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Social Security question

Blues

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Assuming the $1000 and $2500 PIA benefits listed above -- If B had waited until FRA to get half of A's benefits, it would be calculated as: $1000 of B's benefit, plus (1/2*$2500) - $1000 = $250 from A's benefit, which adds up to $1250, precisely half of A's benefit. But that only works if B waits until FRA.

If B takes the benefit at age 62 and gets only $750, then her spousal addition (when spouse files) remains at $250. So, in total, she'll get $750 + $250 = $1000.

So B gets a bump to $1000 when spouse starts collecting. Another way of looking at it is that the $250 reduction for filing early is permanent (until spouse dies, as VacationForever noted).

Bob

BTW, a lot of the confusion is due to the way the general public refers to "spousal benefit", as opposed to the official definition in law and implemented by the Social Security Administration. In the example above, the spousal benefit is $250. Not $1250. You always get your benefit first, and then the spousal benefit if it's over $0. That's why filing early permanently lowers your total payment.

This, by the way, is how the SSA and their reps use the term. When talking to them, you can get very confused if you hear "spousal benefit" and assume, incorrectly, that they're referring to the way the public uses the term.
 

Luanne

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BTW, a lot of the confusion is due to the way the general public refers to "spousal benefit", as opposed to the official definition in law and implemented by the Social Security Administration. In the example above, the spousal benefit is $250. Not $1250. You always get your benefit first, and then the spousal benefit if it's over $0. That's why filing early permanently lowers your total payment.

This, by the way, is how the SSA and their reps use the term. When talking to them, you can get very confused if you hear "spousal benefit" and assume, incorrectly, that they're referring to the way the public uses the term.
This is all still very confusing to me. But since dh and I have both been taking our benefits for several years now, I'm not going to worry about it. :)
 

jlf58

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The data source which I posted was from 2019. I would think you are correct for 2020, which means that you contributed close to the maximum, if not the maximum for at least 35 years. :thumbup:

yes it looks like the form they supply estimates so is not real time
 

VacationForever

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yes it looks like the form they supply estimates so is not real time
Are you already retired? If I were say, 30 years old and have worked 8 years and contibuted to the maximum each year including the most recent calendar year, SS statement will also show the maximum amount at 62, 67 and 70. Obviously if I stopped working or have reduced earnings below the maximum contribution moving forward, the SS estimates will keep dropping.
 

easyrider

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The Social Security office visits we made were some what helpful in that my wife and I were able to get our Social Security Cards and we were able to begin a strategy for benefits.

For us, after all of the math is complete, it looks like taking benefits at 62 instead of 67 means that we realize a loss when we are almost 80. The loss is about $14,000 a year. If we wait until we are 67 to collect we would get an additional $14,000 a year at about 80. Because I have seen my inlaws and others age I think that having the extra money at 80 is waiting too long.

Taking the SS benefits at 62 also has a tax consequence and other considerations.

Our plan is to let my wife begin taking benefits at 62 and I might go at 62 but will likely wait until at least 65 or 67.

Bill
 
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