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Does automatically switch when the spouse files at age 70?
Okay if let's say the husband is getting $2000 a month and the wife is getting spousal benefit of $1000 a month and then a little later the husband dies. Does the wife continue to get the spousal benefit of $1000 for the rest of her life?
Off topic, I know, but I just got my SS letter today with the new increased amt. The Medicare premium went up to $170.10. Is that what most other people are seeing?
My wife filed early at 62. Her PIA was $889 and her benefit at age 62 was $612 or $277 lees than her PIA. My PIA is $2531, so my wife's full spousal benefit is 1/2 of my PIA or $1265, but she won't qualify for this full amount since she started her benefit early. Her reduced spousal benefit will be the full spousal benefit $1265 minus the same $277 reduction for taking her own benefit early. So her reduced spousal benefit will be $988 when I file at full retirement age or later. She will see a monthly benefit increase of $376 when she starts getting the spousal benefit which will be about a 61% increase for her.
I had trouble figuring out the answer to this specific question: my wife filed and started collecting her own SS benefit at 62. I am the higher-earning spouse and will start collecting at 70. When I start collecting at 70 and she is switched from her own benefit to spousal benefit, will her total SS be 50% of my PIA or less than that because she claimed her own benefit at age 62? From the SS website: "If you turn 62 on or after January 2, 2016: Deemed filing applies at age 62 and extends to full retirement and beyond. Deemed filing means that when you file for either your retirement OR your spouses' benefit, YOU ARE REQUIRED OR "DEEMED" TO FILE FOR THE OTHER BENEFIT AS WELL". So that appears to indicate that whatever percentage reduction was applied to when my wife filed for her own benefit at age 62, that SAME percentage reduction will be applied to her spousal benefit whenever it is claimed. The percentage will be applied to the max 50% spousal benefit (it will always be reduced to less than 50%).
What does restricted application mean i born 1953
Is there any harm in the lower earning spouse drawing their own Social Security at 62? Will this cause them to get less than 50% of their spouses amount later? Or, should they wait to their full retirement age?