Hello Larry,
Even after I reading your(s) book about Social Security I still need help understanding my SS benefits! and of course, I can't get a straight answer from SSA.
I'm almost 63 years old. My husband is almost 65. I'm considering collecting my benefits now however need your help thinking this thru: I claim MY benefits now, which is abt $1,113; at FRA my max today shows as $1,452 which is slightly lower than my spousal benefits; my husband plans to wait until FRA which today shows as $2,935. My thinking is, if I collect now, I’m collecting only MY benefits and I’m not deemed to file for spouse benefits bc he is not collecting – is that correct?
However, once he starts collecting at his FRA I’ll be 64 years & 8 months at which point I’ll be deemed filling for spouse benefits – is that correct? Is that a good plan? I don’t know the formula to calculate how much I’d get as spousal benefits but already collecting mine, both at an earlier age.

Or it’s better that we wait until FRA and touch our retirement accounts if we need to? Going back to work is a very small alternative in our plans.

I sure hope you can enlighten me. SS is much harder to understand than Medicare! By far!
Cheers
Rose

Hi Rose. Yes, it sounds like your understanding is basically correct. Since you were born after January 1 1954, you couldn't file for your own benefits without being deemed to also have filed for spousal benefits as soon as you would first be eligible for those benefits. In other words, filing for your own benefits would obligate you to claim any spousal benefits for which you qualify effective with the earliest possible month that you'd be eligible for the spousal benefits. And, if that's prior to your full retirement age (FRA) then both your own benefit rate and your spousal rate would be reduced for age.

For example, let's say Judy files for her Social Security retirement benefits this year at age 63. Judy's primary insurance amount (PIA), which is the amount she'd qualify for if she filed at FRA, is $1400. However, Judy's reduced rate at age 63 is $1003. When Judy reaches age 65, her husband files for his benefits. Judy's husband's PIA is $2950, and Judy's unreduced spousal rate would be calculated by subtracting her PIA from 50% of her husband's PIA. In Judy's case, that amounts to $75 (i.e. $2950/2 - $1400). However, since Judy hasn't yet reached FRA when her husband starts his benefits her spousal rate is reduced for age to $66. Judy would then be paid both her own reduced rate plus her reduced spousal rate for a total benefit of $1069.

You'll need to decide for yourself whether or not you believe that filing for benefits early is a good plan. It sounds like you and your husband should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to help you determine which filing strategy would be the most likely to maximize benefits in your particular set of circumstances.

Best, Jerry