Comments on: Understanding the Social Security Claim and Suspend Strategy http://gotoretirement.com/2009/12/understanding-social-security-claim-suspend-strategy/?utm_source=rss&utm_medium=rss&utm_campaign=understanding-social-security-claim-suspend-strategy A Baby Boomer's Journey from Retirement Planning to Retirement Living Wed, 28 Jul 2010 18:04:36 +0000 http://wordpress.org/?v=2.9 hourly 1 By: Mr. GoTo http://gotoretirement.com/2009/12/understanding-social-security-claim-suspend-strategy/comment-page-1/#comment-2470 Mr. GoTo Mon, 03 May 2010 22:36:08 +0000 http://gotoretirement.com/?p=4395#comment-2470 I do not think this will work. You can't claim and suspend your own benefit, then claim a spousal benefit that is lower than the suspended benefit to which you are entitled. I do not think this will work. You can’t claim and suspend your own benefit, then claim a spousal benefit that is lower than the suspended benefit to which you are entitled.

]]> By: gordon http://gotoretirement.com/2009/12/understanding-social-security-claim-suspend-strategy/comment-page-1/#comment-2469 gordon Mon, 03 May 2010 21:45:41 +0000 http://gotoretirement.com/?p=4395#comment-2469 I am 66. My wife will turn 62 in July. At that time our intention is for her to begin collecting her SS (about $750 per month). I, at the same time, will file, suspecd and claim as her spouse. Because I am at full retirement age I will get 1/2 of my wife's full benefit (what she would have collected at 66)or 1/2 of $1000 (not 1/2 of $750). We will conmtinue with this until I am 70 (or sooner at my option) and I will then UNsuspend and begin collecting my full benefit enhanced at 8% per year for every year I have delayed beyond 66. Under no circumstances can my wife ever collect more than her $750 (plus inflation) until I die and then she will collect an amount equal to what I received in the month before my death. Does everyone agree that this works? Thank you. gmg I am 66. My wife will turn 62 in July. At that time our intention is for her to begin collecting her SS (about $750 per month). I, at the same time, will file, suspecd and claim as her spouse. Because I am at full retirement age I will get 1/2 of my wife’s full benefit (what she would have collected at 66)or 1/2 of $1000 (not 1/2 of $750). We will conmtinue with this until I am 70 (or sooner at my option) and I will then UNsuspend and begin collecting my full benefit enhanced at 8% per year for every year I have delayed beyond 66. Under no circumstances can my wife ever collect more than her $750 (plus inflation) until I die and then she will collect an amount equal to what I received in the month before my death. Does everyone agree that this works?
Thank you. gmg

]]> By: Mr. GoTo http://gotoretirement.com/2009/12/understanding-social-security-claim-suspend-strategy/comment-page-1/#comment-2319 Mr. GoTo Wed, 10 Mar 2010 20:21:47 +0000 http://gotoretirement.com/?p=4395#comment-2319 Chris: Your wife can file on her own benefits at age 62 then switch to a spousal benefit but since she claimed a benefit before full retirement age, her spousal benefit will be permanently reduced. As for her using a "claim and suspend" strategy on her own record, I don't understand what benefit either of you would gain from doing that. Maybe I don't understand exactly what you are contemplating. Chris: Your wife can file on her own benefits at age 62 then switch to a spousal benefit but since she claimed a benefit before full retirement age, her spousal benefit will be permanently reduced. As for her using a “claim and suspend” strategy on her own record, I don’t understand what benefit either of you would gain from doing that. Maybe I don’t understand exactly what you are contemplating.

]]> By: Chris Patrick http://gotoretirement.com/2009/12/understanding-social-security-claim-suspend-strategy/comment-page-1/#comment-2318 Chris Patrick Wed, 10 Mar 2010 20:09:13 +0000 http://gotoretirement.com/?p=4395#comment-2318 Your articles are excellent and detailed. My Wife and I are same age, however she raised the kids, I paid for it. Question is, can my wife (the lower income spouse)file for benefits on her own work record at 62 and then switch to a spousal benefit when I plan to retire at 65. My FRA is 66. Alternative she file a claim and suspend at 65 or 66?? Please help I have read everything, no clarification. Chris Your articles are excellent and detailed.

My Wife and I are same age, however she raised the kids, I paid for it.
Question is, can my wife (the lower income spouse)file for benefits on her own work record at 62 and then switch to a spousal benefit when I plan to retire at 65. My FRA is 66. Alternative she file a claim and suspend at 65 or 66??
Please help I have read everything, no clarification.

Chris

]]> By: Paul http://gotoretirement.com/2009/12/understanding-social-security-claim-suspend-strategy/comment-page-1/#comment-2257 Paul Thu, 11 Feb 2010 00:34:54 +0000 http://gotoretirement.com/?p=4395#comment-2257 Your article helped clear up some questions I had about the claim and suspend policy, specifically that the higher wage earner must be at FRA and that the spouse's benefits will be reduced if she is not at FRA. My first question is, can my wife (the lower income spouse)file for benefits on her own work record at 62 and then switch to a spousal benefit when I turn 66 and file a claim and suspend? Second question. Assuming starts collecting SS at 62 on her own wages and keeps working (but making less than $14000 per year), does she continue to pay into the Social Security system and does her benefit increase because of additional working history? Your article helped clear up some questions I had about the claim and suspend policy, specifically that the higher wage earner must be at FRA and that the spouse’s benefits will be reduced if she is not at FRA.

My first question is, can my wife (the lower income spouse)file for benefits on her own work record at 62 and then switch to a spousal benefit when I turn 66 and file a claim and suspend?

Second question. Assuming starts collecting SS at 62 on her own wages and keeps working (but making less than $14000 per year), does she continue to pay into the Social Security system and does her benefit increase because of additional working history?

]]> By: John http://gotoretirement.com/2009/12/understanding-social-security-claim-suspend-strategy/comment-page-1/#comment-2157 John Thu, 14 Jan 2010 14:14:03 +0000 http://gotoretirement.com/?p=4395#comment-2157 Thanks for getting back to me and any insights are appreciated. We both want to claim and suspend because we would like both of our primary benefits to grow to the maximum. We called the SS office and they said we could each claim and suspend (and we would collect each other's spousal benefit). My benefit is almost exactly double my spouses. Also, I am still working so we don't need the benefit right now, but if we can take the spousal benefit and still increase the primary benefit that would be great. Thanks for getting back to me and any insights are appreciated. We both want to claim and suspend because we would like both of our primary benefits to grow to the maximum. We called the SS office and they said we could each claim and suspend (and we would collect each other’s spousal benefit). My benefit is almost exactly double my spouses. Also, I am still working so we don’t need the benefit right now, but if we can take the spousal benefit and still increase the primary benefit that would be great.

]]> By: Mr. GoTo http://gotoretirement.com/2009/12/understanding-social-security-claim-suspend-strategy/comment-page-1/#comment-2156 Mr. GoTo Thu, 14 Jan 2010 05:06:41 +0000 http://gotoretirement.com/?p=4395#comment-2156 John: Why would you both want to claim and suspend? John: Why would you both want to claim and suspend?

]]> By: John http://gotoretirement.com/2009/12/understanding-social-security-claim-suspend-strategy/comment-page-1/#comment-2155 John Thu, 14 Jan 2010 04:53:46 +0000 http://gotoretirement.com/?p=4395#comment-2155 When I contacted SS they said we could both claim and suspend (not lose benefits) as long as we both were full retirement age. When I contacted SS they said we could both claim and suspend (not lose benefits) as long as we both were full retirement age.

]]>