Probably the best video I have seen on Social Security on the Internet. Some are either too detailed and take too long to explain all this stuff or don’t go over the necessary information. This video with the examples covered every single scenario for couples taking Social Security. it’s short and sweet and beautiful. Great job.
Thank you for this ... your last example, John receiving benefits early, I didn't realize Jane (being FRA) could receive 50% of John's FRA benefit -- I assumed she would receive on 50% of John's reduced benefit. In my case, as the higher earner and younger age, I plan to take SS at 62 at which my wife will be 68 ... so as I understand, she will receive 50% of my FRA benefit. This is new to me -- thanks again!
I think it would be different for my wife. She still works full time as a nurse. But with that being said she worked 23 years for the state as a nurse. In 2012 the state sold the hospital so she no longer worked as a state employee. She gets a monthly check from the state for $1,800. It would have been more but she had the option of choosing less. The reason she took less is if she dies first I get it until I die, and when we are both gone our youngest son who will turning 18 soon gets it until he dies. But I think that check from the state would effect what a person would get from social security. Not exactly sure how it works. Awesome Video!
Interesting. There are some implications around how Social Security tax was withheld (or not withheld) as a state employee. A lot of states around us do not withhold social security taxes from paychecks, which will reduce social security benefits. Would need to look into the details a little more to see how that $1,800 would potentially affect her Social Security amounts. Always appreciate you and your insights!
Great video! A common scenario that was not presented where the higher PIA spouse is older than the younger spouse (retiring before FRA). Question: if Mary (PIA of $1,000) retires at 62 (before John), she would get only 70% of her PIA. Then John (PIA of $2,000) retires at 67, he would get 100% of his PIA. Should Mary request spousal benefit at the time of John's retirement (she would be 65) or would she be allowed to wait and request spousal benefit when she turns 67 to maximize their earnings? Does she have a choice?
Thank You again. I watched one of your other videos and liked and subscribed already and then found this video. I have wondered for years about what you covered here and other videos on UA-cam have not been able to answer. THANKS ! … what concerned me was my Wife has been on SSDI for years and she is also 6 years younger. I stayed working pass my FRA of 66 and will do so until next year when I turn 70. I always wondered when I retire if she would get 1/2 of my amount and according to this video it would be 1/2 of what I would have got at 66 years old. But because of COLA amounts over the years her SS is now already over what I would have got at 66 years old. So she will just keep taking hers. I do have a good question for you to May be do in a future video. I am under the impression that when she turns 67 ( her full retirement age ) her SSDI will turn into regular SS and not considered to be called SSDI ?
I'm a bit confused. OK. A LOT confused! My husband of 40something years started getting SSDI pre retirement age due to 2 failed back surgeries (we are both currently 63...born in 1960) I took my SS at age 62 as I am getting under $300. I was mostly a stay at home mom with junk jobs prior. Are you saying that I can, instead of getting my small 200 something amount, get aprox 80% of my husbands 2200something that he currently gets since we didn't wait until full retirement?
Hi, i need some advice on what to do. i've been with my partner now for 27 years. we dated for 7, married for 4 and after 6 months of divorce got back together and now just living as domestic partner. while its easier to call eachother husband and wife. its sad to know if something happens i wont get his social security. which makes me sad because thats the difference between living in a van to being able to afford an apartment. i don't know what to do
Great question. No. John's PIA is not affected by Jane's. Same if they get divorced. John would not need to approve or deny Jane taking a spousal. John would never see it or know she was.
Hello! My husband began receiving his benefit of $1685 at age 62 (he is now 64). I am considering taking my $2065 Social Security benefit at age 64. Will his benefit affect my benefit? Will I get the $640 that is a percentage of his or my $2065? Thank you. Appreciate your video!
My spouse claimed early Personal SS benefits at 62. I plan to claim my SS when I am 67 and she turns 70. Will she be eligible for the full 50% spousal benefit since she took her personal benefit early?
I would like an example of earlier claims of benefits. Both spouses same age and looking to get dollars quicker. What would be the strategy. I do have a side comment as to why a spouse would get special dollars because they are married. No wonder why the system is broken when we give dollars to people that have not earned it!
To the first point - Our advisors are always happy to look at your individual scenario if you'd like to see breakeven points for your specific situation. Never costs anything. Feel free to shoot me an email with your zip code to erik@90daysfromretirement.com and I can make an introduction. To the second point - on thought process as to why a spouse would get dollars is that, in many instances, the higher earning spouse is able to dedicate more time to a career than the other spouse. Maybe the other spouse is a stay at home mother/father or disabled or any number of other scenarios. As an example, a couple has the breadwinner while the other spouse stays at home for 30 years and a divorce happens, it would also seem unfair to have the non-working spouse dedicate his or her life to supporting the working spouse only to be left with essentially nothing in the way of Social Security. Is it perfect? No. Not at all. But the spousal benefit is at least something for those who weren't able to work for lots of reasons. Appreciate you watching and taking the time to comment!
Question please. If my wife started collecting SS at 65 (her FRA is 67), but I will not collect until my FRA of 67, is there any way for her to receive 1/2 of mine (rather than the 86.7% in your chart)? Would she be able to repay her SS benefits from age 65 to 67 and then collect 1/2 of mine?
If she gets half his benefit you’re saying that his benefit reduces by half? Is she literally getting half of his check or does he get his full amount and she gets a check equal to half that amount? Please clarify yourself ,, meaning make it clear please
We explain what it is the 0:35 mark. Stands for Primary Insurance Amount, but that is more confusing to most people than how we describe it at 35 seconds in. Hope that helps.
Regarding video: Smart Strategies for Couples: Boost Your Social Security Benefits! | Living Spousal Strategies Both spouses 62 Lower earner begins receiving their benefit. At age 67 higher earner begins receiving their benefit. Lower earner switches to spousal support. Question: is lower earner spousal support 50% of higher earners PIA? or is lower earner's spousal support reduced because they started receiving social security earlier? thanks
Probably the best video I have seen on Social Security on the Internet. Some are either too detailed and take too long to explain all this stuff or don’t go over the necessary information. This video with the examples covered every single scenario for couples taking Social Security. it’s short and sweet and beautiful. Great job.
Appreciate you saying this. Thank you! 🙏
Thank you for this ... your last example, John receiving benefits early, I didn't realize Jane (being FRA) could receive 50% of John's FRA benefit -- I assumed she would receive on 50% of John's reduced benefit. In my case, as the higher earner and younger age, I plan to take SS at 62 at which my wife will be 68 ... so as I understand, she will receive 50% of my FRA benefit. This is new to me -- thanks again!
It's a great benefit, right?!
Social Security is the base for all retirement planning decisions. Thank you.
I think it would be different for my wife. She still works full time as a nurse. But with that being said she worked 23 years for the state as a nurse. In 2012 the state sold the hospital so she no longer worked as a state employee. She gets a monthly check from the state for $1,800. It would have been more but she had the option of choosing less. The reason she took less is if she dies first I get it until I die, and when we are both gone our youngest son who will turning 18 soon gets it until he dies. But I think that check from the state would effect what a person would get from social security. Not exactly sure how it works. Awesome Video!
Interesting. There are some implications around how Social Security tax was withheld (or not withheld) as a state employee. A lot of states around us do not withhold social security taxes from paychecks, which will reduce social security benefits. Would need to look into the details a little more to see how that $1,800 would potentially affect her Social Security amounts.
Always appreciate you and your insights!
Thank you
Great video! A common scenario that was not presented where the higher PIA spouse is older than the younger spouse (retiring before FRA). Question: if Mary (PIA of $1,000) retires at 62 (before John), she would get only 70% of her PIA. Then John (PIA of $2,000) retires at 67, he would get 100% of his PIA. Should Mary request spousal benefit at the time of John's retirement (she would be 65) or would she be allowed to wait and request spousal benefit when she turns 67 to maximize their earnings? Does she have a choice?
Excellent info!
Thank you Jodie!
Thank You again. I watched one of your other videos and liked and subscribed already and then found this video. I have wondered for years about what you covered here and other videos on UA-cam have not been able to answer. THANKS ! … what concerned me was my Wife has been on SSDI for years and she is also 6 years younger. I stayed working pass my FRA of 66 and will do so until next year when I turn 70. I always wondered when I retire if she would get 1/2 of my amount and according to this video it would be 1/2 of what I would have got at 66 years old. But because of COLA amounts over the years her SS is now already over what I would have got at 66 years old. So she will just keep taking hers. I do have a good question for you to May be do in a future video. I am under the impression that when she turns 67 ( her full retirement age ) her SSDI will turn into regular SS and not considered to be called SSDI ?
Yes, you have it correct! She will go to "regular" social security not SSDI.
Thank you for watching!
I'm a bit confused. OK. A LOT confused! My husband of 40something years started getting SSDI pre retirement age due to 2 failed back surgeries (we are both currently 63...born in 1960) I took my SS at age 62 as I am getting under $300. I was mostly a stay at home mom with junk jobs prior.
Are you saying that I can, instead of getting my small 200 something amount, get aprox 80% of my husbands 2200something that he currently gets since we didn't wait until full retirement?
Hi, i need some advice on what to do. i've been with my partner now for 27 years. we dated for 7, married for 4 and after 6 months of divorce got back together and now just living as domestic partner. while its easier to call eachother husband and wife. its sad to know if something happens i wont get his social security. which makes me sad because thats the difference between living in a van to being able to afford an apartment. i don't know what to do
Send me an email to erik@90daysfromretirement.com and I'll connect you with one of the advisors who can help point you in the right direction.
If John's PIA is 2,000 does John's PIA reduce to 1,000 if Jane receives 1,000 spousal benefit?
Great question.
No. John's PIA is not affected by Jane's.
Same if they get divorced. John would not need to approve or deny Jane taking a spousal. John would never see it or know she was.
@@Theretirementnerds thank you so much!!!!!!
@@dreamingfairytales of course! Thank you for watching!
@@Theretirementnerds to verify, in this example John continues to receive $2K per month and Jane will begin receiving $1K per month, correct?
@@ukcalling yes
Hello! My husband began receiving his benefit of $1685 at age 62 (he is now 64). I am considering taking my $2065 Social Security benefit at age 64. Will his benefit affect my benefit? Will I get the $640 that is a percentage of his or my $2065? Thank you. Appreciate your video!
You get to choose
You should clarify that it is always based on John’s FRA not his PIA
Hi there, John's PIA is his full benefit at his FRA.
The spousal benefit, in this case, Jane's is based on John's PIA and Jane's FRA.
Hope that helps!
My spouse claimed early Personal SS benefits at 62. I plan to claim my SS when I am 67 and she turns 70. Will she be eligible for the full 50% spousal benefit since she took her personal benefit early?
It will not be the full 50%. It would be a reduced percentage because she took her own personal benefit early.
I would like an example of earlier claims of benefits. Both spouses same age and looking to get dollars quicker. What would be the strategy. I do have a side comment as to why a spouse would get special dollars because they are married. No wonder why the system is broken when we give dollars to people that have not earned it!
To the first point - Our advisors are always happy to look at your individual scenario if you'd like to see breakeven points for your specific situation. Never costs anything. Feel free to shoot me an email with your zip code to erik@90daysfromretirement.com and I can make an introduction.
To the second point - on thought process as to why a spouse would get dollars is that, in many instances, the higher earning spouse is able to dedicate more time to a career than the other spouse. Maybe the other spouse is a stay at home mother/father or disabled or any number of other scenarios.
As an example, a couple has the breadwinner while the other spouse stays at home for 30 years and a divorce happens, it would also seem unfair to have the non-working spouse dedicate his or her life to supporting the working spouse only to be left with essentially nothing in the way of Social Security.
Is it perfect? No. Not at all. But the spousal benefit is at least something for those who weren't able to work for lots of reasons.
Appreciate you watching and taking the time to comment!
Question please. If my wife started collecting SS at 65 (her FRA is 67), but I will not collect until my FRA of 67, is there any way for her to receive 1/2 of mine (rather than the 86.7% in your chart)? Would she be able to repay her SS benefits from age 65 to 67 and then collect 1/2 of mine?
Depends on how long ago she filed. My email is erik@90daysfromretirement.com if you can share how old she is now and when she filed.
If she gets half his benefit you’re saying that his benefit reduces by half? Is she literally getting half of his check or does he get his full amount and she gets a check equal to half that amount? Please clarify yourself ,, meaning make it clear please
His is not reduced by half.
He gets his. She can get up to half of his.
Don’t you think you should’ve said what “PIA” stands for?
We explain what it is the 0:35 mark.
Stands for Primary Insurance Amount, but that is more confusing to most people than how we describe it at 35 seconds in.
Hope that helps.
Regarding video: Smart Strategies for Couples: Boost Your Social Security Benefits! | Living Spousal Strategies
Both spouses 62
Lower earner begins receiving their benefit.
At age 67 higher earner begins receiving their benefit.
Lower earner switches to spousal support.
Question:
is lower earner spousal support 50% of higher earners PIA?
or is lower earner's spousal support reduced because they started receiving social security earlier?
thanks
Got your email! Responded there. Appreciate you!