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this is a social security question both my wife and i are retired she is 64 and has drawn ss since she was 62 i am 65 and plan to start drawing at 70 am i entitled to draw 12 of her amount under the spouses benefit from the age 66 to 70 and then switch to my benefits if so what are the circumstances that we have to fit into and what if any effect does do this have on either her account or mine
One of the lesser known facts about Social Security benefits is that once you reach full retirement age you can choose to delay your own retirement benefits and collect a spousal benefit instead. Your spouse must be retired and you receive 50% of his or her benefit while postponing your own. This allows you to take advantage of delayed retirement credits and increase your own benefits when you finally start taking them. There are no increases after age 70 so most will switch to their own benefit at that age. Interestingly, if 50% of your benefit is greater than the reduced pension your spouse currently receives, he or she would be eligible to receive a spousal benefit based on your larger amount. Not quite "having your cake and eating it too" but more like having a cupcake and eating it too.
February 07 2012
