My friend is 61 and mostly retired. He was debating about starting to collect Social Security early at age 62. I know the benefits are less but I heard that they will be recalculated when his wife retires. She earns as much now as he ever did. How does this work?
2007-12-15 10:45:45 · 9 answers · asked by Menehune 7 in Society & Culture ➔ Cultures & Groups ➔ Senior Citizens
my husband and I both get our full benefits..his is a tad more than mine as I worked 1/2 time, but made almost the same amount of money as he did full time..we elected to take S.S. @ 62 as it was only about $100 less than if we waited 3 more years and it would take us 10 or so years to make up the difference..S.S. pays one of two ways..the lower paid person gets their own S.S. or 1/2 of the higher paid spouses S.S. which ever one is greater.
2007-12-15 19:18:21 · answer #1 · answered by jst4pat 6 · 1⤊ 0⤋
Ok, here's the way it goes (as well as
I can remember it...I haven't hit the wine yet either.)
Your friend can register to receive
Soc.Sec. benefits when he's 62. I personally don't think he should wait.
We assume his wife is still working.
As long as she is, she is still paying
into the Social Security unti she retires
and also signs up for S.S.
At that time, If Mr. is still alive, the
SS dept. will do an accounting of BOTH SS accounts. Whichever one
will pay the most money for the
longest time will be used.
It will probably be the wife's. But then
the husband will not receive the full
payment that he now receives.
In most states, the spouse with the
lesser benefit will either lose his
payment or it will be reduced.
SS will not pay full payments to both
husband and wife. (Our government
at work.) even tho both paid into the
system for probably 40 years each,
they will be penalized for being married. Of course they could get a
divorce and live together. then they
would both get FULL BENEFITS.
2007-12-15 15:27:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I think you have very good advice here already so I won't go there except to say that when you are retired the amount of money you are allowed to make is based on how much you have coming in so you might want to check on that, maybe that has changed. I know for the disabled one used to get medicare right away but now they make them wait 2 years!! THIS IS ATROCIOUS! This is new, so things change frequently. Also my son did an internship in DC under a congressman, and there is a plan to dissolve SS, for those 55 and younger, so I say take it now and get as much as you can because, really the way the govt is working these days in the US, I wouldn't be surprised if they take it away altogether! So do it now and enjoy it while you can...you earned it.
2007-12-15 11:16:03 · answer #3 · answered by Meeshmai 4 · 1⤊ 0⤋
They always take the highest earned amount. It can work against you if you're divorced, but if the person is still married when they retire-it'll be good for them. A lot of it depends on how long they worked and what their salaries are. If there's anything that Social Security likes to do it's confuse the issue. Tell your friend to ask for a private consultation with a Social Security Worker. It may take a while, but it will be worth it in the long run.
2007-12-15 10:56:46 · answer #4 · answered by phlada64 6 · 4⤊ 0⤋
I too, retired at 62. I was going to wait but the lady from
Social Security did all of the calculations for me and showed me that it would all pretty much even out in the long run. I, took this info to my daughter, an accountant, and we decided that the lady was correct. I would suggest you give him our info and have him contact his closest Social Security office by making an appointment by telephone. Good luck.
2007-12-15 11:02:00 · answer #5 · answered by Eve 5 · 3⤊ 0⤋
yes he should unless everyone in his family has lived passed 88 -- that is the latest age that you break even if you wait untill you can take full retirement -- when his wife retires the ss will reevaluate and he may make more when he starts filing against his wife!!! either way he should take the early retirment == if he wants to keep working he can earn 13560 or is it 15340 before they start charging him 1 dollar for ever 2 dollar he makes -- see i only answer questions on finance before i hit the wine and then you will find me in seniors == but all the above is true except if am sure about the dollar figure!!!
2007-12-15 10:54:57 · answer #6 · answered by Anonymous · 5⤊ 0⤋
Of husbands and wives, only one will be allowed to claim social security benefits so maybe She will end up getting the largest S.S. allotment if her earnings eventually exceed what his did at retirement. Another angle is for them to divorce and claim both allotments.
2007-12-15 10:57:11 · answer #7 · answered by ? 7 · 1⤊ 2⤋
does anyone know if you can retire at 61 and where do you find the answer to this question
2016-04-23 07:56:29 · answer #8 · answered by kathleen s 1 · 0⤊ 0⤋
Thanks for the question star for you....
Learn something new everyday...
2007-12-15 11:20:15 · answer #9 · answered by abuelamah 6 · 1⤊ 0⤋