Ask Terry Questions social security

social security

By Terry Savage on May 05, 2021 | Financial Planning / Retirement

HI, I will take my social security at 70. It will be about 4200/month. My wife is 6 years younger. In Janurary she will be 62 . Her fra benefit is 1300/month. At 62 she would get about 840. Our thoughts. She takes it at 62. Then when she hit’s 67 (FRA) she applies for spousal benefits. My question is would she be penalized and spousal benefits reduced because she took hers early. My FRA benefit is about 3200 so when she is 67 she would get around 1600/month. Also if she works and makes about 30k a year I know some of her benefits will be delayed, but how do they pay it back. thanks for all you do. ps this is VERY confusing.

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