Can my wife take Social Security at 62 and then switch to spousal benefit?
Asked by: Ottis Bradtke | Last update: January 24, 2024Score: 4.6/5 (8 votes)
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.
Can a wife collect her own Social Security and then switch to spousal benefit?
Yes. If you qualify for your own retirement and spouse's benefits, we will always pay your own benefits first. If your benefit amount as a spouse is higher than your own retirement benefit, you will get a combination of the two benefits that equals the higher amount.
Does taking Social Security at 62 affect spousal benefit?
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 spousal benefits and wait until I am 67 to collect my own Social Security?
Hi. No, assuming that you were born after January 1 1954. Only people who were born prior to January 2 1954 are allowed to claim spousal benefits without also being required to claim their own benefits at the same time (https://www.ssa.gov/benefits/retirement/planner/claiming.html).
What is the Social Security spousal benefits loophole?
The Restricted Application Loophole
One Social Security loophole allowed married individuals to begin receiving a spousal benefit at full retirement age, while letting their own retirement benefit grow.
Social Security at 62 & Take Spousal Benefit Later
When can my wife start collecting spousal benefits?
If you are receiving retirement or disability benefits, your spouse may be eligible for spouse benefits if they are: At least age 62. Any age and caring for a child who is under age 16 or who has a disability that began before age 22.
How do I get the $16728 Social Security bonus?
To acquire the full amount, you need to maximize your working life and begin collecting your check until age 70. Another way to maximize your check is by asking for a raise every two or three years. Moving companies throughout your career is another way to prove your worth, and generate more money.
What is the 10 year marriage rule for Social Security?
Key Takeaways. A divorced spouse may be eligible to collect Social Security benefits based on the former spouse's work record. The marriage must have lasted for at least 10 years and the divorced spouse must be at least 62 years old.
What is the best Social Security strategy for married couples?
The longer the spouse with the higher benefit waits to start collecting, the higher benefits will be for both spouses. Delaying the higher earning spouse's benefits could also eventually increase the other spouse's survivors benefits.
Can I get my Social Security and spousal Social Security?
You are eligible for benefits both as a retired worker and as a spouse (or divorced spouse) in the first month you want your benefits to begin and. You are not yet full retirement age, you must apply for both benefits (known as deemed filing). You will receive the higher of the two benefits.
Can I file at 62 and switch to spousal benefits later?
Under this provision, you don't have a choice whether to wait and switch. When you apply for your retirement benefit, you're also automatically deemed to be applying for spousal benefits, if you're entitled to them.
Does taking my Social Security early decrease my spouse survivor benefit?
Now, to answer your question: If you claim your Social Security retirement benefits early, this will not affect your wife's dependents benefits, which are also called spousal retirement benefits.
What is average Social Security payment at 62?
62 Years Old
If people born after 1960 claim their benefits the month they turn 62, they'll get only 70% of what they would have received had they waited until the full retirement age of 67. The average monthly payment of $1,782 drops by 30% during the first month of eligibility to $1,247.40.
What is the Social Security 5 year rule?
The Five-Year Rule is important to consider when saving for retirement. If you anticipate needing Social Security in the future, you must have five years of covered earnings to maximize the amount of money you receive.
Can I switch from my Social Security to my ex husband's Social Security?
Yes. You are eligible to collect spousal benefits on a living former wife's or husband's earnings record as long as: The marriage lasted at least 10 years. You have not remarried.
How do I switch from my husband's Social Security to my own?
You can file the application with a Social Security representative, either by telephone at 800-772-1213 or at your local Social Security office.
What is the maximum Social Security benefit for a married couple in 2023?
The maximum monthly Social Security retirement benefit for a married couple in 2023 is $9,110 if each spouse waits until age 70 to receive benefits and paid the maximum Social Security tax over 35 years of earnings. Typically, the couple must be married at least a year.
What is the maximum amount of Social Security a married couple can receive?
The Bottom Line
The maximum monthly Social Security benefit of $4,555 is only available to high earners who wait to claim their benefits until the age of 70. The maximum benefit a married couple could collect would be twice that—$9,110—and require both of them to earn $160,200 or more over 35 years of work.
What is the average Social Security income for a married couple?
How Much Do Married Couples Get On Average from Social Security Alone? As of 2022, the average monthly benefit amount from Social Security for couples was $2,739.10. That works out to about $32,868 in annual income. Of course, the income that you can expect to receive depends a lot on your circumstances.
At what age can a wife take half of her husband's Social Security?
Even if they have never worked under Social Security, your spouse may be eligible for benefits if they are at least 62 years of age and you are receiving retirement or disability benefits.
Will I lose my ex husband's Social Security if I remarry?
If you began drawing such ex-spousal benefits when you were single but then remarry, those payments will be terminated (except as noted below).
Can a divorced woman get part of her ex husband's Social Security?
you're eligible for some of your ex's Social Security
wives and widows. That means most divorced women collect their own Social Security while the ex is alive, but can apply for higher widow's rates when he dies.
How do I get the $16000 Social Security bonus?
- Option 1: Increase Your Earnings.
- Option 2: Wait Until Age 70 to Claim Social Security Benefits.
- Option 3: Be Strategic With Spousal Benefits.
- Option 4: Make the Most of COLA Increases.
Does money in the bank affect Social Security retirement benefits?
Social Security does not count pension payments, annuities, or the interest or dividends from your savings and investments as earnings. They do not lower your Social Security retirement benefits.
Is it worth taking Social Security at 62?
If you claim Social Security at age 62, rather than wait until your full retirement age (FRA), you can expect a 30% reduction in monthly benefits. For every year you delay claiming Social Security past your FRA up to age 70, you get an 8% increase in your benefit.