Dear Liz: I waited until 70 to start taking Social Security. My wife, who is the lower earner, took a spousal benefit at her full retirement age. I know she is entitled to my benefit when I pass. However, I understand she does not get my current benefit but the amount I would have received if I had started Social Security at my full retirement age. How do I find that amount?
Answer: You don’t need to. Your wife’s current spousal benefit was based on the amount you would have received at full retirement age. Her survivor benefit — the one she would get if you die first — will be 100% of your current benefit. Because you waited and maximized your own benefit, you also maximized the survivor benefit she may have to live on in the years to come.
Many people confuse the rules for spousal and survivor benefits. Even though they’re based on the same thing — the earnings record of the higher or “primary” earner, which is you — they have different rules for how they’re calculated.