How Will My Wife's Survivor Rate Be Calculated If I Die Before Her?
Hi Larry/Jerry, survivor benefit question for you. Can you please clarify if or how RIB-LIM applies to my situation? I'm sure many of your readers are in the same boat.
My wife and I are both 64 and started drawing social security when we turned 62. I draw a regular retirement benefit and my wife, as a low wage earner, draws a spousal benefit.
When I started drawing my benefit, reduced for starting at age 62, it was $1290. Had I waited until my FRA my PIA would have been $1769. With annual COLAs my reduced benefit of $1290 has increased to $1384.