Can I Draw Off My Dead Husbands Social Security If I Am Not 65?
Ask Larry: Will Early Social Security Retirement Benefits Reduce My Spousal Rate Afterwards?
Ask Larry
Today'south Social Security column addresses questions virtually how taking early on retirement benefits can bear upon later spousal benefits, furnishings of the January 2022 COLA on benefits taken later and whether retirement benefits at 70 are required. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economical Security Planning, Inc.
See more Ask Larry answers here .
Have Social Security questions of your own you lot'd like answered? Ask Larry about Social Security here .
Will Early Social Security Retirement Benefits Reduce My Spousal Charge per unit Later?
Hello Larry, I was born in 1956 and worked enough years to describe some Social Security retirement benefits. My spouse was born in 1954 and will be waiting until lxx to starting time collecting retirement benefits. If I commencement to draw my own benefit at present, will it affect the corporeality of my spousal benefit when I switch since that amount volition exist larger than my retirement benefit? Thanks, Daniel
Hi Daniel, Yes. Showtime, you can't actually switch from cartoon your own benefits to drawing but spousal benefits. You can still file for your retirement benefits first and so potentially qualify for an excess spousal benefit when your spouse starts cartoon retirement benefits.
Merely if you start drawing your retirement benefits before full retirement age (FRA), you'll exist stuck with the resulting age reduction in your do good rate even if you lot later qualify for an excess spousal benefit.
For example, say Amy files for her retirement benefits this year at 65. Amy'due south primary insurance amount (PIA), or full retirement age rate, would be $800, only Amy'southward rate is reduced for historic period to $728. Several years later when Amy is over FRA, her married man applies for his retirement benefits. Amy's hubby's PIA is $2,000, so Amy's unreduced excess spousal charge per unit is calculated by subtracting her PIA from 50% of her hubby'south PIA. In Amy's example, that amounts to $200, i.e. $2000 / 2 – $800. That amount would and then be paid in improver to Amy'south ain reduced rate of $728 to give her a combined rate of $928.
You may want to consider using my company'due south software — Maximize My Social Security or MaxiFi Planner — to ensure your household receives the highest lifetime benefits. Social Security calculators provided by other companies or not-profits may provide proper suggestions if they were congenital with extreme intendance. All-time, Larry
How Will The January 2022 Cost Of Living Adjustment Affect Me?
Hi Larry, How will the 2022 Social Security cost of living adjustment bear on me? I will be 65 in this twelvemonth and I'm still working and not collecting benefits. Thanks, Susan
Hello Susan, All Social Security cost of living (COLA) increases that occur after a person turns 62 are added to a their Social Security retirement benefit rate whether or non they are drawing benefits. So the curt answer is that you'll be credited with the COLA increment even though yous delayed drawing your benefits. Best, Larry
Must I Accept The College Benefit From My Ain Earnings When I Accomplish 70?
Hi Larry, I'k receiving a widow's benefit and my retirement benefit at seventy will be larger than my widow's benefit. Do I demand to switch to my college retirement benefit at seventy? Thanks, Kay
How-do-you-do Kay, I don't know anything almost your specific benefit options just if yous're collecting survivor benefits, there's no requirement that you ever must apply for your own retirement benefits.
Nevertheless, if your ain Social Security retirement benefit rate will be higher than your survivor rate when you accomplish seventy, I can't imagine what reason you lot'd have for not challenge the higher benefit. Delayed retirement credits (DRC) can't be accumulated starting with the month you reach 70, and then waiting past then to claim your own Social Security retirement benefits would not increase your benefit charge per unit. Best, Larry
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Source: https://www.forbes.com/sites/kotlikoff/2022/03/20/ask-larry-will-early-social-security-retirement-benefits-reduce-my-spousal-rate-later/
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