If your full retirement age is 66 and you begin to receive spousal benefits at age 62, you will receive 30% of your spouse’s monthly benefit. If you claim spousal benefits at age 65, you will receive slightly less than 50% of your spouse’s monthly benefit, depending on the exact month you start collecting payments.
A spouse can choose to retire as early as age 62, but doing so may result in a benefit as little as 32.5 percent of the worker’s primary insurance amount. A spousal benefit is reduced 25/36 of one percent for each month before normal retirement age, up to 36 months.
Can a wife draw her own retirement benefits at 62?
Thanks, Hal. Hi Hal, Your wife cannot start drawing her own retirement benefits at 62 and later switch to a spousal benefit equal to 50% of your benefit amount when you start drawing your benefits …
Can a wife file for Social Security at 62?
Hi Larry, My wife will turn 62 in a few months. She spent most of her adult years raising a family but did work sufficiently to be eligible for a Social Security retirement benefit. I am planning on waiting until 70 to begin to receive my Social Security retirement benefit and she’ll then file for her spousal benefit based on my record.
What happens to your Social Security benefits when you turn 62?
If you claim Social Security at age 62, rather than waiting until your full retirement age (FRA), you can expect up to a 30% reduction in monthly benefits. For every year you delay past your FRA up to age 70, you get an 8% increase in your benefit.
Is there a social security calculator for married couples?
Online Social Security calculators will do the number crunching for you and your spouse and show you which claiming strategy will result in the greatest lifetime benefits for a married couple. Social Security Administration (SSA). ” Your Options: Working, Applying for Retirement Benefits, or Both?
