It's a simple question but I can't find a straight answer. I am married my wife is 2 years younger and works part time.
If I choose to wait until I turn 70 to collect SS my monthly payment will be $4000.00. My 68 wife is entitled to 50% spousal benefits so thats $2000.00. correct?
So combined I am expecting to have SS combined payment of $6000.00 a month. Correct?
My simple question is...Is there a monthly limit for us? Is SS going to tell us that the max limit for a married couple in this case is less than $6000?
Are all married couples always allowed to get the max plus 5O% for spouse even if the Primary is 70 and collecting the max. Please answer if we can expect to get the $6000.00. Then you can explain any other issues with this question. I really would appreciate a simple answer.
Thanks.
JZ

Hi JZ. No. The maximum amount that a spouse can be paid from the record of a worker who is still living is 50% of the worker's primary insurance amount (PIA). A person's PIA is equal to their Social Security retirement benefit rate if they start drawing their benefits at full retirement age (FRA).

There is a family maximum benefit (FMB) amount that can be paid per month from a given worker's account, but if only you and your wife are collecting benefits from your record then the FMB would not reduce your payment rates.

For example, let's say Joe is filing for his benefits this year at age 70, and his PIA is $3000. Delayed retirement credits (DRC) increase Joe's actual monthly benefit rate to $3960. If Joe's wife is not eligible for benefits based on her own work record and if she's at least FRA, then she could be paid up to $1500 per month (i.e. 50% of Joe's PIA) as a spouse. The FMB would not limit either Joe's or his wife's payment amounts if there are no eligible children collecting benefits from Joe's account.

However, even though a spouse of a living worker can only be paid up to 50% of the worker's PIA and NOT 50% of the worker's age 70 rate, if the worker waits until age 70 to start collecting benefits and then subsequently dies, the worker's spouse can be paid a survivor benefit rate of up to 100% of the worker's age 70 rate. So, Joe's wife in the above example could be paid $3960 as a widow in the event of Joe's death.

You and your wife should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your options so that you can determine the best overall strategy for maximizing your benefits.

Best, Jerry