<p>Some people in my office were talking about retirement planning and receivng social security. </p>
<p>I work part time…work I enjoy but not overly lucrative.</p>
<p>One of the people advisied me that I could start drawing social security on MY account at age 62 while continuing to work as I do as I don’t make all that much…</p>
<p>And then, when my much higher earning H retires at his normal retirement age, I could then refile to claim a spousal benefit on HIS account instead.</p>
<p>Anybody ever heard of this? Is this even legal?</p>
<p>I was amazed at all of the different Social Security claiming strategies that are out there when I started researching a little. Here are a couple of other articles –</p>
<p>My husband and I are almost at the point where we have to start making these decisions. I just hope that Social Security is around long enough for us to benefit from it. I’m beginning to think that it won’t. :(</p>
<p>I only learned on this website the other day that social security pays an additional benefit to children under 18 of people that receive retirement benefits, so I have no idea if you can file on your own then change to a spousal benefit. </p>
<p>One of the crazier things I have read that you can do with social security is collect the lower level from age 62, then at age 65 you can pay it all back and begin receiving benefits at the higher level.</p>
<p>^^^ I didn’t know that about paying it back. We wouldn’t have done it if we had known though.</p>
<p>We did the math when my husband turned 62 and we were somewhat in need of the retirement income due to a combination of factors including health issues. Figured out he would have to live till his late 70s or early 80s before we would start losing our because of drawing earlier having an additional 3 years of the reduced amount. (We didn’t take into account any future increases in the pension - they might have reduced the break even point a little).</p>
My boss was saying just yesterday that he plans to start receiving social security at 65, keeping it all and then paying it back at 70 to receive the higher benefit. Sounds good in theory, but I know darn well that he won’t have it at 70 to pay back.</p>
<p>To OP, I saw the strategy you mention outlined in the WSJ a few months ago as legit. </p>
<p>Re widow spousal benefit, earliest wife can collect is age 60. If she waits, it is my understanding that she can get more on your #. If spouse is working it is necessary to see that earnings will not impact benefits. This is tricky because earnings over a certain amount will trigger a reduction in benefits.</p>
<p>Swimcatsmom, how do you know so much about taxes, etc.? I didn’t think you worked for the IRS. Weren’t you “spitting mad” at the IRs or was that someone else? My hat’s off to you.</p>
<ol>
<li><p>Wife Unit HAS to be at least 60 to get survivor benefit.</p></li>
<li><p>In my case she is 4 years younger has never worked so she has to latch on to me. So if I collect at 62 (this year) she has to wait for 2 years then she would get reduced of what I am getting today. I think she will get 71% (?)</p></li>
</ol>
<p>But, what happens:</p>
<ol>
<li>If I don’t collect at all with all the intention of waiting till 66 but I die at 64 (she will be 60) would she get 71% of what I would get at 66 or 64?</li>
</ol>
<p>Collecting at 62 or 66 is a very tough and personal decision.</p>
I tend to know a lot about a narrow range of stuff - if it applies to me then I research it to death. Especially when it comes to numbers and formulas for stuff (such as the EFC formula). I don’t like putting numbers in and seeing results come out and not knowing how one led to the other. (this does not transfer over to other things such as cars where I am quite content to not know how they work as long as they do).</p>
<p>
Yes that was me. That was a very frustrating period. It all got sorted in the end though. If a business operated that way they would be put of business!</p>
<p>I visited SS office today and received information that is conflicting. The info. I received implies that what the spouse unit will get will depend up on her age - not when I start receiving benefits. Her amount will be reduced - based on her age below 66 from what y benefit would be at 66. I played around today with on-line calculator and the survivor benefit amount remains same for me retiring at various ages from 62 to 66. Of course my amount changes.</p>
<p>I also called and the SS lady said what smimcatsmom says.</p>
I think it is really both.My understanding is that survivors benefit is based on your benefit. If you start taking it earlier then your benefit is reduced. So if your full benefit is say $1000 and you wait till you are full age and are getting $1000 then if you die the survivor benefit is based on the $1000. But if you take it early and are getting say $800 then the survivors benefit is based on the $800. (I would love to be wrong on this but I don’t think I am). </p>
<p>Then it is also based on the age she starts taking it. If she starts drawing survivor benefit before she reaches full retirement age then she would get a reduced percentage of the survivors benefit, but it is still based on your benefit. So say she takes it at an age when her payment would be 70% of the benefit. If you did not take it early and the full benefit is $1000 then she would get 70% of $1000. But if you had started drawing early so were getting $800 then she would get 70% of the $800.</p>
<p>We didn’t even take into account survivors benefits when we were making the decision. Probably should have.</p>
<p>Actually, we were surprised when she told us it will be based on my $ @ 66. </p>
<p>This is similar to what her SS $ will be. She will latch on to me - she does not have enough credits/earnings to get anything on her own. Her SS $ will be based on my SS $ @ 66.(minus the age reduction) whether I collect at 62 or 66 (This I am almost sure).</p>
<p>Well another trip and it was not that bad of a wait.</p>
<p>I am in the same boat. I worked in the UK till we left the UK but was a stay at home Mom over here. Even going back to work I don’t think I can get enough credits to draw on my own, and if I do I think it would still be less than if I draw on my husband. I need to figure out what I can get from the UK based on my years working there plus I think I may have some pension coming from my last job there. Haven’t kept track of the paperwork so it is going to be fun trying to figure it all out (not). Retirement and pensions seemed so far in the distance back then!!</p>
<p>Yes he started drawing at 62, several years back. I have not tried the calculator (not sure if it would work as he is already retired and drawing). But according to the link above in post #7</p>
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<p>As that is from the SSA website I think it is probably correct. The people at the SS offices don’t always get everything correct - they kept paying SS for one of my kids even after they were no longer eligible even though we questioned them about it. I knew eventually they would want it back and the person I dealt with got quite testy with me when I was trying to sort it out. You’d have thought I was trying to get more money from the system instead of pointing out that they were giving out too much!!</p>
<p>The Center for Retirement Research at Boston College has published some general info about factors that should be considered before deciding when to start taking SS benefits. Here’s a link to those materials:</p>