Could you please clarify -
I am planning to claim my own Full Social Security Benefit at the age of 66.5-yr (I have no pension/annuity associated with my benefits). My spouse is planning to file have spousal benefits out of my SS benefits at the age of 62-yr. However, my spouse will also have her own pension which she plan to start withdrawing at the age of 67-yr.
My question is - will my spousal benefit payment based on my claimed payment will be affected during this 5-yr period when she is not receiving any pension - as she plans to start receiving her pension after 5-yr at the age of 67-yr. Could you please provide your expert opinion.
Rocky
Hi Rocky. I'm not sure that I fully understand your question, but neither you or your wife could apply for spousal benefits without also filing for your own benefits at the same time. Only people who were born prior to January 2 1954 could claim spousal benefits without also being required to claim their own benefits at the same time.
So, whenever you and/or your wife apply for benefits you'll be filing for both you own Social Security retirement benefits as well as spousal benefits. And, the only way that either of you will qualify for spousal benefits is if one of your primary insurance amounts (PIA) is more than twice as much as the other spouse's PIA. Furthermore, your wife couldn't qualify for spousal benefits at least until you start drawing your Social Security retirement or disability benefits, nor could you qualify for spousal benefits at least until your wife wife starts drawing her Social Security retirement or disability benefits.
The bottom line is that you and your wife could only be paid essentially the higher of your own benefit rate or your spousal rate, and if you start drawing prior to FRA your benefit rate(s) will be reduced for age.
It sounds like 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
