Saturday, April 11, 2015

The ins and outs of MY Social Security

At 57, it seems an eternity until Social Security.
It isn't.
The reality comes to light with my husband turning 65 this year.
In order to afford the added costs of Medicare
He has decided to take his Social Security.

What does that mean to me?
A woman who has worked does not have the opportunity
from what I can tell
to take spousal Social Security
and
delay her own.
So, I will be taking my Social Security at full retirement
and then if my husband passes
I will get his Social Security
which will be a bit smaller than normal
because he took his " early".

What does that mean?
If I was allowed to take spousal Social Security
I could wait and take my full Social Security at 70.
My payments would be larger then either of our payments
I would stick with mine- even after he passes.
AND
if I take mine early
my part of his social security will be reduced by that much
when he passes.

Gosh the rules are all messed up!


10 comments:

Bonnie said...

Please check this out, I understood that even if you worked, you can take spousal social security and defer your own until your 70. I've followed the articles this economics professor has written on the subject and bought the program to be sure I was maximizing my ss. https://www.maximizemysocialsecurity.com/

Bonnie said...

Here's an article with answers to several scenarios about spousal ss

http://www.pbs.org/newshour/making-sense/social-security-secrets-you-ne/

Janette said...

Interesting. I just read the actual Social Security site yesterday and they state the opposite. Thanks for the further information. It makes much more sense to be able to file for his first!

Bonnie said...

The rule is you can receive 1/2 of his full retirement benefit at YOUR full retirement age (66) and defer your own benefit until 70.

If you want to take benefits before your full retirement age (say, when your 62) then I'd recommend using the calculator to see the best scenario for you both.

Tom Sightings said...

The SS rules are too ridiculously complicated ... but my med. insurance went DOWN when I got on Medicare.

Janette said...

Sounds like I will file for my 1/2 when I turn 66 and the rest when I turn 70! My mom hits 85 this year- so it is worth the wait!

Jason Hayes said...

Being a younger reader who is reading this I am much more inclined to work on my personal retirement rather than having to count on social security. There seems to be so many different things that you have to look into in order to make social security really work. I would rather just rely on my own retirement.

Jason Hayes @ DECORM

Tyron Tanaka said...

Social security has always worried me a little, so I spend a lot of time reading and preparing for the future. It's good to see that I'm not the only one and that other's are also doing everything they can to understand the ins and outs. This helped me understand a few more of my and my spouses options, since we're also several years apart in age.

Tyron Tanaka @ Low And Canata

Modesto Culbertson said...

I for one don’t plan on waiting to take my social security. I am about to turn 62, and I plan to take it early. We need the income now and my wife agrees with my decision. She plans to wait until she turns 70 so that her check can be a bit larger, so I hope that info is correct.

Modesto Culbertson @ DZ Law Group

Janette said...

My understanding is that it is a good decision if she made at least as much money then you if not more. If she made less, and will most likely outlive you, you might want to wait if at all possible. If she is planning on filing against your SS- then she will get the lesser amount- no matter how old she is when she files. If you pass, she will, again, get the lesser amount.
From what I understand the SS people are really good and willing to work things through with you. I would sit with them and do the math.