Ask Bob: How Do I Get the Most From Social Security Spousal Benefits?
Question: I am 64 and started collecting a Social Security benefit of $1,000 a month at age 62. My wife will be 66 in three years and will be collecting around $2,600 a month. At that time, will I be able to file for an amount of Social Security that will equal to half her benefit, thus raising my $1,000 to $1,300?
Answer: Since you will be at or above your full retirement age of 66 when your wife starts collecting, this will maximize your spousal benefit, said Rick Fingerman, managing partner and co-founder of Financial Planning Solutions.
"Technically, Social Security doesn't give you your benefit or a spousal benefit but rather a combination of the two," he said. Instead, you would first receive your benefit of $1,000 and then get the difference of half your wife's benefit ($1,300 in this case) and your full retirement age benefit (what you would have received if you waited to take yours at 66). You will need to file an application to receive a spousal benefit. Call (800) 772-1213 for more information.
"If you happen to outlive your spouse, your Social Security benefit would then be 100% of your wife's benefit," Fingerman said.
Read more from the Social Security Administration about spousal benefits.
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. Kim McSheridan assisted with this report.
Question: I am 64 and started collecting a Social Security benefit of $1,000 a month at age 62. My wife will be 66 in three years and will be collecting around $2,600 a month. At that time, will I be able to file for an amount of Social Security that will equal to half her benefit, thus raising my $1,000 to $1,300?Subscribe for full article
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