to receive, when he or she died. How much of that amount you are entitled to depends on your age when you file.
How long do you have to be married to receive survivor benefits?
The chief criteria to qualify for survivor benefits are: You were married to the deceased for at least nine months (unless the death is accidental or occurs in the line of military duty, in which case there is no minimum time period). You are at least age 60, unless you are disabled (then it’s 50) or caring for a child of ...
Does Social Security increase if late spouse files for FRA?
With survivor benefits, if your late spouse boosted his or her Social Security payment by waiting past FRA to file, your survivor benefit would also increase. Your spousal or survivor benefits may be reduced if you are under full retirement age and continue to work. Social Security is phasing in the FRA increase differently for different types ...
Should my wife take my Social Security benefit?
Q: I would like your opinion on a Social Security question we have for my wife. First, I’ll give you basic information. My name is Bob. I am 69 years old and am on Social Security and I net $2,136 monthly. My gross Social Security benefit monthly is $2,284.50. My wife (Donna) is 61 years old and will turn 62 in August of 2022.
How much would she get?
At this time her Social Security projections would be at Age 62 = $718, at 67 = $1107, and at 70 = $1,430. Her income will be basically the same for these coming years. She makes about $21,000 yearly. Since I’m 8 years older, we are thinking that she should file but under my benefits.
Is taking Social Security now the smart move?
Is taking Social Security a smart move for us? This seems to be to our financial advantage. Would you agree? Or, am I misreading the Social Security rules on spousal benefits? Any thoughts or advice you can give us on this would be greatly appreciated. I am semi-retired and we live on a tight budget. This extra money would help out now.
Spouse can claim up to half of your Social Security benefit
A: We’re not social security experts, but yes, you’re correct. An eligible spouse would be able to claim up to half of your benefit at her full retirement age, no matter what she is entitled to based on her own earnings.
At her full retirement age
She’s eligible for a portion of your benefit prior to her full retirement age. According to SSA.gov, if the spouse begins receiving benefits before their “normal (or full) retirement age” the spouse will receive a reduced benefit. However, if your spouse is caring for a qualifying child, the spousal benefit is not reduced.
SSA.gov has a calculator to check your benefit
If she’s 62 and claims her share of your benefit, she will be receiving benefits 60 months before her normal retirement age. She can start at 62 years plus one month, and her benefit will be 32.71% of your amount. Calculate the amount for yourself using the SSA.gov spousal calculator.
Should she claim half of your Social Security benefit ASAP?
If she was entitled to a full half of your benefit, then it would be a lot more than what she is getting now, though slightly less than what she would get if she waited until she’s 70. It would make sense for her to claim Social Security as soon as she can. But, in fact, she’s getting just 67.39% of your benefit. Here’s how that math works:
How old is a spouse on Social Security?
If a spouse was married for at least a year to a disabled worker who died while receiving Social Security disability benefits, the surviving spouse can get benefits in either of these circumstances: The surviving spouse is 60 years old or older. The surviving spouse is disabled and between 50 and 60.
When does a spouse's Social Security benefits end?
Note that the surviving spouse's benefits will end if he or she becomes eligible to receive significantly higher Social Security benefits on his or her own record. And if a surviving spouse gets remarried before age 60, or age 50 if disabled, Social Security benefits will be denied.
How much disability benefits do I get if I'm still living?
If the disabled worker is still living, a spouse generally receives 50% of the disabled worker's primary insurance amount (the amount of the husband or wife's monthly SSDI check), although if the disabled worker's children are collecting benefits at the same time, the spouse's benefit can be reduced. The total of the spouse's benefit and the children's benefit cannot be greater than the maximum family benefit, which is generally 150% of the disabled worker's monthly SSDI benefit. (Note that the benefits paid to a divorced spouse based on being over 60 or disabled are not counted toward the maximum family benefit and won't affect a current spouse's or child's benefits. However, benefits paid to a divorced spouse who is collecting a mother's or father's benefit are counted toward the maximum family benefit.)
How old is a divorced spouse when receiving SSDI?
If the disabled worker dies but was receiving SSDI benefits when he died, a divorced spouse is entitled to benefits in either of the following circumstances: The surviving divorced spouse is 60 years old or older. The surviving divorced spouse is disabled and between 50 and 60.
What happens if a disabled person dies while receiving Social Security?
In addition, if a disabled worker dies while receiving Social Security benefits, the surviving spouse will receive a death benefit worth several hundred dollars if the surviving spouse was living in the same household.
How long can a spouse be married?
Spouses married for at least a year, divorced spouses who were married at least 10 years, and surviving spouses can be entitled to benefits based on the earnings record of the disabled spouse (or disabled ex-spouse).
What happens if a spouse gets divorced and remarried?
If a surviving divorced spouse gets remarried before age 60, however, Social Security benefits will be deni ed (unless the spouse was between 50 and 60 and disabled at the time of marriage). If the surviving divorced spouse gets divorced after age 60 (or age 50 if disabled), the Social Security Administration (SSA) will ignore the marriage.
How long do you have to be married to get spousal benefits?
The Two Exceptions to Know Around the 1 Year Marriage Requirement. Normally, you must be married for at least 12 continuous months to meet the spousal benefit duration-of-marriage requirement. However, there are two exceptions to this rule.
How much is spousal benefit?
Depending on how old you are when you file, the spousal benefit amount will range between 32.5% and 50% of the higher-earning spouse’s full retirement benefit. Check out the chart below to get an idea of how the benefit works and what your payment might be if you can take advantage ...
How many people receive Social Security benefits as a spouse?
A recent Social Security report found that 2.3 million individuals received at least part of their benefit as a spouse of an entitled worker. Some of these spouses had benefits of their own, but were eligible to receive higher benefit because the spousal benefit amount was greater than their own benefit. Others never worked outside the home ...
What is the 1 year requirement for Social Security?
The 1-year requirement is also waived if you were entitled (or potentially entitled!) to Social Security benefits on someone else’s work record in the month before you were married. An example of these benefits would be spousal benefits, survivor benefits or parent’s benefits.
What is Julie's reduction to her own benefit?
This means that Julie’s reduction to her own benefit would be based on her age when she filed for her benefit. However, her reduction to the spousal benefit would be based on her age when Joe filed for his benefit. So, if Julie filed when she was 62, her own benefit would be reduced.
How much of my spouse's Social Security is my full retirement?
Remember, in that case, it’s between 32.5% and 50% of the higher-earning spouse’s full retirement age benefit, depending on your filing age. However, it can seem a little more complicated if you have Social Security benefits from your work history.
How much is Joe's retirement?
Joe’s benefit at his full retirement age is $2,000. Assuming they are both full retirement age when they file, Joe will be entitled to a benefit of $2,000 and Julie will be entitled to the greater of her own benefit or half of Joe’s benefit.
