When Should My Wife Claim Social Security Benefits?
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Dear Rusty: I turned 64 in July and my wife turned 62 in August. My wife has not worked for approximately 15 years but does qualify for Social Security on her prior work record. My wife is having some physical issues and would like to not return to work. Since she is eligible to collect Social Security, that would be an option to provide additional income, so she doesn’t have to work. My question is how would it affect her future SS spousal benefits based on my record if she begins collecting her own benefit now? I plan to work until at least my full retirement age (67), and maybe longer, but plan to start collecting SS at 67 even I continue working. Signed: Working Husband
Rusty’s answer in brief
She can claim her own reduced benefit at 62 for the extra income, but it will be about 70% of her full-retirement-age amount, and that cut carries into her later spouse benefit. When her husband claims at 67, her spousal “boost” will also be reduced, because she will still be short of her own full retirement age. Her total would end up around 42% of his full benefit instead of 50%.
Only waiting until her own full retirement age gets her the full 50%. Still, if her health makes early income the better choice, claiming at 62 can make sense, since financial need comes before waiting for a bigger check.
This recording presents the viewpoints of the AMAC Foundation’s Social Security Advisory Staff, trained and accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). NSSA and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government. To request additional information, contact our Advisory Staff at 888-750-2622, or email us at SSAdvisor@AmacFoundation.org.