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When did you/do you plan to take SS?
- Thread starter Hayata
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I'm not sure it works that way....when you die she will be eligible for yours, if it's a higher rate, BUT they don't just give her 1/2 of yours.....I may be incorrect, however I've known a few that have "upgraded" when the other spouse passed....provided they(the spouse) were receiving a greater amount...you should check on that
Check out this 10-minute video from SS Guru Devin Carroll regarding spousal SS benefits. If she is drawing a spousal payment from you which is added to hers, what she receives through spousal payments will be 50% of what you receive. If you predecease her, she can stop taking hers (with spousal payments) and take yours as survivor payments.
I retired from the Army when I was 45 then went to work for the Post Office. I retired from the PO in Oct 2013 and took SS when I turned 62, in Dec 2013. I figured SS would go broke and I want to get all I could out of them before it happened.
50% would be the max. It is a more complicated formula and it depends on when the spouse started receiving payments if before FRA (with no qualifying child).
Use the Social Security website via the link below to calculate spousal benefits...
Edited to show an example of the impact of early retirement by a spouse. If the spouse retires 48 months before FRA, the benefit is only 35%.
I retired at 52. Am 66 now and not drawing it. Wife is 3 yrs younger. I do have a pension that ends when I do. Plan for wife to start hers and draw mine if I die before her. It will be the larger of the 2
I began drawing SS at 62 after I mapped out drawing at age 62 vs. my full retirement age vs. age 70. The total amount received in each instance equaled out at age 78, which is the average life expectancy. Since SS was never part of my retirement planning I looked at it from a total amount retrieved standpoint rather than a cash flow perspective. If I make it past 78 then I guess that was the wrong move.
This may be irrational, but I view it as my money (and my employer's matching contribution) the government took and I want it back ASAP.
This may be irrational, but I view it as my money (and my employer's matching contribution) the government took and I want it back ASAP.
Yall enjoy using my money for your retirement. Lord knows I'll never see any of it.
Thankfully I have a pension and a 401k.
Thankfully I have a pension and a 401k.
There will always be Social Security. They will just print more money. Proven Fact
That begs the question. Why do we have to keep paying then...
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