Choice to receive both my and my spouses Social Security
I am a 60 six-year-old male with Parkinson’s disease. That has put us in a financial hardship situation. I am still working and my wife is still working and we are presently receiving my Social Security, which is far more than my wife will ever receive because her income was much less my question is should we go ahead and start receiving my wife’s Social Security to supplement our income while she continues to work as a teacher and she’ll have a pension when she retires because that second Social Security check would help with our present short fall on income. My question is is there any reason not to go ahead and collect her Social Security scene as if I were to die she will only collect my Social Security. I feel like we should get some benefit of what she’s already paid into. The difference is my Social Security payment is $2300 a month and her Social Security payment will be $1300 a month.
Terry Says
Whew, let me see if I get that straight. First, you never told me how old your wife is! If she is at Full Retirement Age, she can collect. BUT, if she collects BEFORE her full retirement age (close to 67) and continues to work, she will lose $1 for every $2 she earns above $24,480 in 2026. And she will permanently reduce HER benefit (which she will continue to get while you are alive, assuming it is more than half of yours).
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