When To File For Social Security Benefits At Age 66 – When can you file? You can start receiving Social Security at age 62 (with benefits reduced by 30%).1 When you reach full retirement age (FRA) you can receive Social Security without penalty. Age varies depending on the year and month you were born.
How is Social Security calculated? It is based on your Social Security income and adjusted for inflation. The base rate is the sum of your highest 35 years of variable payments divided by 420 (the number of months in 35 years) equal to your average monthly income. Your benefits are determined using this amount, plus the maximum benefit cap. The monthly amount you will receive if you leave it at your FRA is called the Principal Amount Insured (PIA).
When To File For Social Security Benefits At Age 66
Eligibility for 100% of benefits YEAR OF BIRTH OLD AGE 1947-1954 66 1955 66 + 2 months 1956 66 + 4 months 1957 66 + 6 months 1958 66 + 8 months 1959-66 + 9100
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More life stages I’m starting | I saved and installed | I’m about to retire | I was relieved
[1] SSA.gov, about filing between age 62 and FRA. [2] Source: SS Supplement 2018. Table 6.B5, Social Security Administration, 2017 calendar year. Neither Nationwide nor its agents provide legal or tax advice. Please consult your attorney or tax advisor for answers to your tax questions. and if you have other retirement benefits you already have. Who is right? Anyone who has a spouse, ex-spouse, or spouse who is deceased or otherwise eligible for benefits, once you reach the age of election, is eligible.
The most you can get is 50% of your spouse’s full benefit. That’s fine, but the exact amount you get and when you get it depends on many factors, including your spouse’s age and work history, your own age and work history, and and more. That leaves room for you to increase the amount you get. And, remember, if it’s less than the amount you get based on your own work history, you’ll get the higher amount sooner.
Below, you’ll find out if you’re eligible for Social Security spousal benefits and how to find out how much you’ll get. And, you’ll learn how the two most popular spousal benefits affect Social Security rules. (Hint: It’s not good news.) However, if you follow the rules outlined in this article, you can maximize your Social Security spousal benefits.
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If your spouse has filed for Social Security benefits, you can collect benefits based on the spouse’s work history, if:
When you apply for spousal benefits, you are also applying for benefits based on your own work history. If you qualify for benefits based on your own income, and the benefit is more than your spousal benefit, that’s what you get. If it is low, you will get the benefit of the wife.
A spouse’s benefits are based on the other spouse’s earnings if that person begins collecting benefits at full or “normal” age.
The Social Security Administration has an online calculator that can show you what percentage of your spouse’s benefits you can receive based on your age when you start receiving benefits.
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The short answer to the calculation is this: You are eligible for half of your spouse’s income if you wait until your full retirement age to apply. The earlier you book, the cheaper you will get.
As you might expect, the “normal” retirement age is getting later in life, but changes are being made to Social Security rules. born from 1955 to 1960. For those born after 1960, it is 67.
The Social Security number tells you what percentage of your spouse’s benefits you will receive, based on your age when you apply.
It doesn’t matter when your spouse actually retires, or if your spouse dies, the amount of the “regular” benefit you receive applies to calculating your spousal benefit.
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Your spousal benefit is based on the amount of your spouse’s “standard” benefit. But the amount you get depends on when you start claiming.
You can claim spousal benefits before age 62, but you won’t get as much if you wait until your full retirement age. For example, if your full retirement age is 67 and you elect to claim spousal benefits at 62, you will receive a benefit equal to 32.5% of your spouse’s full benefit amount.
The amount increases every year you wait. At your full retirement age (67 in this example) you can qualify for the maximum, which is 50% of your spouse’s full benefit.
Importantly, marital benefits will not be reduced if the spouse has custody of a child who is eligible under age or disability laws. It cannot exceed 50% of the spouse’s full benefit. Therefore, there is no incentive to file for spousal benefits after your full retirement age.
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It is more difficult to calculate whether you can receive benefits from a government pension or a foreign employer that is not covered by Social Security. In that case, you may qualify, but the amount will be reduced.
For example, if you receive a government pension where Social Security taxes are not withheld, the amount of your spousal benefit will be reduced by two-thirds of the amount of your pension. This is known as the state pension.
For example, you may expect to receive $800 in Social Security spousal benefits and you also receive $300 from a government pension each month. Your Social Security payment is reduced by two-thirds of $300, or $200, making your total benefit from all sources $900 per month ($800 – $200) + $300).
Same-sex couples have had the same rights as all other couples since a 2015 Supreme Court decision affirming their constitutional right to marry. And that means they qualify for Social Security spousal and dependent benefits.
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The rules for Social Security spousal benefits for divorcees and widows are complicated in order to cover all situations.
If you are divorced, you may be eligible for spousal benefits based on your ex-spouse’s work history. The rules are very similar, including:
If your ex-spouse did not file for benefits, you can file for spousal benefits if you have been divorced for two years.
If your ex-spouse is still alive, in most cases, you must be at least 62 years of age or older to receive benefits. (Whether the ex-spouse is taking benefits or not.)
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A widow or widower can receive up to 100% of her husband’s benefit amount. That is if the survivor has reached full retirement age at the time of the request.
The benefit is reduced to between 71% and 99% of the deceased’s entitlement if the widow is under 60 of full retirement age.
People with disabilities can apply before the age of 50. The office has a simple application process to avoid delays in the first payment.
You may receive benefits if your spouse dies before reaching retirement age. Every employee collects Social Security “credits” for work. If your spouse has had loans for at least 10 years, the spousal benefit is available.
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It is important to note that it pays to hold onto your “full” retirement age to increase the amount you will receive.
Also, if you receive spousal benefits and your spouse dies, you must notify Social Security. Your spouse’s benefit of 50% of your spouse’s benefit converts to a lifetime benefit of 100%.
You may have heard or read about other ways to increase the amount of your marriage benefit. Unfortunately, under the new Social Security rules, both popular plans have been eliminated.
Prior to 2016, workers could file benefits (enable their spouses to claim spousal benefits), then waive their own benefits in order to increase their benefits. credit for deposit. This is called a file and release plan, which means that the lower spouse can use the spousal benefits while the primary earner receives retirement credits, and thereby increasing the amount of benefit.
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However, this “having your cake and eating it too” was replaced with the Bipartisan Budget Act of 2015, which took effect in April 2016.
While it is possible to file for benefits and then delay payments for a period of time, other benefits that are normally in your account (such as spousal benefits) will not be paid out again during retirement.
The 2015 law prevented people born after January 1, 1954, from double-checking by claiming spousal benefits while also receiving retirement credits on their own accounts. .
Previously, those who qualified for both types of benefits could claim spousal benefits first, while deferring a claim on their own account.
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