Will my husbands income affect my social security if I take it at 62?

Question

My husband has a substancial income from work,rental property,stocks...because of this will i not be able to get my social security since he has a large income...we file jointly

Answer 1

The amount of your Social Security benefits will not be reduced because of your spouse's income. Your benefits are reduced because you are beginning to receive benefits before your full retirement age. This reduction is between 20% and 25% and is a permanent reduction.

Since your spouse has substantial income, your benefits will be subject to income tax. The maximum amount of your SS benefits that are subject to tax will be 85%.

Since you have not reached full retirement age, your benefits will be reduced if you work and earn more than $12,960. This restriction will disappear when you reach full retirement age (somewhere between 65 and 66 depending on the year you were born).

Answer 2

Your social security money will be affected not your husbands. For every dollar your joint federal income tax file makes over approx. $13,000 per year the social security will do the following=For each $2 you get from Social security you need to give back $1 dollar. That goes on until you reach the year you get to your full retirement age (most likely 66 in your case) After your full retirement you get to keep 100% of your social security no matter how much your joint taxes are.

Go to the social security.com website and you can actually figure the breakpoint out. Or simplygo to your local SS office and they will assist you with the details.

Answer 3

It won't affect how much you get. What it might affect is how much of it is taxable on a joint return.