Social Security at 62 & Take Spousal Benefit Later

one of our viewers asked this retirement question can i take social security at 62 and switch to social security spousal benefits later when my spouse takes social security so we're going to explore this question and more stay tuned welcome back this is richard with wisdom investor with all the rules and regulations of social security can be a little bit difficult to try to figure out especially when we get into talking about spousal situations marriage divorce survivorship so we're going to take a look at this spousal question here and we're going to make it easier to understand so here's our question can i file for my social security at 62 and switch to spousal benefits later and the two qualifications here you're at least 62 years old and married and your spouse is not yet receiving benefits so in this particular case you can claim your own social security that means you've been working and you do qualify for social security you can start it at 62 and then later perhaps whenever you reach full retirement age we'll talk about that in a moment and then switch to your husband's or wife's benefits when they start social security we're gonna look at two different examples here here's our first example here again your spouse or breadwinner of the family is not yet receiving retirement benefits or social security benefits and you're going to claim at 62. so in this example your benefit at full retirement age is one thousand dollars per month we'll talk about full retirement age in just a moment and you're going to claim it at 62 your benefit gets reduced by 30 so your benefit would be seven hundred dollars per month in this particular case this is assuming your full retirement age is 67. let's talk briefly about full retirement aid if your birthday is 1960 and later your full retirement age is 67 if you've won prior to that depending on the age it's going to be 66 and x amount a month now let's take a look at the second part of example number one now your spouse is going to take social security for example at their full retirement age their benefit is determined to be 2 200 at their full retirement day again this is an example going to be different from every person this is what your spouse has earned on their own record as a spouse and the spousal benefit you can earn fifty percent of that which is one thousand one hundred dollars but since you're taking your own social security at age 62 it's reduced by 30 percent the spousal benefit is reduced by 30 so they're going to reduce that 1100 per month by 30 percent and you would get 770 as a social security spousal benefit earlier we determined your benefit on your own record at 62 with 700 your social security spousal benefit is 770 now you cannot add both those together they're only going to give you the higher of the two which would be dollars as your social security spouse sold benefit and then your spouse would receive two thousand two hundred dollars now the fact that you're receiving seven hundred and seventy dollars does not reduce your spouse's social security benefit let's take a look at example number two again your spouse has not started receiving social security retirement benefits yet and you want to claim your own personal benefit at 62. in this example your full retirement age benefit is 1800 per month you want to claim it at 62 so again it's going to be reduced by 30 if your full retirement age was 67 so your benefit on your own record in this case is twelve hundred dollars per month so you wanna take your benefit as 62 and then switch over to your spousal benefit when they start taking social security at their full retirement day now let's take a look at example number two you've already taken social security at 62 and you're earning twelve hundred dollars per month from social security administration later at 67 you're going to consider taking the spouse's social security benefit now your spouse or the breadwinner their benefit is 2 200 per month that's based at their full retirement age for your but also benefit social security will always take in consideration your spouse's benefit at full retirement age when they calculate the spousal benefit so if your spouse took benefits early or took it later they're always going to take a look at the full retirement age benefit amount now again you're entitled to 50 of that which is 1 100 per month the fact that you took your benefit at age 62 the spousal benefits reduced by 30 which comes to 770 dollars per month so your benefit age sixty two was twelve hundred dollars per month the spousal benefit is determined at seven hundred dollars per month you can't take both of them they won't add them together they will give you the higher of the two so you will maintain your 1 200 per month social security benefit so if you take your own social security benefit early at age 62 it's going to reduce your benefit then if you decide to take the spousal benefit at your full retirement age it will still reduce your social security spousal benefit and we looked at some advantages and disadvantages by waiting to full retirement age if you have any questions leave a comment thank you for watching and stay tuned for our next update

Channel: Wisdom Investor

Views: 20,423

Keywords: Social Security at 62 & Take Spousal Benefit Later, social security spousal beneift, what age can i take the social security spousal benefit, social security benefits for spouse, spousal social security benefit, take social security early at 62, how much is the spousal benefit

Id: tEzmxkCgJxs

Length: 5min 41sec (341 seconds)

Published: Tue Jan 25 2022