I had planned on working until full retirement age, 66 years and 4 months but Life sometimes upsets your plans and you have to change them. I don’t regret retiring early. And now I'm looking for ways to be prepared for whatever may come
My initial retirement plan was to retire at 62, work part-time, and save money. However, rising costs have significantly impacted my plans. I’m wondering if those who experienced the 2008 financial crisis had an easier time than I am facing now. With the stock market’s volatility and a reduction in my income, I’m worried about having insufficient savings for retirement. Additionally, my ability to contribute to my retirement savings has diminished, and I’m concerned about the adequacy of my Social Security benefits in this situation.
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
It's true that many people underestimate the importance of advisers until their own feelings burn them out. A few summers ago, following an ongoing divorce, I needed a significant push to keep my company afloat. I looked for licensed advisors and found someone with outstanding qualifications. She has contributed to my reserve increasing from $275k to $850k regardless of inflation.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne” and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life
Yes I'm familiar with him. Fergus Waylen demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
Waylen has to be the best mentor I've met. He's copy-trading has been the best because I hop on it with $3000 and I'm up with $35,000 in profit. He's insights, information and versatility in the market is super ,
Thank you so much. I have been to dozens of websites, including SSA, and none explained benefits as clearly as you did. Now I understand what is best for me and my wife. She is six months younger than me, and earned much less than me. It makes most financial sense for her to collect her benefit at 67, and for me to wait until 70. Thank you again!
Thank you! Finally, someone provides understandable info on spousal benefits. Much appreciated. The tables, and your explanation, were perfect! BTW, we have received so much conflicting information from the SS office, and Fidelity advisors, on who has to file first (the husband or wife)....it's maddening!
Great explanation - we're exactly in this situation (my wife took her SS early and I am coming up on my FRA next year so when I take SS she gets spousal benefit) and finding out an accurate overview of how spousal benefit is calculated is next to impossible. Thanks much!!! you're the first place that made it clear that the spousal excess is not reduced if the larger earner takes retirement @ FRA & the spouse is at their FRA.
My husband passed last july 17 2022 in USA at the age of 63 5:50 5:55 i am a filipina we got married here in the Philippines and presently i am 64 yrs old i wanted to apply for survival benefit but i do not know my deceased husband ssnumber i never been in USA and we married more than 10 yrs before his demised
the explanation is great on how this works and when to use it. What I do not see on the Social Security Web page is where to start the process for spousal benefit filing
Thank You. Finally, a clear explanation of different scenarios for spousal benefits. I have been searching for an answer for my spouse taking her pia prior to fra and how it impacts her benefit when the higher earner claims at fra. I get it now. Thank You !
Your explanations are so clear! I wish you could do a video for a wife who receives a TRS disability amount and the husband who receives a social security benefit after retirement at age 70!
Thank you for clarifying much of the spousal benefit issue. I don't think I heard one particular permutation: higher earning spouse files at FRA but lower earning spouse is younger than the higher earner. Should she file for spousal benefits BEFORE her FRA? If so, how much of a hit does she take on her net total benefit since she is filing earlier than her FRA? Thanks in advance.
Love your explanations. As you pointed out the spousal benefit does not increase after the higher earner full retirement age. The higher earner may get a higher personal benefit after FRA but you shoul subtract the amount of the spousal benefit lost for each year you delay.
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
THANK YOU!! I've been trying to find this out for a very long time. My wife is filing at 62 but I'm not until 67 (FTR). Not even SS would tell me if she gets an adjustment when I file or not.
The bottom line, to maximize the spousal benefit, the lower earner must wait to claim their SS benefit until their FRA, and then once the higher earner claims their benefit at at least FRA, the lower earner will receive a benefit of 50% of the higher earner’s FRA benefit.
Wow, filing for Social Security at 62? Bold move! But hey, I’ve got $125k just chillin' in my emergency fund, itching to start making me some money. Honestly, I'm torn between playing it safe or just diving in. Who knew deciding when to start would be the easy part, right? Time to make that cash work for me, not the other way around!
Thanks, I did learns something new. That the Spousal benefit is reduced As her post FRA benefit grows (while she is waiting to file). Previously I assumed her benefit would continue to grow if she waited past FRA and her Spousal portion would remain constant.
@@DevinCarroll OK, My wife is one month older than me and her FRA benefit is significantly less than half my FRA benefit. I want to wait till age 70 to maximize survivor benefit. There is no reason for her to wait past age 67 (FRA). So, can I file and suspend at my FRA and she get spousal benefits and then I wait till 70 and maximize my benefit? Her spousal benefit will be on the order of $4170 per year (28% increase over her FRA benefit).
Devin - great job and thanks for the clarity in your video. If higher earner retires now at 62 and begins taking adjusted benefits, when spouse applies for benefits 5 years later at 67 / FRA, will spousal benefits be calculated at the higher earner's FRA even though the filed early at 62 or will they be ratcheted down to what the higher earner's benefits actually are? Thanks again for what you do!
Devin, I have seen a lot of info on this. Nobody talks about this! I am 67, I will wait till I am 70 to draw my SS. My wife was a teacher in the state of OHIO for 35 years, she did earn units for SS, she will only get a % of my Benefits if I die first based on her Gross Benefits. Which is the reason I am waiting till I reach 70 to increase her %. Thank You
That last 4-5 minutes was exactly what I wanted to know. My wife is the lower wage earner and is 3 years older than me (61 to 58). I know she will file before me. Her rate is projected to be about $900/month while mine is projected to be around $3600/month. My question is "Will the spousal excess automatically kick in once I file?" Or will she have to go back and apply for it?
Among all this terrifically presented information is this: the lower earner, as a spouse that has NEVER worked (entitled to $0 as their own benefit), will receive the same spousal benefit as the working but lower earner that has contributed huge amounts of $ to SS over their career. How does this make sense...
Suggestion. at the 11:42 mark you are talking about how she decides to draw early and get $560. You should show what she actually draws and not what she could draw. The chart should show where she draws $560 and $0 for Spousal for two years. After that you can change the chart to show where she will start to collect the extra spousal payment when her spouse files. At that time you should change the chart to show $560 again for year 3 and $150 for the Spousal payment. If I understand what you are saying.
So my wife is 23 months older and filed at 63&1/2. If I file FRA (66&8mo) she’ll get hers and whatever would have made hers half of mine will be slightly less because she starting receiving earlier than FRA.
Devin your videos on social security topics are so easy to understand and so helpful. I thank you. I was wondering if you might consider a video on how spousal and survivor benefits relate to each other. For example I am 70 and have been collecting social security since I was 68. If my wife takes spousal social security at her current age of 62 would it affect survivor benefits if I pass away before she reaches age 67 and could take survivor benefits at 100 percent. Could she stop spousal benefits wait till she is 67 and apply for full survivor benefits. We have been searching all over and can not find any videos that explain the 2 benefits combined. Again thanks for your great videos.
@@DevinCarroll I need an explanation. I was put on social security disability at age 55 on my own record. My husband took his benefit later at his full retirement age. His is much greater than mine, more than double what I get. I will be 66 and 8 months in August. Can I switch to spousal benefit at that time?
I think (I hope) you misstated something...slightly but importantly. At the 10 minute mark, you said. "Before a spousal excess can be paid, the higher earning spouse must file first." I believe you were intending to say that the higher earning spouse must file before the lower earning spouse is eligible to receive the spousal excess benefit, even if the lower earning spouse filed earlier than the higher earning spouse. It initially came across that the higher earning spouse must file before lower earning spouse files in order for the lower earning spouse to receive the spousal excess. I think you clarified that somewhat...but this stuff is confusing. I'm being kinda picky I suppose, but if someone misinterprets that, it could lead to some problems. Thanks for the video though! Good stuff!
In my situation, I am also the higher wage earner and I'll be 59 in November. Unfortunately, my wife is only getting $319 per month even after waiting until the age of 70. She is 12 yrs 4 months older than me. So for her to start collecting the spousal excess, the earliest she would qualify would be in 3 years 3 months when I reach 62.
I have been working on this for a couple of months. Myself and my wife are both currently 62. Her FRA at 67 and is approx. 1400 My FRA is approx. 3000 so she is going to go ahead and file now to draw a reduced benefit of about 1000 until I retire at 70 with a stepped up amount of approx. 4000 so at 70 she will get her reduced amount of 1000 plus the spousal adjustment of 1000 to make it half my Full benefit of 4000 at 70. This produced the maximum benefit using the Calculator that I found online. All depends upon what you use for your age at death and using some percentage (-24%) for a reduced benefit in 2034 when the SS system goes bankrupt....
@darryls8066 You may need to recheck your numbers. If your FRA benefit is $3,000, the maximum benefit your spouse will be entitled to (while you are alive) is $1,500. This is an amount equal to one half of your FRA benefit. The delayed filing increases to your benefit do not add increases to the spousal payment. It will add to a future survivor benefit in the event you pass away before she does.
@@DevinCarroll Also, it seems that if the low wage earner files at 62 (before their FRA) they will not only reduce their benefit but will NOT get 50% of the higher wage earner's benefit, no matter when the higher wage earner files. The low-wage earner has to wait to file until their own FRA if they want to get 50% of their spouse's FRA benefit. Is that correct? My take was that, in terms of spousal excess (is that what it's called?) the amount is decreased by filing early and not increased by waiting past your FRA.
You should clarify early in the video, what SS figure is used for the larger of the two earners. The husband’s INITIAL SS benefit? Or his benefit when the wife files to receive?
Mr. Carroll, great explanation and very educational. Question on the spousal payment calculator, If I retired at 62, do I still use the FRA benefit for calcs?
How does a spousal benefit work if both spouses are disabled? My husband retired on disability at age 33 due to diabetic complications and his employer was unwilling to accommodate his blindness. I was permanently damaged during a surgery and made unemployable, so started receiving disability at age 55. As I type this, he is behind me recovering from a massive stroke and I know the clock is ticking. All of this stuff is confusing to me. He always handled these things. I'm learning but Social Security and Medicare make me pull my hair out. He has by far been the higher wage earner, even taking into consideration his young retirement age. Thank you for your informative videos.
My ex-husband of 33yrs is 60yrs old and just started collecting over 2k mth for disability. I'm 67yrs old and only get $515 mthly for my own SS. I'm living way below the poverty level. So my question is .... Can I file now for ex-spouse benefits or do I have to wait until he turns 62?? I'm confused and need advice. Thanks ☺
Sir, one thing I have not heard anyone talk about, is the fact that when a working spouse is eligible to retire at 66 years of age, but decides to wait until 70, he accumulates credits, which amount to 8% for each year, for a maximum of 32%. One thing that is missed, is that the non-working spouse, when she files for spousal benefits, does not get the credits her husband earned when he waited to reach 70 years of age. She is eligible to receive 50% of what the working spouse would have earned upon retirement at FRA of 66 years, less the 32%. You might wish to touch on this subject. Thx.
I have the weirdest situation. My husband, the primary earner is 9 years younger, but I only receive a small CSRS pension. I have to wait to receive anything until I am in my 70s min.
Just to clarify, using your example. If the wife files for spousal benefit at her FRA, her spousal benefit will be 50% of her husband’s PIA at his FRA. But is that amount reduced if husband filed earlier than his FRA?
Thanks Devin...saw one of yours before and followed your advice...good advice and working well. Quick question: I thought you made a video on RMD but I cannot find it. Did I overlook it? Whatever you can point me to would be helpful....thanks again
I just spoke with 3 separate employees of the SS dept and got 3 different answers. My husband is retired and collecting SS. I plan on retiring this year before my full retirement age. What actual percentage of my husbands SS are my entitles to? Also, different answers as to can I earn more money some months and less money other months as long as I do not exceed the total amount I am allowed to annual earn while collecting SS? Some tell me they divide the year by 12 and I can not exceed that number even if other months are below what I can earn. PLEASE clear this up for me. THANK YOU!
Do you have a video on widows benefits ? My husband was killed in 1991. I took his benefit 30 some years later at 64 I think. At that time they told me I could draw how forever or switch to my own at age 66 and 3 months. What are my best options ? I worked a couple more years after I started drawing. I make 1068. A month and do not work now.
Thanks very explained. Do you have an example if high earner filed at age 66 (say $1900) than at age 67 FRA, (say $2000) and low earner will file at her age 67 FRA some time later? Because high earner is getting an reduction by filing earlier, will the spousal benefit be reduced to $950 half of $1900 or $1000 half of $2000.
Thanks so much for your video! You are the best regarding SS! If my husband files at 62, can I claim spousal benefits when I turn 62 and then switch to my own benefit when I turn 67?
I think I understand, but want to verify. Spousal benefit amount is based on the higher earner's FRA amount, not actual amount. If I apply at 62 years old or 70 years old, my wife is entitled to 1/2 my FRA (67 yo) amount if she applies at her FRA.
Thank you for sharing in such a clear manner! If you have a minute, I have a quick question. If a spouse is retiring (higher record) and wife 61 years old) is caring for their child who is disabled before age 22 and is entitled to benefits on fathers record, can the wife then draw from spouse as well? If I am understanding the rule it reads : "At any age if they are caring for your child under age 16 or who was disabled before age 22, and is entitled to benefits" A SSA claims rep indicated wife had to be 62. Thank you!
Higher earner (male) is 5 years younger. Currently higher earner is 61, lower earner is 66. Higher earner to retire at 62, therefore lower earner will be 67. Higher earner is expected to receive 1700 a month (at 62). Lower earner on her own expected to get 750 a month. How much will spouse receive? 850?
I am now 86 years old and am retiring forever.I am not now receiving any money from the government so what do I have to do now to start receiving retirement money on a monthly basis?
Denied by SSA for spousal benefits because of federal government pension. I also have my own SS payment ($300) because of part time work. Spouse has $2000 SS payment. WE are both in our 70s!! Everything is so confusing!
I cannot find an answer to our question: I have continued to work and have reached my FRA. I am drawing SS and it continues to increase every year (my top 35 are being replaced and will continue for 5 more years). My wife has her own benefit but will not start for 2 more years. As my benefit continues to increase will her spousal draw also increase, plus be COLA adjusted, automatically ?
Devin, this video does clarify much of what you taught us in previous videos. Can you please add what happens if my husband retired several years ago at age 65, which was his full benefit, but I am nine years younger and cannot get a full benefit until 67. It would be nice to see a chart of what would happen if I retire on my own less benefits this year at 62 or I wait. Also, If I cannot retire until 67 but I have to file for medicare at 65, how does that get paid. Social Security will be getting paid for 2 extra years of medical benefits when I still have medical benefits from my spouse being retired military. How does all of this work and can you supply a chart for explanation?
Great job as always. Did I understand this correctly? Your lower earning spouses benefit could be greater when they file first and the higher earner files a few years later than if they filed at the same time?
For simplicity you could make two video , one for family here man was the higher eaner and women was lower earner . The second video would open with statement stating rules are same as man is the higher earner
Devin the one scenario you didn’t cover was the higher earning spouse files at full retirement age and the lower earning spouse files later at age 62 with the full retirement age being 66+. Higher earning spouse has a benefit of approximately 2700 and lower earning spouse has a benefit of approximately 1025. Is there a spousal benefit?
Please have an example if high earner retires early say at 66 (instead of 67) and low earner will sometime retire after 5 years at 62. How the spousal benefit will be based on from high earner?
Perhaps an odd question, but how does one go back and determine the current FRA amount (for Spousal Benefits) when current benefits are based on having filed at age 70?
Hi Devin, I appreciate your time and expertise. I'm the highest wage earner and started drawing benefits at age 62. I know my wife will get half of what my benefit would have been if I waited to 67. My question is, in reference to spousal benefit, does my full retirement age amount get lock in when I started drawing benefits at age 62. Or will it adjust higher when i turn 67. In short, when does the FRA amount figure gets locked in when it comes to figuring spousal benefits. Thanks sooo much
13:09 My husband was 57 y/o and was receiving SSDI in the amount of $1200 monthly. I as well was on SSI. I was 54 and receiving only $47 monthly and medicaid. However, on May 16, 2023 my husband died. My income was then changed to $923 monthly. I filed at the time of his death for Surviving Spousal Benefits. I was told by a representative that a decision would be made within 90 days of application. I have yet to hear anthing on this matter.i canot seem to get any answers. With the exception of my income being changed to $923 monthly and continued medicaid, that still does not allow me to even pay all of my bills
I had planned on working until full retirement age, 66 years and 4 months but Life sometimes upsets your plans and you have to change them. I don’t regret retiring early. And now I'm looking for ways to be prepared for whatever may come
I thought gains like that are nothing but a pipe dream! mind sharing details of yourmanager please?
My initial retirement plan was to retire at 62, work part-time, and save money. However, rising costs have significantly impacted my plans. I’m wondering if those who experienced the 2008 financial crisis had an easier time than I am facing now. With the stock market’s volatility and a reduction in my income, I’m worried about having insufficient savings for retirement. Additionally, my ability to contribute to my retirement savings has diminished, and I’m concerned about the adequacy of my Social Security benefits in this situation.
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
It's true that many people underestimate the importance of advisers until their own feelings burn them out. A few summers ago, following an ongoing divorce, I needed a significant push to keep my company afloat. I looked for licensed advisors and found someone with outstanding qualifications. She has contributed to my reserve increasing from $275k to $850k regardless of inflation.
Mind if I ask you to recommend this particular coach you using their service?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne” and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks for sharing, i did a quick search and found her web page, i hope she responds to my mail soon
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life
You're right, with my current crpyto portfolio made from my investments with my personal financial advisor Fergus Waylen, I totally agree with you ,
Yes I'm familiar with him. Fergus Waylen demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
Waylen has to be the best mentor I've met. He's copy-trading has been the best because I hop on it with $3000 and I'm up with $35,000 in profit. He's insights, information and versatility in the market is super ,
I'm surprised that this name is being mentioned here, I stumbled upon one of his clients testimony on CNBC news last week
This Man has really change the life of many people from different countries and am a testimony of his trading platform .
No need to worry about how people feel on who you select. You’re info is great.
Thank you so much. I have been to dozens of websites, including SSA, and none explained benefits as clearly as you did. Now I understand what is best for me and my wife. She is six months younger than me, and earned much less than me. It makes most financial sense for her to collect her benefit at 67, and for me to wait until 70. Thank you again!
Thank you! Finally, someone provides understandable info on spousal benefits. Much appreciated. The tables, and your explanation, were perfect! BTW, we have received so much conflicting information from the SS office, and Fidelity advisors, on who has to file first (the husband or wife)....it's maddening!
This is the clearest explanation about the spousal benefit I've ever heard. Thanks!
Glad it was helpful! Appreciate you watching and commenting!
Agreed. Devin's explanation is clearly and concisely stated. Excellent presentation, as always.
The length of marriage rule for survivor benefits is 9 months.
One of your best videos by far. Concise. It's going in my social security playlist.
Thanks!
Thank you so much for explaining the spousal benefits in such easy terms. Absolutely the best.
Great explanation - we're exactly in this situation (my wife took her SS early and I am coming up on my FRA next year so when I take SS she gets spousal benefit) and finding out an accurate overview of how spousal benefit is calculated is next to impossible. Thanks much!!! you're the first place that made it clear that the spousal excess is not reduced if the larger earner takes retirement @ FRA & the spouse is at their FRA.
Thank you! Ive never seen spousal benefits explained more clearly.
Glad it was helpful!
What happens if the husband met their credits, but passed away prior to retirement age? What happens to his contributions?
You're eligible for survivor benefits.
YOU GET THE BIGGER CHECK IF YOUR IS 1000 AND HUSBAND IS 2000 YOU GT HIS CHECK
My husband passed last july 17 2022 in USA at the age of 63 5:50 5:55 i am a filipina we got married here in the Philippines and presently i am 64 yrs old i wanted to apply for survival benefit but i do not know my deceased husband ssnumber i never been in USA and we married more than 10 yrs before his demised
Excellent video. Answered the questions I had that I couldn’t find elsewhere. Very good graphics.
Glad I could help! My editor killed it with the graphics!
Wow, I've been looking for a clear explanation. You did that amazingly, thank you SO MUCH.
Thanks! My wife and I were just talking about this yesterday. I guess the always listening algorithms guided me to your channel…
Wow finally a video that drills down and clearly explains this critically important topic. Thank you!
the explanation is great on how this works and when to use it. What I do not see on the Social Security Web page is where to start the process for spousal benefit filing
You are a good teacher! It was easy to follow you. Thank you!!!
Thank You. Finally, a clear explanation of different scenarios for spousal benefits. I have been searching for an answer for my spouse taking her pia prior to fra and how it impacts her benefit when the higher earner claims at fra. I get it now. Thank You !
Thank you for this. My husband is 4 years younger and the higher earner. The information here was very helpful.
Glad it was helpful!
Your explanations are so clear! I wish you could do a video for a wife who receives a TRS disability amount and the husband who receives a social security benefit after retirement at age 70!
Thank you so much for this. Your step by step explanation was so much clearer than in any other video I've seen on the subject.
Glad it was helpful and thanks so much for watching!
Nicely explained. I listened to several videos before this one and I was still confused until now, so thank you very much.
Thank you very much my wife and I are 60 now learn something new everyday
Thank you for clarifying much of the spousal benefit issue. I don't think I heard one particular permutation: higher earning spouse files at FRA but lower earning spouse is younger than the higher earner. Should she file for spousal benefits BEFORE her FRA? If so, how much of a hit does she take on her net total benefit since she is filing earlier than her FRA? Thanks in advance.
@Devin Carroll Could you please make a video exactly like this for ex-spouse benefits. It would be so very helpful. Thank you!
Love your explanations. As you pointed out the spousal benefit does not increase after the higher earner full retirement age. The higher earner may get a higher personal benefit after FRA but you shoul subtract the amount of the spousal benefit lost for each year you delay.
Yes...honestly, I didn't fully understand that until recently.
Thank you Devin…another outstanding video explaining a complicated subject!👍🏼👏🏼👏🏼👏🏼
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Well said! Retirement is the reward of disciplined investing over the long term, not just a destination.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.
Nicole Anastasia Plumlee can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
THANK YOU!! I've been trying to find this out for a very long time. My wife is filing at 62 but I'm not until 67 (FTR). Not even SS would tell me if she gets an adjustment when I file or not.
Thank you for this information. Your explanation is much easier to digest compared to the SS website. 🙂
Thank you for a very informative video
This was the exact question that I needed clarifying on and you answered it perfectly thank you so much
That was the clearest explanation I have heard yet. Thank you. (Don't ask me to repeat it though, lol)
Glad it was helpful!
I happened across your channel last night and have watch 3 videos thus far and I thank you so very much for this valuable information!
The bottom line, to maximize the spousal benefit, the lower earner must wait to claim their SS benefit until their FRA, and then once the higher earner claims their benefit at at least FRA, the lower earner will receive a benefit of 50% of the higher earner’s FRA benefit.
Clear and concise. The charts really help clarify your examples. Thank you.
Devin!! Thank you for the explanation.
Wow, filing for Social Security at 62? Bold move! But hey, I’ve got $125k just chillin' in my emergency fund, itching to start making me some money. Honestly, I'm torn between playing it safe or just diving in. Who knew deciding when to start would be the easy part, right? Time to make that cash work for me, not the other way around!
Devin, You are so thourough and detailed. This is very good information. Thank you.
Glad you enjoyed it!
Thanks, I did learns something new. That the Spousal benefit is reduced As her post FRA benefit grows (while she is waiting to file). Previously I assumed her benefit would continue to grow if she waited past FRA and her Spousal portion would remain constant.
That was actually my thinking as well for a long time.
@@DevinCarroll OK, My wife is one month older than me and her FRA benefit is significantly less than half my FRA benefit. I want to wait till age 70 to maximize survivor benefit. There is no reason for her to wait past age 67 (FRA). So, can I file and suspend at my FRA and she get spousal benefits and then I wait till 70 and maximize my benefit? Her spousal benefit will be on the order of $4170 per year (28% increase over her FRA benefit).
Devin - great job and thanks for the clarity in your video. If higher earner retires now at 62 and begins taking adjusted benefits, when spouse applies for benefits 5 years later at 67 / FRA, will spousal benefits be calculated at the higher earner's FRA even though the filed early at 62 or will they be ratcheted down to what the higher earner's benefits actually are? Thanks again for what you do!
Glad it was helpful! The spousal benefit is always calculated off of the higher earning spouse's full retirement age benefit.
Devin, I have seen a lot of info on this. Nobody talks about this! I am 67, I will wait till I am 70 to draw my SS. My wife was a teacher in the state of OHIO for 35 years, she did earn units for SS, she will only get a % of my Benefits if I die first based on her Gross Benefits. Which is the reason I am waiting till I reach 70 to increase her %. Thank You
the max she will get it is up to 50% from your 67 years amount. if you wait till 70 you postpone her opportunity to draw from you SS
That last 4-5 minutes was exactly what I wanted to know. My wife is the lower wage earner and is 3 years older than me (61 to 58). I know she will file before me. Her rate is projected to be about $900/month while mine is projected to be around $3600/month. My question is "Will the spousal excess automatically kick in once I file?" Or will she have to go back and apply for it?
Excellent! Thanks for watching!
Among all this terrifically presented information is this: the lower earner, as a spouse that has NEVER worked (entitled to $0 as their own benefit), will receive the same spousal benefit as the working but lower earner that has contributed huge amounts of $ to SS over their career. How does this make sense...
Very clearly prsented; very useful for retiring couple or married individuls. Thanks.
Suggestion. at the 11:42 mark you are talking about how she decides to draw early and get $560. You should show what she actually draws and not what she could draw. The chart should show where she draws $560 and $0 for Spousal for two years. After that you can change the chart to show where she will start to collect the extra spousal payment when her spouse files. At that time you should change the chart to show $560 again for year 3 and $150 for the Spousal payment. If I understand what you are saying.
Good stuff, Devin Carroll!
Gracias!
Best video I have seen on this subject. Good job sir. Thank you.
Glad it was helpful!
So my wife is 23 months older and filed at 63&1/2. If I file FRA (66&8mo) she’ll get hers and whatever would have made hers half of mine will be slightly less because she starting receiving earlier than FRA.
Excellent detail, thank you!
Devin your videos on social security topics are so easy to understand and so helpful. I thank you. I was wondering if you might consider a video on how spousal and survivor benefits relate to each other. For example I am 70 and have been collecting social security since I was 68. If my wife takes spousal social security at her current age of 62 would it affect survivor benefits if I pass away before she reaches age 67 and could take survivor benefits at 100 percent. Could she stop spousal benefits wait till she is 67 and apply for full survivor benefits. We have been searching all over and can not find any videos that explain the 2 benefits combined. Again thanks for your great videos.
The survivor benefit is a completely independent benefit. It will not be reduced because she filed for her own benefit early.
@@DevinCarroll I need an explanation.
I was put on social security disability at age 55 on my own record. My husband took his benefit later at his full retirement age. His is much greater than mine, more than double what I get.
I will be 66 and 8 months in August. Can I switch to spousal benefit at that time?
I think (I hope) you misstated something...slightly but importantly. At the 10 minute mark, you said. "Before a spousal excess can be paid, the higher earning spouse must file first." I believe you were intending to say that the higher earning spouse must file before the lower earning spouse is eligible to receive the spousal excess benefit, even if the lower earning spouse filed earlier than the higher earning spouse. It initially came across that the higher earning spouse must file before lower earning spouse files in order for the lower earning spouse to receive the spousal excess. I think you clarified that somewhat...but this stuff is confusing. I'm being kinda picky I suppose, but if someone misinterprets that, it could lead to some problems. Thanks for the video though! Good stuff!
Well done video! Thanks!
In my situation, I am also the higher wage earner and I'll be 59 in November. Unfortunately, my wife is only getting $319 per month even after waiting until the age of 70. She is 12 yrs 4 months older than me. So for her to start collecting the spousal excess, the earliest she would qualify would be in 3 years 3 months when I reach 62.
Those wide age ranges can make it difficult to get the same household benefits as a couple who are similar ages.
I have been working on this for a couple of months. Myself and my wife are both currently 62. Her FRA at 67 and is approx. 1400 My FRA is approx. 3000 so she is going to go ahead and file now to draw a reduced benefit of about 1000 until I retire at 70 with a stepped up amount of approx. 4000 so at 70 she will get her reduced amount of 1000 plus the spousal adjustment of 1000 to make it half my Full benefit of 4000 at 70. This produced the maximum benefit using the Calculator that I found online. All depends upon what you use for your age at death and using some percentage (-24%) for a reduced benefit in 2034 when the SS system goes bankrupt....
@darryls8066 You may need to recheck your numbers. If your FRA benefit is $3,000, the maximum benefit your spouse will be entitled to (while you are alive) is $1,500. This is an amount equal to one half of your FRA benefit. The delayed filing increases to your benefit do not add increases to the spousal payment. It will add to a future survivor benefit in the event you pass away before she does.
@@DevinCarroll Also, it seems that if the low wage earner files at 62 (before their FRA) they will not only reduce their benefit but will NOT get 50% of the higher wage earner's benefit, no matter when the higher wage earner files. The low-wage earner has to wait to file until their own FRA if they want to get 50% of their spouse's FRA benefit. Is that correct? My take was that, in terms of spousal excess (is that what it's called?) the amount is decreased by filing early and not increased by waiting past your FRA.
You should clarify early in the video, what SS figure is used for the larger of the two earners. The husband’s INITIAL SS benefit? Or his benefit when the wife files to receive?
Devin, What is this I hear about Rep Thomas Massie introducing a bill that will eliminate Double Taxation on SS?
Mr. Carroll, great explanation and very educational. Question on the spousal payment calculator, If I retired at 62, do I still use the FRA benefit for calcs?
How does a spousal benefit work if both spouses are disabled?
My husband retired on disability at age 33 due to diabetic complications and his employer was unwilling to accommodate his blindness. I was permanently damaged during a surgery and made unemployable, so started receiving disability at age 55. As I type this, he is behind me recovering from a massive stroke and I know the clock is ticking. All of this stuff is confusing to me. He always handled these things. I'm learning but Social Security and Medicare make me pull my hair out.
He has by far been the higher wage earner, even taking into consideration his young retirement age.
Thank you for your informative videos.
My ex-husband of 33yrs is 60yrs old and just started collecting over 2k mth for disability. I'm 67yrs old and only get $515 mthly for my own SS. I'm living way below the poverty level. So my question is .... Can I file now for ex-spouse benefits or do I have to wait until he turns 62?? I'm confused and need advice. Thanks ☺
Have to wait till he turns 62
Sir, one thing I have not heard anyone talk about, is the fact that when a working spouse is eligible to retire at 66 years of age, but decides to wait until 70, he accumulates credits, which amount to 8% for each year, for a maximum of 32%. One thing that is missed, is that the non-working spouse, when she files for spousal benefits, does not get the credits her husband earned when he waited to reach 70 years of age. She is eligible to receive 50% of what the working spouse would have earned upon retirement at FRA of 66 years, less the 32%. You might wish to touch on this subject. Thx.
Great video Devin. Thanks. The link to your cheat sheet doesn’t work. How can I get it please?
I have the weirdest situation. My husband, the primary earner is 9 years younger, but I only receive a small CSRS pension. I have to wait to receive anything until I am in my 70s min.
Enjoyed your explanation
Don’t see where you can sign up for the Social Security cheat sheet you’re mentioning in this video.
Just to clarify, using your example. If the wife files for spousal benefit at her FRA, her spousal benefit will be 50% of her husband’s PIA at his FRA. But is that amount reduced if husband filed earlier than his FRA?
THAT finally answered my questions! But... I see no link to the cheat-sheet??
Thanks Devin...saw one of yours before and followed your advice...good advice and working well. Quick question: I thought you made a video on RMD but I cannot find it. Did I overlook it? Whatever you can point me to would be helpful....thanks again
I just spoke with 3 separate employees of the SS dept and got 3 different answers. My husband is retired and collecting SS. I plan on retiring this year before my full retirement age. What actual percentage of my husbands SS are my entitles to? Also, different answers as to can I earn more money some months and less money other months as long as I do not exceed the total amount I am allowed to annual earn while collecting SS? Some tell me they divide the year by 12 and I can not exceed that number even if other months are below what I can earn. PLEASE clear this up for me. THANK YOU!
Do you have a video on widows benefits ? My husband was killed in 1991. I took his benefit 30 some years later at 64 I think. At that time they told me I could draw how forever or switch to my own at age 66 and 3 months. What are my best options ? I worked a couple more years after I started drawing. I make 1068. A month and do not work now.
Thanks very explained. Do you have an example if high earner filed at age 66 (say $1900) than at age 67 FRA, (say $2000) and low earner will file at her age 67 FRA some time later? Because high earner is getting an reduction by filing earlier, will the spousal benefit be reduced to $950 half of $1900 or $1000 half of $2000.
Thanks so much for your video! You are the best regarding SS!
If my husband files at 62, can I claim spousal benefits when I turn 62 and then switch to my own benefit when I turn 67?
Much clearer, thank you. But I wish you covered the situation when the higher earner would file before age 67.
See the example towards the end.
Great explanation!
Glad it was helpful!
I think I understand, but want to verify. Spousal benefit amount is based on the higher earner's FRA amount, not actual amount. If I apply at 62 years old or 70 years old, my wife is entitled to 1/2 my FRA (67 yo) amount if she applies at her FRA.
Sorry. It is the spousel benefit at the time that the higher earners retirement. See the early example.
The spousal benefit is always keyed off of the full retirement age of the higher earning spouse.
Excellent and no questions :)
What if my wife is older?
Can she get benefits before I retire or I have to get to file first?
Thanks
Great video - thank you.
Thank you for a helpful presentation!
You're very welcome! Thanks for watching!
Very clear explanation and easy to understand. Thank you Devin.
You're very welcome! Thanks for watching!
Thank you for sharing in such a clear manner! If you have a minute, I have a quick question. If a spouse is retiring (higher record) and wife 61 years old) is caring for their child who is disabled before age 22 and is entitled to benefits on fathers record, can the wife then draw from spouse as well? If I am understanding the rule it reads : "At any age if they are caring for your child under age 16 or who was disabled before age 22, and is entitled to benefits" A SSA claims rep indicated wife had to be 62. Thank you!
Higher earner (male) is 5 years younger. Currently higher earner is 61, lower earner is 66. Higher earner to retire at 62, therefore lower earner will be 67. Higher earner is expected to receive 1700 a month (at 62). Lower earner on her own expected to get 750 a month. How much will spouse receive? 850?
Thank you for all the info
I am now 86 years old and am retiring forever.I am not now receiving any money from the government so what do I have to do now to start receiving retirement money on a monthly basis?
Denied by SSA for spousal benefits because of federal government pension. I also have my own SS payment ($300) because of part time work. Spouse has $2000 SS payment. WE are both in our 70s!! Everything is so confusing!
I think upfront you should mention, if the low earner benefit is already greater than 1/2 the high earner no extra benefit.
True...
I cannot find an answer to our question: I have continued to work and have reached my FRA. I am drawing SS and it continues to increase every year (my top 35 are being replaced and will continue for 5 more years). My wife has her own benefit but will not start for 2 more years. As my benefit continues to increase will her spousal draw also increase, plus be COLA adjusted, automatically ?
Yes. As your PIA increases, the spousal calculation will increase.
Devin, this video does clarify much of what you taught us in previous videos. Can you please add what happens if my husband retired several years ago at age 65, which was his full benefit, but I am nine years younger and cannot get a full benefit until 67. It would be nice to see a chart of what would happen if I retire on my own less benefits this year at 62 or I wait. Also, If I cannot retire until 67 but I have to file for medicare at 65, how does that get paid. Social Security will be getting paid for 2 extra years of medical benefits when I still have medical benefits from my spouse being retired military. How does all of this work and can you supply a chart for explanation?
If you don't get benefits from Social Security, you'll get a premium bill from Medicare.
Great job as always.
Did I understand this correctly?
Your lower earning spouses benefit could be greater when they file first and the higher earner files a few years later than if they filed at the same time?
Thanks. Great info
For simplicity you could make two video , one for family here man was the higher eaner and women was lower earner . The second video would open with statement stating rules are same as man is the higher earner
Good idea, but I barely have time to create one video 😂
Devin the one scenario you didn’t cover was the higher earning spouse files at full retirement age and the lower earning spouse files later at age 62 with the full retirement age being 66+. Higher earning spouse has a benefit of approximately 2700 and lower earning spouse has a benefit of approximately 1025. Is there a spousal benefit?
Ahhhh, north 🤷🏿♂️
Please have an example if high earner retires early say at 66 (instead of 67) and low earner will sometime retire after 5 years at 62. How the spousal benefit will be based on from high earner?
I spoke with S.S. and was told to file spousal s.s. retirement and wait to file for my own till 70. This video makes it more confusing!
Nice breakdown! (just a suggestion, mic needs to be a bit closer, had to turn up my volume quite a bit) 🙂
You should do an update on survivor benefits. The average age of widow/ widower is 59. I'm in that boat. Need guidance.
This one isn't that old. Check out 4 Secrets of Social Security Survivor Benefits 🤫 ua-cam.com/video/y2mmw49AXyg/v-deo.html
Would SSA tell me my deseased husband survivor benefits amount when I turn 60 in 2024; husband passed away at age 59, but was receiving SSDI.
Perhaps an odd question, but how does one go back and determine the current FRA amount (for Spousal Benefits) when current benefits are based on having filed at age 70?
Hi Devin, I appreciate your time and expertise. I'm the highest wage earner and started drawing benefits at age 62. I know my wife will get half of what my benefit would have been if I waited to 67. My question is, in reference to spousal benefit, does my full retirement age amount get lock in when I started drawing benefits at age 62. Or will it adjust higher when i turn 67. In short, when does the FRA amount figure gets locked in when it comes to figuring spousal benefits. Thanks sooo much
Your benefit is always calculated off of your filing age. The spousal benefit is calculated off of your full retirement age benefit.
@@DevinCarroll- would I still receive half of my husbands Amount if I filed at 62 but not apply for spousal benefit until 67? ( my FRA is 67 )
Thank you so much Devin.
Thanks for watching!
Is the benefit calculated before or after Medicare payment?
13:09
My husband was 57 y/o and was receiving SSDI in the amount of $1200 monthly. I as well was on SSI. I was 54 and receiving only $47 monthly and medicaid. However, on May 16, 2023 my husband died. My income was then changed to $923 monthly. I filed at the time of his death for Surviving Spousal Benefits. I was told by a representative that a decision would be made within 90 days of application. I have yet to hear anthing on this matter.i canot seem to get any answers. With the exception of my income being changed to $923 monthly and continued medicaid, that still does not allow me to even pay all of my bills