The big takeaway is that we need to be saving for our retirements and not relying exclusively on Social Security. Though in this example the monthly costs will decrease by maybe $1000 per month ($500 for groceries & restaurants, $200 Medicare Part B, $100 for copays & meds, etc). Thus that $2500 reduction is likely closer to $1500 net. At a 5% withdrawal you'll need saving of some $300,000 to cover this reduction.
If I die before my wife, she doesn’t need as much money as our combined income for herself. I don’t expect her to travel as much without me. She needs to stay home and mourn her loss. If my wife dies before me, I GUARANTEE I won’t need as much money as I need now 😂
@@phsx2890 if she claims before her FRA she gets less than half of your PIA. After FRA there is no increase if she waits for the spousal. A spouse claiming on your record has no effect on the size of your check. Your check is based on the age you claim
@@rickpaulos the family max usually applies to couples with kids. One spouse will not trigger the family max. The spouse can get no more than half of the PIA of the other spouse. Family max is usually between 150-180% of PIA.
Delaying one and starting the other can make a lot of sense. The problem is you can’t start the spousal benefit, unless that spouse has started. In today’s world most couples both have work records, so the split strategy makes a lot of sense. My wife took at 63, I’m waiting till 70. We both retired at 63.
Good points. Both my wife and myself are planning to retire soon/a little early. We will for sure not take mine until T least 67 but may take hers earlier.
The big takeaway is that we need to be saving for our retirements and not relying exclusively on Social Security. Though in this example the monthly costs will decrease by maybe $1000 per month ($500 for groceries & restaurants, $200 Medicare Part B, $100 for copays & meds, etc). Thus that $2500 reduction is likely closer to $1500 net. At a 5% withdrawal you'll need saving of some $300,000 to cover this reduction.
My wife and I haven't live together for many years. I'm 64 collect ssi and ssdi under 1000$ combined. Can i collect some on hers?
If I die before my wife, she doesn’t need as much money as our combined income for herself. I don’t expect her to travel as much without me. She needs to stay home and mourn her loss.
If my wife dies before me, I GUARANTEE I won’t need as much money as I need now 😂
😂
How long should she “mourn her loss”?
My income is ok but my spouse income is none for many years . Can she still claim for half of mine and I still get 100 percent
Yes. She gets half after you claim. Before that, she gets hers. She gets the max of yours if she claims at her FRA
@@phsx2890 if she claims before her FRA she gets less than half of your PIA. After FRA there is no increase if she waits for the spousal.
A spouse claiming on your record has no effect on the size of your check. Your check is based on the age you claim
what about the household maximum? ss increases the longer you wait but the married couple limit kicks in years before age 70
@@rickpaulos the family max usually applies to couples with kids. One spouse will not trigger the family max. The spouse can get no more than half of the PIA of the other spouse. Family max is usually between 150-180% of PIA.
Delaying one and starting the other can make a lot of sense. The problem is you can’t start the spousal benefit, unless that spouse has started. In today’s world most couples both have work records, so the split strategy makes a lot of sense.
My wife took at 63, I’m waiting till 70. We both retired at 63.
That is what we are planning. Wife collect at 62, I will wait until 65 or 67.
I thought it was half of the higher amount
The spousal benefit is 1/2 of larger ( both spouses are alive). After one dies, Survivor benefit is the single larger of the two.
OR you both earned the same amount during career, they should be equal. 1/2 of larger if one spouse made significantly less.
Good points. Both my wife and myself are planning to retire soon/a little early. We will for sure not take mine until T least 67 but may take hers earlier.