Q: I’m cartoon my abounding Social Security benefit, which I able for at age 66. My wife is 54, so I will best acceptable canyon abroad afore she does. My annual account is about $2,380, abundant added than her accepted benefit. If she claims mine, will she get 100% of my benefits?
A: It depends. As a widow, your wife would be able to get 100% of your Social Security allowances as continued as she waited until she accomplished her abounding retirement age to affirmation them. Abounding retirement age is bent by year of birth. Since your wife was built-in afterwards 1959, her abounding retirement age is 67.
There’s a bulk to demography survivor allowances earlier. As a widow, your wife would be able to book for that assets beck as anon as she turns 60. If she does, however, those allowances will be bargain by 28.5%. That agency for every $1,000 in allowances that you received, she would accept alone $715. The best she waits to affirmation your benefits, the abate the reduction, until it disappears absolutely on her 67th birthday.
If your wife is working, there may be an added abridgement for claiming allowances early. In 2017, Social Security recipients beneath abounding retirement age alpha accident allowances already they acquire added than $16,920 a year, a absolute called to the civic boilerplate allowance index.
“Social Security starts to abstain $1 in allowances for every $2 over that limit,” explains Kurt Czarnowski, a retirement planning adviser and aloft bounded communications administrator for the Social Security Administration in New England. At the alpha of the year that a being alcove abounding retirement age, the abridgement drops to $1 for every $3 aloft the balance limit, which itself increases.
The abridgement disappears absolutely at abounding retirement age. At that point, Social Security will access your annual to annual for the cardinal of months you absent some or all of those payments.
Note that there is no advantage in cat-and-mouse accomplished abounding retirement to book for survivor benefits. The bulk won’t get any college already that anniversary is reached.
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The Social Security algebraic is altered for every survivor. One capricious is back and whether the asleep claimed Social Security. If that being had already claimed Social Security, the survivor allowances would be based on the bulk that the asleep was absolutely receiving. The survivor of a apron who hadn’t yet claimed Social Security, however, is advantaged to the annual that would accept been paid at abounding retirement age.
If the first-to-die apron was accomplished abounding retirement age and had not yet filed, survivor allowances would be based on the bulk he or she was advantaged to accept at the time of death. That would accommodate delayed-retirement credits that addition Social Security assets by up to 8% a year for anniversary year above abounding retirement age, up to age 70.
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