Social Security
My husband and I are planning on starting collecting social security next year when we both turn 65 (yes, I realize we won’t get full benefits yet). I turn 65 in January, and he turns 65 in April. In order to receive spousal benefits for me, should I wait until he files for benefits first? And then I file after him? Or can I file for benefits in January, and then when he files re-file for the spousal benefits for me? We will both be filing for Medicare during this time as well (after Oct 1 for me and after Jan 1 for him).
Terry Says
First, please DONT collect Social Security early! It permanently reduces your base benefit –and upon that base benefit they will apply annual cost of living increases. You lose 8% every year you file early, before full retirement age. I URGE you to use savings, or part time jobs, to fill the gap and WAIT until your full retirement age at 67! Years down the line you’ll be glad you did.
Second, each of you has your own benefit. Each is calculated separately. Since he is alive, if you took HIS benefits, you’d only get half of his benefit. (You get his full benefit if he dies, and it is larger than yours.)
Your question reveals a lot of misinformation about how SS works! And you’re on the road to making a lifetime mistake. But if you want to go ahead on this route, at least go to MaximizeMySocialSecurity.com and find out what each of your benefits will be at this age.
