Hi Jerry,

Thank you for your assistance, I greatly admire your immediate response. I do have another question based on your response, for clarification and understanding.

My husband took early social security at age 62, his FRA at the time in 2017 was the amount of $2254. (of course he gets much less because he chose to take it at 62)

I was born October 1955. My own social security at FRA would be $1026. If I would apply for spousal benefits now, what would I receive, -would it be $1127?

Also, would the cost of living upgrade percentages be used to calculate my spousal annuity, meaning would my husbands FRA amount of $2254 be calculated at 4% higher since 2017, or would the $2254 FRA amount be used which was for year 2017?

I thank you again for your help!

Best

Hi,

Since you were born after January 1 1954, you will be deemed to be filing for both Social Security retirement and spousal benefits whenever you file for either of those benefits. You'll basically be eligible for the higher of the two benefit rates, and your rate will be reduced for age if you start drawing prior to your full retirement age (FRA).

If you wait until FRA to start drawing, you would receive the higher of a) your full retirement age rate (i.e. primary insurance amount, or PIA), or b) 50% of your husband's full retirement age rate (PIA). If you file now instead, your benefit rate would be reduced by roughly 20%. The unreduced spousal benefit calculation would be based on 50% of your husband's PIA at the time you file for your spousal benefits, so it would include any cost of living increases that he's received.

You should strongly consider using our software to fully explore and compare all of your filing options so that you can be sure to choose the best possible strategy for claiming your benefits.

Best, Jerry