Social Security for Spouses: One Claims at 62, The Other Delays to 70?

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When should a married couple take Social Security benefits? A split strategy with one person claiming at 62 while the other delays until 70 is a common suggestion. But why do people suggest this for married couples? More importantly, is that the right strategy for you?
We’ll review the reasons behind that suggestion in this video. While it’s not the perfect solution for every couple (in my work with clients, I rarely find that it's the best strategy), there is a method to the madness. For instance, it can bring money into the household when one person reaches age 62, which can be especially helpful when an early death occurs. It can also help to maximize a survivor benefit, and in many cases, you “unlock” the spousal benefit at a level that’s favorable.
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However, there may be reasons to avoid that spousal claiming strategy or adjust it to fit your needs. If you want to protect against longevity, the traditional split strategy may not be right for you. And when one person claims early (locking in a reduced benefit), it could be harder to use tax planning strategies that help you manage RMDs and health care premiums in retirement.
Medicare costs and healthcare from the Marketplace or Exchange may depend on your income-that’s a surprise to a lot of people.
To review this strategy, we’ll look at Open Social Security, which is a free online calculator from Mike Piper, CPA. You can enter your own numbers into that tool and get insight on your situation. You’ll see how different ages and assumptions about longevity affect the results, and you can see how the spousal benefit gets unlocked when the higher-earning spouse eventually claims.
Tools shown in this video:
Open Social Security (calculator): opensocialsecurity.com/
SSA calculations for spousal benefits: www.ssa.gov/oact/quickcalc/sp...
Devin Carroll on spousal benefits: www.socialsecurityintelligenc...
Read the article here: www.approachfp.com/social-sec...
Learn about working with me at approachfp.com/
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Justin Pritchard, CFP® is a fee-only fiduciary advisor who can work with clients in Colorado and most other states.
CHAPTERS:
00:00 One Spouse Claims at 62 and the Other at 70?
01:04 Reasons Behind the 62/70 Split Strategy
05:32 Will You Get 50% as a Spousal Benefit?
06:51 When it Makes Sense to Delay
11:15 Examples With Open Social Security
IMPORTANT:
It's impossible to cover everything you need to know in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. For tax-free withdrawals from Roth accounts, you must satisfy specific IRS requirements. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. “Likes” should not be considered a positive reflection of the investment advisory services offered by Approach Financial, Inc. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.

Опубликовано:

4 авг 2024

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Комментарии : 110

@ApproachFinancial 6 месяцев назад

Want me to look over your numbers? You've got options. Check out the website for more information: www.approachfp.com/ Note: I do not discuss offerings, pricing, etc. in these comments. Please proceed to the website, where you can find a substantial amount of detail.

@JeanPierreWhite Год назад

Great video. Answered my questions and doubts.

@JaniceHylton 11 месяцев назад

I've been enjoying these videos. Thank you

@Mark-tm3yf 2 месяца назад

One of the most informative videos I've watched online for Social Security planning fine tuning for my wife and I.

@JeanPierreWhite Год назад

That online calculator is *fire*. Woohoo!! I entered the recommendations from the tool into my retirement planner tool and it pushed out IRMAA out an extra 10 years and reduced IRMAA from tens of thousands to $5k. A few Roth Conversions and my tax plan should be on point.

@dougs3866 6 месяцев назад

Thanks Sir. This is the best video with the most helpul tools. I read many articles and watched videos but you could get confused for different situations. The SSA website has good explainations but only limited to 1 or 2 examples and they don't fit everyone's situation. The tools you listed solved all these complicated situations and the tools explained very clearly (sprousal benefits or survial benefits, and others)! I played a few cases like you showed on the video and results were very clear. The SSA calculator for PIA inside the "Open Social Security" link is another great tool that you can play around to decide if you or your spouse will work more years with expected SSA wages. It seems like most questions will be self-answered once you input the data into the tools.

@Calventius Год назад

Very clear!

@davidfolts5893 Год назад

Another outstanding RU-vid video from Justin Pritchard! The graphics that accompany the video are neat too.

@ApproachFinancial Год назад

Thank you, David! The spousal part can be so confusing. I'm hoping the visuals help paint the picture.

@Epicface888chu 11 месяцев назад

Very helpful

@askssk715 Год назад

Superb and clear video! Thank you so much. I'm 57 and my husband is 56. He's an auto mechanic and wants to stop working at 65. I'm the larger wage earner and was looking to work until FRA at 67. The Open Social Security page is a great tool.

@skepticalmechanic 10 месяцев назад

I was also a mechanic for 41 years… the sooner he retires the better… get him a part time job and he will be a lot happier!

@donwilliams2206 11 месяцев назад

My wife just got a health insurance quote. She's 64, she has had some medical problems. The quote was for $1,250 a month. That is a big consideration!

@dogsarefun2 9 месяцев назад

keep income low and get it for cheap on healthcare exchange till she is eligable for medicare.

@hainguyen7971 29 дней назад

My wife unable to work while I stilworking passed 65 instead if retiring as I still have to work until 70. I know Medicare is very expensive even my employer offers my wife on Cobra if I retire. She is younger than me 8 years and that is a reason I am still working! She wasn’t qualified for Obama care or other markets place ! When I retire next year 70, and she is 63 two years away to apply for Medicare

@TM-nu5vd 11 месяцев назад

All depends on one's need for cash and how much one saved over the years for retirement. Started maxing out my 401k at the age of 22 and now 58, it's grown into a great, incremental retirement. Still taking mine at age 70 as my glass is always half full and will focus on living versus how fast I will die.

@drp8062 11 месяцев назад

I am currently planning for my retirement next year and my wife's retirement in 2033. I haven't figured out how I'm going to tell her yet.

@stevepickett4429 10 месяцев назад

I always struggle with the idea of maximizing my Social Security benefit versus having additional income earlier in my retirement when we can really take advantage of it. I assume that our lifestyles will be slowing down by the time we hit 67 and certainly by 70. What benefit is that extra money then? Also, if I have ANY desire to leave money to my heirs, spending down my nestegg in favor of a larger SS payout benefits them not at all. The tax and RMD ramifications are a separate issue that takes a bit more work. It's complicated and I feel like we are rolling the dice, no matter what we decide. Thanks for the great information though, including the Open Social Security calculator. That was eye opening.

@marteanderson7963 11 месяцев назад

As people wait longer to have children, if you have minor children when you turn 62 and you claim social security your children can also claim until they graduate high school. The key is even if you retire at 62 your children's benefit is based as if you had actually retired at Full Retirement Age. My case involved a child who collected tax free well over 1,000 a month for 4 years which went a long ways to paying for his college at a state univerisity. This scenario isn't widely known and rarely mentioned on videos like this.

@scooter5940 3 месяца назад

Exactly. My youngest will collect just over $2k a month for 17 months. That’s probably 2 years of a state college. Taking SS at 62 will be a no brainer for me, though my wife is still happily employed at 58 and will likely take hers at full retirement age, or later.

@georgepurcell406 4 месяца назад

Super useful video, thanks. Nice to see within virtually all parameters spouse claiming at 62 and me at 70 is the optimal strategy.

@lovethomassowell 22 дня назад

Is that what he shared? Hmm

@vanbrendle Год назад

I would love to tour in a Backback!

@user-py7wp6nw9h Месяц назад

Love your videos and to be honest , according to your website, that one time fee of $685 to talk to you seems worth it. You are very knowledgeable and cool

@blackbeardpapa9547 Год назад

men I really love your videos!!!! fantastic

@ApproachFinancial Год назад

Thank you for your support!

@johnnynephrite6147 11 месяцев назад

Sounds like the best plan is the Do Not Die plan.

@miketony8152 11 месяцев назад

My wife took hers 2 months shy of her 66th b-day (FRA) 3 years ago. I'm taking mine in January 2024 4 months shy of my 70th b-day. By taking it 4 months early I am only losing only $55.00 a month.

@gtrguyinaz 10 месяцев назад

Lower at 62 and higher at 70… did this and was perfect for us…

@johnkelly9451 Месяц назад

Thank you!

@times461 Месяц назад

I'm 4 years older than hubby ...took my little benefit at 62 I'm now 64...,He's waiting til 70 if health permits...my mom and her mom both lived to 90's...so whatever he gets at 70 I'll have to live on that amount if he goes to heaven first.....

@Believe_the_Bible 2 дня назад

Thanks for you video. I did go the that calculator. My spouse delaying till age 67 would get about $300 more month. That is not peanuts. It will cover most of SS medicare premium. If a couple is healthy I don't see the wisdom in taking the spousal benefit earlier than full retirement for the spouse. The break even point is a little less than 10 years. Thoughts? Thanks again.

@globalfamily8172 6 месяцев назад

Are there any calculators that take into account spousal benefit if the spouse has a federal benefit?

@keithmachado-pp6fv 4 месяца назад

This is specific for an individual’s situation. For example, if you don’t need the money you could argue to take it early and invest it. Or take it early and travel while healthy. Or you could delay and convert to Roth to fill up your tax bracket . If you are a single earner in the family, you can delay and provide a larger survivor benefit. For me I am delaying because I have inherited IRAs that need to come out before I turn 70. Also, SS colas are larger if delay and since only 85% is taxable, that will maximize the amount of tax free income.

@kurtbilinski1723 16 дней назад

Yeah, a lot of people say to take it early and invest it, but what's unsaid is their assumption that stocks and investments only go up. OTOH, doing nothing and letting your pending SS payments increase at more than 8% a year - guaranteed - is a no-stress way to "invest." I don't want to risk waking up to find that the CEO of the company I bought stock in ran off to the Bahamas with my money.

@440tomcat Год назад

Retired at 62, claimed at 64, diff was around $35 a month more with the big COLA. If I waited till full retirement age 67 and months I would have lost around $65,000. If I waited till 70 it would be over $87,000 as of this years lookout. It would take several years to make that up at getting around $60 to $100 more a month years later. Do the math and hope for the best.

@josephbenge8707 Год назад

Yes, break even is somewhere between 78 and 80 years old.

@dlg5485 8 месяцев назад

If you have enough in savings to carry those early years of retirement or are willing to work longer, and you expect to live past 80, delaying for the max benefit is a no-brainer in my opinion. Claiming early leaves too much on the table and life expectancy is only going to increase in the future as medicine advances. I'm 54 and single, still 8 or 9 years from retirement, but I plan to delay SS until 70. I'll have a decent nestegg by then and I really like the security of having that max garunteed income locked in for life so my portfolio doesn't have to do the heavy lifting. Fortunately, I'm in excellent health and I work hard to keep it that way so I plan on living it up for long time!

@scooter5940 3 месяца назад

Hardly a “no-brainer”……..the best case is you start to make some extra bucks at about 81, which you may not live to see, and even if you do, you may not be in the best health, so what to do with it? Also, taking at 62 (all else equal) allows your savings portfolio to grow more, for nearly 20 years. That makes the break-even closer to 85 than 80. Bottom-line, the possibility of having a bit more money while you are in a nursing home, or to leave to your heirs, likely isn’t worth it for many people - compared to the certainty of having more money for almost 20 years

@barbararuta8076 5 месяцев назад

what does the irs think about commonlaw marriage?

@frankb1 6 месяцев назад

Best video I've seen on when a married couple should claim.

@ApproachFinancial 6 месяцев назад

Great to hear this, thank you

@khaihuynh611 Год назад

Fantastic and very helpful video. Both Wife and I are 55 and plan to collect at 62. I am the high earner and wife does not have enough credits to collect her own. Me collecting at 62 get $2300 and 67 (FRA) get $3400. So if my wife filed and collect spousal benefit at 62, will she get 32.5% at my 62 ($2300) benefits or at my FRA ($3400) benefit? Thank you.

@ApproachFinancial Год назад

The spousal benefit should be based off the "working" spouse's FRA amount (or the higher earning spouse when you both have an earnings record). So, whatever percentage she ends up getting would be calculated off your age 67 benefit-not your age 62 amount. Thanks for watching and for the kind words.

@freedomwillring6749 11 месяцев назад

Thanks for asking this question, my wife and I are in the same boat, almost exactly.

@times461 Месяц назад

...she can not get spousal part til you file ...

@gratitudetouniverse777 Месяц назад

@@ApproachFinancial Is the spouse benefit 50 % of your full retirement benefits even if the main working spouse start drawing SSS at age 62 years old ? Thanks

@stephaniem8927 5 месяцев назад

I live in one of few states that’s impacted by WEP/GPO. This hurts police, firefighters,teachers, all state public servants. I stayed home to raise our kids and I am being penalized for it. I have 40 quarters in for social security. However, I didn’t make a lot nor will I get much in my pension because I don’t have enough years. Thank you America as I tried to do the right thing for America by staying with my kids. Maybe I should have been more selfish!

@marxtr6 10 месяцев назад

What if the situation is reversed is as such, the higher earning spouse is eight years younger and the lower earning spouse is 70 and still working. Should the lowered earning spouse keep working to 70 or take at 62. Younger is still working

@kurtbilinski1723 16 дней назад

Some say, "You don't know how long you'll live, so take it early." This is flawed logic because that statement can ALSO mean that they outlive their 90-yr old parents. Said another way, if someone said, "I think I'm going to live to 90, so I'm taking it now!", which makes no sense. To me, it's far worse to outlive your money than to leave some on the table, but everyone's free to make their own decisions.

@lkeil84 11 месяцев назад

I have watched dozens of videos and read many articles about spousal benefits and when to claim what, but can make no real sense of them. Unless of course it is super simple, but made so complicated in explanations. My wife is 5 years younger than I and will have a very small payout of about $500/month. I on the other hand had 37 years of maximum contribution and am planning on waiting until age 70 to file mainly because if/when I die first, my retirement will only pay my wife 50% and she will inherit my SS payment. We don't really need the money right now, so waiting is not a problem. So in 5 years, she files for hers and in 8 years I file for mine. Seems so simple, but all these videos make it sound like I must be missing something.

@quickeagle7308 3 месяца назад

If you die without drawing SS, will that prevent your spouse from drawing yours?

@rcdyer 11 месяцев назад

My wife is going to start taking it at 62 and I will at 65 three years later and being the higher amount I will get, she will then switch to spousal benefits so she can get half of mine which will be higher than what she will get at 62

@Satjr35031 5 месяцев назад

You have to factor in your FRA for spousal benefit not age 65

@sz4179 Год назад

The surviving spouse who filed early will receive permanently reduced survivor benefits

@ctzerbe1 4 месяца назад

Am I missing something? There would seem to be a big hole in this strategy. If I take SS benefits early, assume I am getting 75% of full retirement, and my spouse with a larger SS waits till 70 and gets 130%, if she dies first I can switch to her SS, but I will only get it at the 75% level because I took benefits early. So, while I may get a slight increase in SS upon her death (by taking over her SS), it will be nothing close to what she was getting, because I only get it at 75%, not her 130% level. It make much more sense for us to both take SS at the same time (we are the same age). Maybe this works different for a spousal benefit type situation, but not for 2 full wage earners.

@ApproachFinancial 4 месяца назад

Just making up numbers here, let's say your benefit at FRA is $1,000 and your spouse gets $3,000 at FRA. If you claim early, you start with $750 (or the 75% you mentioned), and we'll ignore any spousal top-off. Your spouse would eventually get $3,900 (or 130% of 3k, again sticking with your numbers here) when she claims. If she dies at age 72 (let's hope not), you would take over the *full* benefit she was receiving or entitled to. In other words, you could get $3,900+/month, and it is not reduced due to your early claiming (your 75% is history once you switch to a survivor benefit). This is just one example of why it's critical for spouses to consider what happens if one person dies early. The survivor can take over that bigger benefit. More on that topic here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-BGAzzExec4Y.html Note that this is an oversimplified example, and the details may vary based on your circumstances.

@kennethwers Год назад

Most "if not all" the SS calculators fail to consider the withdraw of assets in retirement when delaying SS.

@dmulvany 6 месяцев назад

Postponing collecting Social Security but withdrawing from retirement accounts before being required to take RMDs at age 73 or 75 generally can mean being able to use a lower ordinary income tax rate during those earlier years, depending on how much one takes out of the retirement accounts (ideally withdrawing enough to at least match the level of one’s itemized deductions). Up through 2025, one can also choose to utilize capital gains from investment accounts at a lower federal tax rate, which would incur a federal tax rate of 0 to 15% as well. (States can tax the withdrawals, too.) After collecting Social Security at age 70, then starting to take RMDs at age 73 or 75, about 85% of Social Security will be taxed at an ordinary income tax rate and 100% of the RMDs as well as any additional withdrawals from retirement accounts. The federal tax rate might be about 28% and states may tax the retirement withdrawals as well (perhaps 6 to 12%). You could end up reaping only about 60% of your retirement assets if you wait to withdraw them after you start collecting Social Security (and then have to take RMDs) since your tax rate will be higher.

@scooter5940 3 месяца назад

@@dmulvanyawful lot of speculation built into that, projecting current and future tax rates, assumptions on amount of withdrawals……

@joecocklin8596 5 месяцев назад

How accurate do you think Open Social is? I think it's an awesome tool and applaud that it's free, but just wondering if it's something to rely on.

@ApproachFinancial 5 месяцев назад

I haven't audited it, but I believe the math to be accurate, and it has a good reputation among other people I trust. That said, there could certainly be errors and other issues I'm not aware of. Most importantly, the math is only one piece of the puzzle, and it uses certain assumptions. If the assumptions (longevity, as just one example) don't apply to the user, then you want to be aware of that. That's nothing against Mike or the software-people just need to be careful about the inputs they're using. And it's also important to look at the big picture. For example, do you want to do some tax planning, possibly involving Roth conversions and/or pre-tax IRA withdrawals? If so, there are more factors to consider.

@ushanarain8252 4 месяца назад

I was married in different country for 27yrs and my marriage ended as I MIGRATED USA and have no job when this happened. Can my ex still claim my social security still .

@coastalhillbilly3419 2 месяца назад

If the stock market is down a good clip after turning 62 we will start 1 or both of our social security payments to let all of our stock holdings recover and grow

@bigkahuna3085 Год назад

Great video, still unclear on percentages, 4 years older than my wife can she claim at 62 reduced rate then claim spousal benifits at 67 (FRA) then would she get 50% of mine?

@ApproachFinancial Год назад

Thank you, and yes, it's complicated. Short answer: If she claims her own benefit at 62, she will not get 50% of your FRA amount, regardless of when she becomes eligible for the spousal benefit (while you're both still living). Even if she gets the full "spousal top-off" (or "offset"), it goes on top of her own permanently reduced benefit, so the total would end up being less than 50% of your FRA benefit (again, while you're both alive-it's a different story with survivor benefits). Playing with that OpenSocialSecurity calculator may help to illustrate the impact of different claiming ages.

@dmulvany 6 месяцев назад

@@ApproachFinancial, mySSA's calculations don't seem to agree with what you wrote here. The spousal benefit *would* augment the spouse's Social Security up to the 50% of the worker's PIA when the worker retires.

@ApproachFinancial 6 месяцев назад

What specific claiming ages and benefit amounts (at FRA) are you using, and what output are you getting?

@robindiddle9288 Год назад

My husband took his at age 67.4, which was his full retirement age. I am turning 62 in November. Does it affect my husband's amount if I take mine in November?

@freedomwillring6749 11 месяцев назад

If your husband is the higher wage earner and won't be collecting any benefits from your record, whenever you retire doesn't make a difference for your husband, only for your numbers.

@texasghost-rider 8 месяцев назад

Hi, I’m 59 yrs old and I’m getting SSDI. My wife is 61. When she turns 62, can she draw off my ss even though I’m not at retirement age but am drawing my ss disability insurance? She doesn’t have much of a work history.

@ApproachFinancial 8 месяцев назад

That's a good question, and unfortunately, not one I've worked with before. I believe it may be possible, but I am not the best person to provide guidance on the topic.

@ashwinaditi1039 10 месяцев назад

Curious, I intend retiring/working much less in 5 years and keen to know best, how people split their pay, how much of it goes into savings, spendings or investments? I earn up to $180K per year, but nothing to show for it yet

@ApproachFinancial 10 месяцев назад

That's a good question, and I'm not aware of a good rule of thumb for how much of your income should go to each category. I think you'd look at where you stand and see where you'll make the biggest impact. If you're five years out with little saved, it could make sense to prioritize saving/investments so you're better prepared for retirement. But you also need to live and have some fun, so finding the perfect balance is the challenge.

@hvacmike1175 10 месяцев назад

How does a divorce impact social security payments?

@ApproachFinancial 10 месяцев назад

Divorce can potentially affect your benefits, but it doesn't always do so. In some cases, an ex spouse can get benefits like the (ex) spousal benefit or a widow/widower benefit, so divorce doesn't necessarily derail retirement plans. But you need to meet specific criteria to get those benefits.

@thekkm123 7 месяцев назад

Based on the video - I think I know the answer, but want to double check... Both Spouses are currently 61. One spouse earns much more that the other. FRA Spouse 1 - $3000 - plans to collect SS at age 67. FRA Spouse 2 - $500 - here is the question..... --> Can Spouse 2 - collect their own SS at age 62, (about $350 at age 62), and then start collecting the full Spousal Top Off to get to $1500 at age 67?

@ApproachFinancial 6 месяцев назад

If Spouse 2 starts at 62, they will have a permanently reduced benefit, and will not end up getting 50% of Spouse 1's benefit (even with the spousal top-off). It is possible to get the full top-off, but that goes on top of a reduced base.

@ginza1422 2 месяца назад

Can someone explain the rationale of delaying claim all the way to 70. Because if you claim at 62, you will start to receive money now and have 8 years worth of moneys received ahead of age 70 (if you reach that age) even if the latter is higher monthly amount than the former…. lower_amountpermonth*12months*8years so you are way ahead than the other who delayed

@MuzixMaker 11 месяцев назад

If both spouses worked until SS age do they receive individual payments at the same rate they’d be entitled to if they were both single?

@ApproachFinancial 11 месяцев назад

It depends. If both spouses worked, it will depend on their earnings history. So, if they both have a similar history and SS benefit, they'd probably just get their own benefit. Spouse A gets $2,200/month and Spouse B gets $2,500/month, for example. In that case, it doesn't really matter if they're married or not, although it could matter if a survivor benefit would be helpful. However, the spousal benefit is more important when one of the spouses has a significantly lower benefit (half or less) than the other. So, if Spouse B's benefit was only $600/month, the spousal benefit would be more important. In that case, Spouse B could potentially get *up to* $1,100 total each month-based on Spouse A's benefit of $2,200-instead of just $600.

@MuzixMaker 11 месяцев назад

@@ApproachFinancial thanks very much for your detailed reply. Wife and myself will be getting close to the same benefit.

@freedomwillring6749 11 месяцев назад

Does a divorced spouse get 50 percent of exspouses SS payment, or will they get 50 percent of their Ex's FRA regardless of when the higher earning spouse retired?

@ApproachFinancial 11 месяцев назад

Assuming the divorced spouse is eligible for a spousal benefit, the spousal benefit amount is generally based on the other person's FRA amount. Your claiming age can affect how much you actually get, and claiming before your FRA would typically result in a reduced benefit. There are some complications here, so be sure to read through the SSA website and speak with an SSA rep and/or an expert before making any decisions.

@freedomwillring6749 11 месяцев назад

Thanks much for the info, I am the higher wage earner and I'm aware of the earlier, FRA, and later retirement factors for myself. The question I was asking about was solely pertaining to my ex spouse who is 6 years my senior. What I was confused about was that when she's at 67; I'll just be 61; but because we're divorced already for a few years; (married 20) she'll still be able to get her half of my FRA benefit at her FRA as soon as she is 67 even though I'll only be 61 years old at this time and not yet able to claim anything, but we're divorced so it doesn't matter right?

@victorviloria2119 7 месяцев назад

My wife fast away last Sept 16 ,2023 .She file her disability retirement at age of 65 ..because shes been diagnose of liver cancer..im planning to survivors bnefits this year .this april 14 .im already 62 . and i make a part time to my company ..do i qualified mdical insurance from company .pls give me an advice . b

@ApproachFinancial 6 месяцев назад

I'm sorry to hear of her passing. I'm not sure that I fully understand the situation, and I don't have deep expertise with company health coverage, so I would suggest starting with the employer's HR/Benefits department to learn more. They might direct you to the health insurance company, but hopefully somebody can answer your questions.

@johndaltroff2241 7 месяцев назад

I'm 64 and the higher earner, wife is 62, I started ss at 64, if she claims ss at her full retirement age of 67 does she get 50% of my reduced ss payment or 50% of what I would have got if I waited till my full retirement age of 66 and 10 months?

@ApproachFinancial 7 месяцев назад

The spousal top-off is based on your FRA amount (not your reduced benefit from early claiming). So, if she waits until her FRA for spousal benefits, she could get as much as 50% of your FRA amount. That said, if you were to die first, her survivor benefit could be affected by your early claiming.

@johndaltroff2241 7 месяцев назад

Thanks 👍

@elizabethandrews4199 6 месяцев назад

Can a divorced lower earner take spousal benefit at 62 and then switch to their own full benefit at 70? Does the divorced person have to wait until the higher earner is receiving their benefit?

@ApproachFinancial 5 месяцев назад

A divorced person does not need to wait for the ex-spouse to claim to begin taking spousal benefits (assuming all other eligibility requirements are satisfied-be sure to triple-check those). As far as switching, I would not count on that strategy while you are both living. Once you file, you're deemed to have filed for whatever benefit you're eligible for, especially if you're currently around age 62 or younger. That said, if the ex-spouse dies, then it may be possible to switch to a survivor benefit. Of course, I could be misunderstanding the question, and I don't know all of your details, so this could be all wrong. Please speak with SSA and an expert who is familiar with your details before making any decisions.

@ron9665 7 месяцев назад

10:48 'At most you would pay tax on 85% of your benefit...' I retire in 2034, the year in which SS is telling us that only 80% of benefits will probably be paid, so why in the heck should we have to pay tax on ANY benefits when SS is essentially already putting us in a 20% "tax bracket"?? I should be getting about $1,948 / month which barely puts my wife an I into the 12% bracket (even IF she would receive half of my SS amount). This reduction in benefits effectively puts us in what would otherwise be a tax bracket for those making roughly triple what SS will give us!! Hiding behind wording or exact terms does not change the fact that the recipients are getting the short end of the stick. What's even more damning is that this is not graduated like the tax brackets, rather it starts from dollar one AND THEN has the tax bracket piggy-backed on top of it. And, to rub salt in the wound, those of us scheduled to retire in 2034 (or later) will still be expected to pay in 100% of our contribution. Would anyone knowingly invest in a fund that promises a NEGATIVE 20% return??

@Satjr35031 5 месяцев назад

You would need to be making around $175K with SS and anything else to be close to pay a marginal tax Tate of 20%.

@thatguy8005 11 месяцев назад

Always get free money as soon as possible… the government is betting on you dying before collecting anything

@liorap5636 6 месяцев назад

Too simplistic. Many times, waiting is the best option. If a large age difference, this affects survivor benefits and disabled/underage children for a long long time.

@tonymanero5544 4 месяца назад

The government is indifferent to when you draw SS, but the general accepted breakeven age is 78-80, where waiting to 70 will result in more lifetime $.

@mitchthornton1820 4 месяца назад

Making the most money when you are aging the quickest makes no sense to me unless you are continuing to work past your FRA therefore you probably need the top income if you are working that late in life . For those who saved and SS is just one leg of the stool and you want to start enjoying your retirement at an age when you still have good health the take it as early as your financial plan will allow and start enjoying your retirement .

@lindagurnish7540 3 месяца назад

It’s not free money

@lisas9280 8 месяцев назад

I noticed the Open Social Security calculator does not add any COLA to the benefit amount. It seems like that would affect the strategy in real life or does that wash out in the math somehow?

@ApproachFinancial 8 месяцев назад

I believe you're referring to the income being shown in today's dollars. The assumption is that your Social Security income would match inflation, so you'd be able to spend at roughly the same level (in today's dollars) after adjusting for inflation. In other words, any COLAs should match inflation, so you shouldn't lose purchasing power (hopefully). In reality, the dollar amounts of both spending and income will likely increase. SS might or might not match your inflation perfectly, but that's the assumption.

@melissahickson8563 Год назад

How can I get benefits from my deceased husband who died of a terminal illness I am 56 years old and trying to get some kind of benefits I have no income

@melissahickson8563 Год назад

What kind of benefits can I claim he was my mine provider and we have no minor children I’m 56 years old living below poverty level since my husband has died of a terminal illness lived three months

@ApproachFinancial Год назад

I would start with any resources from your local Health and Human Services departments. Unfortunately, this isn't an area I have expertise in, but hopefully they can point you in the right direction. Also, eventually, you may be able to get retirement benefits from Social Security (age 60, or potentially sooner if you qualify with a disability), and Social Security pays a small death benefit, as well.

@matt75hooper 4 месяца назад

Amazing. The single most important factor in collecting Soc Sec $ early is your spouse's income. Your spouse earns more than $32K then your Soc Sec Benefit will get hammered. How in the hell do you leave out the single most important item a person has to know about filing for SS early ? How ? Outrageous.

@scooter5940 3 месяца назад

How? Because it’s $22,000, not $32,000, and regardless, your spouse’s income has nothing to do with your benefit.

@donhgr 11 месяцев назад

In my opinion this is a horrible process, how many High income folks can carry on until 70 and continue working and if you plan on stopping and living on savings or investments I’d say 80% of good investment planners will say don’t hemorrhage your savings funds instead of social security money that let’s not forget is your money that you have contributed that you will never see a 100% return on( you won’t ever get back as much as you have put in) This is just bad advice in my opinion

@donwilliams2206 11 месяцев назад

I waited to 70 years old, my 64 years old wife will most likely get it when I pass. I studied the subject for the last 12 years, came up with different scenarios as I got older. Changed my plans four times during that process and continued to work until 69. The result is is that I have had reasonable money flow through that time even though I had to pull some money out of my IRA to live on my 69th year. But now we have enough money to enjoy our lives travel help our kids and such.

@joecocklin8596 5 месяцев назад

The misconception is that the SS that you paid somehow is put in a pot for you to draw on for retirement. However, there is no pot of money. Current workers pay for current retirees. So when politicians say we're going to run out of money for SS, what they should be saying is we're running out of enough workers to pay for the number of retirees we have. So, we need more workers. Where do you think we can get more workers?