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Spousal Benefits

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Manage episode 215850159 series 1211276
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From the email bag this week, we have a question regarding spousal benefits:

“My year of birth is 1953. My wife’s is 1956. I want to file for my spousal benefit on her next year when I turn 66. She will claim her main personal benefit next year when she turns 63. As I understand it, I can file for my spousal benefit on her and begin to collect 50% of her FRA number while letting my own personal benefit grow for 4 years until I’m 70. Is this correct thinking?”

I can answer this in a few bullet points:

Spousal Benefits

Remember you can only file for spousal benefits if you are at least 62 and your spouse is collecting their own retirement benefit. Rules are relaxed in the case of divorce. Because you will meet these requirements you will be able to file for a spousal benefit after she files for her own next year.

Restricted Application

In order to file for a spousal benefit ALONE and let your own benefit lay dormant and grow due to delayed retirement credits you must be allowed to file a restricted application. Under current law you are only allowed to file a restricted application if you are over your FRA and if you were age 62 by January 1, 2016 (born before January 2, 1954). Next year you will turn 66, your full retirement age, and you make the cutoff for filing a restricted application. Therefore you will be allowed to claim a spousal benefit alone as long as you wait to your FRA month to collect benefits.

50% of PIA

A full spousal benefit is equal to 50% of the PIA (FRA benefit) of the person on whose record you are claiming. This can be reduced if you (not your spouse) are below your FRA and by the earnings test, which only applies before your FRA. Since you are waiting to your FRA to claim the spousal benefit, you will be entitled to receive 50% of your spouse’s PIA, even though she is claiming her benefit early. Her benefit will be reduced due to early filing, but yours will not since you are not filing early.

Thanks for the great question. Hope this helps!

For more information on this topic, please use the play button below.

The post Spousal Benefits appeared first on Help with My Social Security.com.

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100 episodes

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Spousal Benefits

Help with My Social Security.com

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Archived series ("Inactive feed" status)

When? This feed was archived on July 09, 2020 13:09 (4+ y ago). Last successful fetch was on April 26, 2020 12:28 (4+ y ago)

Why? Inactive feed status. Our servers were unable to retrieve a valid podcast feed for a sustained period.

What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.

Manage episode 215850159 series 1211276
Content provided by Help with My Social Security.com. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Help with My Social Security.com or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

From the email bag this week, we have a question regarding spousal benefits:

“My year of birth is 1953. My wife’s is 1956. I want to file for my spousal benefit on her next year when I turn 66. She will claim her main personal benefit next year when she turns 63. As I understand it, I can file for my spousal benefit on her and begin to collect 50% of her FRA number while letting my own personal benefit grow for 4 years until I’m 70. Is this correct thinking?”

I can answer this in a few bullet points:

Spousal Benefits

Remember you can only file for spousal benefits if you are at least 62 and your spouse is collecting their own retirement benefit. Rules are relaxed in the case of divorce. Because you will meet these requirements you will be able to file for a spousal benefit after she files for her own next year.

Restricted Application

In order to file for a spousal benefit ALONE and let your own benefit lay dormant and grow due to delayed retirement credits you must be allowed to file a restricted application. Under current law you are only allowed to file a restricted application if you are over your FRA and if you were age 62 by January 1, 2016 (born before January 2, 1954). Next year you will turn 66, your full retirement age, and you make the cutoff for filing a restricted application. Therefore you will be allowed to claim a spousal benefit alone as long as you wait to your FRA month to collect benefits.

50% of PIA

A full spousal benefit is equal to 50% of the PIA (FRA benefit) of the person on whose record you are claiming. This can be reduced if you (not your spouse) are below your FRA and by the earnings test, which only applies before your FRA. Since you are waiting to your FRA to claim the spousal benefit, you will be entitled to receive 50% of your spouse’s PIA, even though she is claiming her benefit early. Her benefit will be reduced due to early filing, but yours will not since you are not filing early.

Thanks for the great question. Hope this helps!

For more information on this topic, please use the play button below.

The post Spousal Benefits appeared first on Help with My Social Security.com.

  continue reading

100 episodes

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