Dear Liz: I will be 62 in January. My husband turns 70 in July. If I take my Social Security benefits at a reduced rate at 62, can I switch to half of his benefits once he turns 70 and applies? Let’s say my reduced benefit at 62 is $1,000 per month and my husband’s maximized benefit at 70 is $4,000 per month. Can I switch to a spousal benefit for a payment of $2,000?
Answer: You may be able to switch, but you’ll get a lot less than $2,000.
The spousal benefit is based not on what the husband receives, but on his benefit at his full retirement age, which for illustration purposes we’ll say is $3,200. The spousal benefit can be up to half that amount, or $1,600. If you apply at 62, though, you’ll be accepting a permanent reduction in both your own retirement benefit and any future spousal benefit, as I explained in an earlier column. The reduction is steep enough that you probably wouldn’t notice much of a change once your husband applies and you qualify for the spousal addition.
Those are the rules for spousal benefits. Survivor benefits are a different matter. Survivor benefits are based on what your husband actually receives (or what he’s earned, if he dies before starting benefits). Also, the early start of your own benefit wouldn’t reduce the future survivor benefit you receive should he die first.
In many cases, the smart approach to maximizing Social Security benefits means waiting at least until your own full retirement age and often until age 70 to apply. Your mileage may vary, of course, so it can be helpful to use a good Social Security claiming strategies calculator and to carefully read the reports they generate. T. Rowe Price has a free Social Security Optimizer at https://www.troweprice.com/
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