I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life
Yes I'm familiar with him. Fergus Waylen demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
Waylen has to be the best mentor I've met. He's copy-trading has been the best because I hop on it with $3000 and I'm up with $35,000 in profit. He's insights, information and versatility in the market is super ,
My initial retirement plan was to retire at 62, work part-time, and save money. However, rising costs have significantly impacted my plans. I’m wondering if those who experienced the 2008 financial crisis had an easier time than I am facing now. With the stock market’s volatility and a reduction in my income, I’m worried about having insufficient savings for retirement. Additionally, my ability to contribute to my retirement savings has diminished, and I’m concerned about the adequacy of my Social Security benefits in this situation.
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
It's true that many people underestimate the importance of advisers until their own feelings burn them out. A few summers ago, following an ongoing divorce, I needed a significant push to keep my company afloat. I looked for licensed advisors and found someone with outstanding qualifications. She has contributed to my reserve increasing from $275k to $850k regardless of inflation.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne” and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I had planned on working until full retirement age, 66 years and 4 months but Life sometimes upsets your plans and you have to change them. I don’t regret retiring early. And now I'm looking for ways to be prepared for whatever may come
My husband passed last july 17 2022 in USA at the age of 63 5:50 5:55 i am a filipina we got married here in the Philippines and presently i am 64 yrs old i wanted to apply for survival benefit but i do not know my deceased husband ssnumber i never been in USA and we married more than 10 yrs before his demised
Thank you so much. I have been to dozens of websites, including SSA, and none explained benefits as clearly as you did. Now I understand what is best for me and my wife. She is six months younger than me, and earned much less than me. It makes most financial sense for her to collect her benefit at 67, and for me to wait until 70. Thank you again!
Thank you! Finally, someone provides understandable info on spousal benefits. Much appreciated. The tables, and your explanation, were perfect! BTW, we have received so much conflicting information from the SS office, and Fidelity advisors, on who has to file first (the husband or wife)....it's maddening!
Great explanation - we're exactly in this situation (my wife took her SS early and I am coming up on my FRA next year so when I take SS she gets spousal benefit) and finding out an accurate overview of how spousal benefit is calculated is next to impossible. Thanks much!!! you're the first place that made it clear that the spousal excess is not reduced if the larger earner takes retirement @ FRA & the spouse is at their FRA.
the explanation is great on how this works and when to use it. What I do not see on the Social Security Web page is where to start the process for spousal benefit filing
Your explanations are so clear! I wish you could do a video for a wife who receives a TRS disability amount and the husband who receives a social security benefit after retirement at age 70!
Thank you for clarifying much of the spousal benefit issue. I don't think I heard one particular permutation: higher earning spouse files at FRA but lower earning spouse is younger than the higher earner. Should she file for spousal benefits BEFORE her FRA? If so, how much of a hit does she take on her net total benefit since she is filing earlier than her FRA? Thanks in advance.
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
Thank You. Finally, a clear explanation of different scenarios for spousal benefits. I have been searching for an answer for my spouse taking her pia prior to fra and how it impacts her benefit when the higher earner claims at fra. I get it now. Thank You !
Love your explanations. As you pointed out the spousal benefit does not increase after the higher earner full retirement age. The higher earner may get a higher personal benefit after FRA but you shoul subtract the amount of the spousal benefit lost for each year you delay.
Wow, filing for Social Security at 62? Bold move! But hey, I’ve got $125k just chillin' in my emergency fund, itching to start making me some money. Honestly, I'm torn between playing it safe or just diving in. Who knew deciding when to start would be the easy part, right? Time to make that cash work for me, not the other way around!
Devin, I have seen a lot of info on this. Nobody talks about this! I am 67, I will wait till I am 70 to draw my SS. My wife was a teacher in the state of OHIO for 35 years, she did earn units for SS, she will only get a % of my Benefits if I die first based on her Gross Benefits. Which is the reason I am waiting till I reach 70 to increase her %. Thank You
THANK YOU!! I've been trying to find this out for a very long time. My wife is filing at 62 but I'm not until 67 (FTR). Not even SS would tell me if she gets an adjustment when I file or not.
I just spoke with 3 separate employees of the SS dept and got 3 different answers. My husband is retired and collecting SS. I plan on retiring this year before my full retirement age. What actual percentage of my husbands SS are my entitles to? Also, different answers as to can I earn more money some months and less money other months as long as I do not exceed the total amount I am allowed to annual earn while collecting SS? Some tell me they divide the year by 12 and I can not exceed that number even if other months are below what I can earn. PLEASE clear this up for me. THANK YOU!
The bottom line, to maximize the spousal benefit, the lower earner must wait to claim their SS benefit until their FRA, and then once the higher earner claims their benefit at at least FRA, the lower earner will receive a benefit of 50% of the higher earner’s FRA benefit.
Thanks, I did learns something new. That the Spousal benefit is reduced As her post FRA benefit grows (while she is waiting to file). Previously I assumed her benefit would continue to grow if she waited past FRA and her Spousal portion would remain constant.
@@DevinCarroll OK, My wife is one month older than me and her FRA benefit is significantly less than half my FRA benefit. I want to wait till age 70 to maximize survivor benefit. There is no reason for her to wait past age 67 (FRA). So, can I file and suspend at my FRA and she get spousal benefits and then I wait till 70 and maximize my benefit? Her spousal benefit will be on the order of $4170 per year (28% increase over her FRA benefit).
Suggestion. at the 11:42 mark you are talking about how she decides to draw early and get $560. You should show what she actually draws and not what she could draw. The chart should show where she draws $560 and $0 for Spousal for two years. After that you can change the chart to show where she will start to collect the extra spousal payment when her spouse files. At that time you should change the chart to show $560 again for year 3 and $150 for the Spousal payment. If I understand what you are saying.
That last 4-5 minutes was exactly what I wanted to know. My wife is the lower wage earner and is 3 years older than me (61 to 58). I know she will file before me. Her rate is projected to be about $900/month while mine is projected to be around $3600/month. My question is "Will the spousal excess automatically kick in once I file?" Or will she have to go back and apply for it?
Devin - great job and thanks for the clarity in your video. If higher earner retires now at 62 and begins taking adjusted benefits, when spouse applies for benefits 5 years later at 67 / FRA, will spousal benefits be calculated at the higher earner's FRA even though the filed early at 62 or will they be ratcheted down to what the higher earner's benefits actually are? Thanks again for what you do!
Mr. Carroll, great explanation and very educational. Question on the spousal payment calculator, If I retired at 62, do I still use the FRA benefit for calcs?
Among all this terrifically presented information is this: the lower earner, as a spouse that has NEVER worked (entitled to $0 as their own benefit), will receive the same spousal benefit as the working but lower earner that has contributed huge amounts of $ to SS over their career. How does this make sense...
Deciding when each of the spouses should retire is already difficult based on the calculations you show. When you add other complexities it becomes simply befuddling. My situation is probably as complex as it gets and my experience so far is that most of those giving retirement advice are not skilled enough for my needs. The trickiest bit is the timing, to ensure that my spouse gets covered and doesn't fall in a loophole. Otherwise I fear that I might need to work until at least 74 just to ensure my spouse's medical coverage, and I truly do not look forward to that. What is the best way to seek, find and filter truly experienced advisors to help me make both social security and medicare decisions? I am fully assuming that I will need to pay some amount for someone's time, but I don't want to waste money for incomplete or inadequate advice.
Devin your videos on social security topics are so easy to understand and so helpful. I thank you. I was wondering if you might consider a video on how spousal and survivor benefits relate to each other. For example I am 70 and have been collecting social security since I was 68. If my wife takes spousal social security at her current age of 62 would it affect survivor benefits if I pass away before she reaches age 67 and could take survivor benefits at 100 percent. Could she stop spousal benefits wait till she is 67 and apply for full survivor benefits. We have been searching all over and can not find any videos that explain the 2 benefits combined. Again thanks for your great videos.
@@DevinCarroll I need an explanation. I was put on social security disability at age 55 on my own record. My husband took his benefit later at his full retirement age. His is much greater than mine, more than double what I get. I will be 66 and 8 months in August. Can I switch to spousal benefit at that time?
How does a spousal benefit work if both spouses are disabled? My husband retired on disability at age 33 due to diabetic complications and his employer was unwilling to accommodate his blindness. I was permanently damaged during a surgery and made unemployable, so started receiving disability at age 55. As I type this, he is behind me recovering from a massive stroke and I know the clock is ticking. All of this stuff is confusing to me. He always handled these things. I'm learning but Social Security and Medicare make me pull my hair out. He has by far been the higher wage earner, even taking into consideration his young retirement age. Thank you for your informative videos.
Do you have a video on widows benefits ? My husband was killed in 1991. I took his benefit 30 some years later at 64 I think. At that time they told me I could draw how forever or switch to my own at age 66 and 3 months. What are my best options ? I worked a couple more years after I started drawing. I make 1068. A month and do not work now.
Thanks very explained. Do you have an example if high earner filed at age 66 (say $1900) than at age 67 FRA, (say $2000) and low earner will file at her age 67 FRA some time later? Because high earner is getting an reduction by filing earlier, will the spousal benefit be reduced to $950 half of $1900 or $1000 half of $2000.
So my wife is 23 months older and filed at 63&1/2. If I file FRA (66&8mo) she’ll get hers and whatever would have made hers half of mine will be slightly less because she starting receiving earlier than FRA.
I think (I hope) you misstated something...slightly but importantly. At the 10 minute mark, you said. "Before a spousal excess can be paid, the higher earning spouse must file first." I believe you were intending to say that the higher earning spouse must file before the lower earning spouse is eligible to receive the spousal excess benefit, even if the lower earning spouse filed earlier than the higher earning spouse. It initially came across that the higher earning spouse must file before lower earning spouse files in order for the lower earning spouse to receive the spousal excess. I think you clarified that somewhat...but this stuff is confusing. I'm being kinda picky I suppose, but if someone misinterprets that, it could lead to some problems. Thanks for the video though! Good stuff!
I have been working on this for a couple of months. Myself and my wife are both currently 62. Her FRA at 67 and is approx. 1400 My FRA is approx. 3000 so she is going to go ahead and file now to draw a reduced benefit of about 1000 until I retire at 70 with a stepped up amount of approx. 4000 so at 70 she will get her reduced amount of 1000 plus the spousal adjustment of 1000 to make it half my Full benefit of 4000 at 70. This produced the maximum benefit using the Calculator that I found online. All depends upon what you use for your age at death and using some percentage (-24%) for a reduced benefit in 2034 when the SS system goes bankrupt....
@darryls8066 You may need to recheck your numbers. If your FRA benefit is $3,000, the maximum benefit your spouse will be entitled to (while you are alive) is $1,500. This is an amount equal to one half of your FRA benefit. The delayed filing increases to your benefit do not add increases to the spousal payment. It will add to a future survivor benefit in the event you pass away before she does.
@@DevinCarroll Also, it seems that if the low wage earner files at 62 (before their FRA) they will not only reduce their benefit but will NOT get 50% of the higher wage earner's benefit, no matter when the higher wage earner files. The low-wage earner has to wait to file until their own FRA if they want to get 50% of their spouse's FRA benefit. Is that correct? My take was that, in terms of spousal excess (is that what it's called?) the amount is decreased by filing early and not increased by waiting past your FRA.
Sir, one thing I have not heard anyone talk about, is the fact that when a working spouse is eligible to retire at 66 years of age, but decides to wait until 70, he accumulates credits, which amount to 8% for each year, for a maximum of 32%. One thing that is missed, is that the non-working spouse, when she files for spousal benefits, does not get the credits her husband earned when he waited to reach 70 years of age. She is eligible to receive 50% of what the working spouse would have earned upon retirement at FRA of 66 years, less the 32%. You might wish to touch on this subject. Thx.
Thanks so much for your video! You are the best regarding SS! If my husband files at 62, can I claim spousal benefits when I turn 62 and then switch to my own benefit when I turn 67?
Thank you for sharing in such a clear manner! If you have a minute, I have a quick question. If a spouse is retiring (higher record) and wife 61 years old) is caring for their child who is disabled before age 22 and is entitled to benefits on fathers record, can the wife then draw from spouse as well? If I am understanding the rule it reads : "At any age if they are caring for your child under age 16 or who was disabled before age 22, and is entitled to benefits" A SSA claims rep indicated wife had to be 62. Thank you!
Thanks Devin...saw one of yours before and followed your advice...good advice and working well. Quick question: I thought you made a video on RMD but I cannot find it. Did I overlook it? Whatever you can point me to would be helpful....thanks again
My ex-husband of 33yrs is 60yrs old and just started collecting over 2k mth for disability. I'm 67yrs old and only get $515 mthly for my own SS. I'm living way below the poverty level. So my question is .... Can I file now for ex-spouse benefits or do I have to wait until he turns 62?? I'm confused and need advice. Thanks ☺
Just to clarify, using your example. If the wife files for spousal benefit at her FRA, her spousal benefit will be 50% of her husband’s PIA at his FRA. But is that amount reduced if husband filed earlier than his FRA?
You should clarify early in the video, what SS figure is used for the larger of the two earners. The husband’s INITIAL SS benefit? Or his benefit when the wife files to receive?
In my situation, I am also the higher wage earner and I'll be 59 in November. Unfortunately, my wife is only getting $319 per month even after waiting until the age of 70. She is 12 yrs 4 months older than me. So for her to start collecting the spousal excess, the earliest she would qualify would be in 3 years 3 months when I reach 62.
I have the weirdest situation. My husband, the primary earner is 9 years younger, but I only receive a small CSRS pension. I have to wait to receive anything until I am in my 70s min.
Devin, this video does clarify much of what you taught us in previous videos. Can you please add what happens if my husband retired several years ago at age 65, which was his full benefit, but I am nine years younger and cannot get a full benefit until 67. It would be nice to see a chart of what would happen if I retire on my own less benefits this year at 62 or I wait. Also, If I cannot retire until 67 but I have to file for medicare at 65, how does that get paid. Social Security will be getting paid for 2 extra years of medical benefits when I still have medical benefits from my spouse being retired military. How does all of this work and can you supply a chart for explanation?
Great job as always. Did I understand this correctly? Your lower earning spouses benefit could be greater when they file first and the higher earner files a few years later than if they filed at the same time?
Devin. Thank you for explaining, as clearly as possible, this complex scenario. One hopefully simple question: if the higher earner waits till age 70, it would benefit BOTH the higher AND lower wage earner(no matter when the lower wage earner files). Correct?
Please have an example if high earner retires early say at 66 (instead of 67) and low earner will sometime retire after 5 years at 62. How the spousal benefit will be based on from high earner?
Great video. Thanks for posting. Question: Is the spousal excess amount reduced when/if the higher earning spouse files for early benefits (before FRA)? In other words, is the excess payment amount affected if the higher earning spouse takes early benefits? Or is it always based on the higher earner's FRA? thanks!
Hi, great videos and information. My wife will be FRA on June 18th , can she file now without penalty or does she need to wait until June 19th. Thank you in advance
Great inf, but still have a simple question. I'm 58 and on ssdi, my wife will be turning 62 in December. She will be only getting half on her SSA than I'm currently getting. Can she get spousal benefits instead of her regular benefits? EX, I'm at 2800 a month and she will be getting around 1400. If my math is correct, under spousal she should be receiving around 1855 instead of 1400.
Devin - Your videos are very informative. Thank you for sharing your knowledge. One question for you. My wife and I each started taking SS at age 62. My wife gets less than half of my SS. Can she apply for Spousal Benefits now at age 75 and get half of my benefit? Thank you.
Great explanation, thanks. Would it be possible for you to explain the proposed HR82 social security bill pending in congress? It is very relevant to this video topic because it relates to spouses who are subject to GPO, government pension offset, and WEP, windfall elimination provision, too. I’ve read it has many sponsors, but just doesn’t seem to get any traction. Thanks, again
Over the years, I've watched many of these bills come and go. I have to admit, I've given up hope on our politicians correcting an issue that only affects 3% of SS recipients. I hope I'm surprised one day...
@@DevinCarroll I feel the same way as you, but the bill was reintroduced after it died last year and it has something like 290 cosponsors from both sides. Oh well, you never know.
Hi Devin, I appreciate your time and expertise. I'm the highest wage earner and started drawing benefits at age 62. I know my wife will get half of what my benefit would have been if I waited to 67. My question is, in reference to spousal benefit, does my full retirement age amount get lock in when I started drawing benefits at age 62. Or will it adjust higher when i turn 67. In short, when does the FRA amount figure gets locked in when it comes to figuring spousal benefits. Thanks sooo much
Denied by SSA for spousal benefits because of federal government pension. I also have my own SS payment ($300) because of part time work. Spouse has $2000 SS payment. WE are both in our 70s!! Everything is so confusing!
Thanks for the video. I understand the Spouse Benefit much better but still have one point not so sure related to deem filing on one's own benefit and excess spousal benefit. I am the higher earner and is still working. If my wife files for SSB now at age 62, her own SSB will be reduced permanently based on age 62 reduction. And if I start my SSB later when she reaches age 65, would her excess spousal benefit be reduced based starting benefit at age 62 or at age 65 ?
Great video! Our situation is a bit different than most. I am I will turn 57 next year and my wife will turn 62. We plan on having her file for her SS at 62. When I reach 67 (FRA) and start drawing SS, she will be 72. Will she then qualify for 100% of the Spousal Excess since it is tied to her age at which I file for benefits?
Perhaps an odd question, but how does one go back and determine the current FRA amount (for Spousal Benefits) when current benefits are based on having filed at age 70?
Hello Sir, thank you for sharing your expertise. Perhaps, you could make a video on my situation. I took early retirement @ 62, because I married a younger lady, and we had a child when I was 58. So now I have a dependent, that my wife cares for. Therefor my child and my wife both get half of my full retirement amount. I am self employed, and filing jointly, so our earning limit is $34k or so after expenses, which works fine for us. Question: My wife has taken a job, so would it be beneficial for us to file separate now, to raise our earnings amount to $2140.00 each? Or does the job even effect her SS benefits? Thank you for your time.
Devin, Im 63 and on SSDI for 1 year. I am the higher earner. My husband was the lower. My husband's amt is less half of mine. 1) Does SSDI the same. 2) Would he get retroactive pay from one year ago?
I am now 86 years old and am retiring forever.I am not now receiving any money from the government so what do I have to do now to start receiving retirement money on a monthly basis?
I have a question. I am going to be taking widow's benefits in a few months when I turn 60. Also, I was the higher earner. However, it is getting difficult for me to work/find employment so I am looking into SSDI. How will this effect my benefits. If I get SSDI the amount would be more than widow's benefits. But, if I need to appeal the decision while I receive widow's benefits will that effect back pay?
To clarify, this does not apply to widows benefits as they receive the deceased spouses' full retirement benefit if they were the higher earner. Is that correct?
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life
You're right, with my current crpyto portfolio made from my investments with my personal financial advisor Fergus Waylen, I totally agree with you ,
Yes I'm familiar with him. Fergus Waylen demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
Waylen has to be the best mentor I've met. He's copy-trading has been the best because I hop on it with $3000 and I'm up with $35,000 in profit. He's insights, information and versatility in the market is super ,
I'm surprised that this name is being mentioned here, I stumbled upon one of his clients testimony on CNBC news last week
This Man has really change the life of many people from different countries and am a testimony of his trading platform .
My initial retirement plan was to retire at 62, work part-time, and save money. However, rising costs have significantly impacted my plans. I’m wondering if those who experienced the 2008 financial crisis had an easier time than I am facing now. With the stock market’s volatility and a reduction in my income, I’m worried about having insufficient savings for retirement. Additionally, my ability to contribute to my retirement savings has diminished, and I’m concerned about the adequacy of my Social Security benefits in this situation.
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
It's true that many people underestimate the importance of advisers until their own feelings burn them out. A few summers ago, following an ongoing divorce, I needed a significant push to keep my company afloat. I looked for licensed advisors and found someone with outstanding qualifications. She has contributed to my reserve increasing from $275k to $850k regardless of inflation.
Mind if I ask you to recommend this particular coach you using their service?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne” and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks for sharing, i did a quick search and found her web page, i hope she responds to my mail soon
I had planned on working until full retirement age, 66 years and 4 months but Life sometimes upsets your plans and you have to change them. I don’t regret retiring early. And now I'm looking for ways to be prepared for whatever may come
I thought gains like that are nothing but a pipe dream! mind sharing details of yourmanager please?
No need to worry about how people feel on who you select. You’re info is great.
What happens if the husband met their credits, but passed away prior to retirement age? What happens to his contributions?
You're eligible for survivor benefits.
YOU GET THE BIGGER CHECK IF YOUR IS 1000 AND HUSBAND IS 2000 YOU GT HIS CHECK
My husband passed last july 17 2022 in USA at the age of 63 5:50 5:55 i am a filipina we got married here in the Philippines and presently i am 64 yrs old i wanted to apply for survival benefit but i do not know my deceased husband ssnumber i never been in USA and we married more than 10 yrs before his demised
Thank you so much. I have been to dozens of websites, including SSA, and none explained benefits as clearly as you did. Now I understand what is best for me and my wife. She is six months younger than me, and earned much less than me. It makes most financial sense for her to collect her benefit at 67, and for me to wait until 70. Thank you again!
This is the clearest explanation about the spousal benefit I've ever heard. Thanks!
Glad it was helpful! Appreciate you watching and commenting!
Agreed. Devin's explanation is clearly and concisely stated. Excellent presentation, as always.
The length of marriage rule for survivor benefits is 9 months.
Thank you! Finally, someone provides understandable info on spousal benefits. Much appreciated. The tables, and your explanation, were perfect! BTW, we have received so much conflicting information from the SS office, and Fidelity advisors, on who has to file first (the husband or wife)....it's maddening!
Great explanation - we're exactly in this situation (my wife took her SS early and I am coming up on my FRA next year so when I take SS she gets spousal benefit) and finding out an accurate overview of how spousal benefit is calculated is next to impossible. Thanks much!!! you're the first place that made it clear that the spousal excess is not reduced if the larger earner takes retirement @ FRA & the spouse is at their FRA.
Thank you so much for explaining the spousal benefits in such easy terms. Absolutely the best.
One of your best videos by far. Concise. It's going in my social security playlist.
Thanks!
Thank you! Ive never seen spousal benefits explained more clearly.
Glad it was helpful!
the explanation is great on how this works and when to use it. What I do not see on the Social Security Web page is where to start the process for spousal benefit filing
Thanks! My wife and I were just talking about this yesterday. I guess the always listening algorithms guided me to your channel…
Your explanations are so clear! I wish you could do a video for a wife who receives a TRS disability amount and the husband who receives a social security benefit after retirement at age 70!
Thank you for clarifying much of the spousal benefit issue. I don't think I heard one particular permutation: higher earning spouse files at FRA but lower earning spouse is younger than the higher earner. Should she file for spousal benefits BEFORE her FRA? If so, how much of a hit does she take on her net total benefit since she is filing earlier than her FRA? Thanks in advance.
Thank you for this. My husband is 4 years younger and the higher earner. The information here was very helpful.
Glad it was helpful!
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Well said! Retirement is the reward of disciplined investing over the long term, not just a destination.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.
Nicole Anastasia Plumlee can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
Thank You. Finally, a clear explanation of different scenarios for spousal benefits. I have been searching for an answer for my spouse taking her pia prior to fra and how it impacts her benefit when the higher earner claims at fra. I get it now. Thank You !
Thank you very much my wife and I are 60 now learn something new everyday
@Devin Carroll Could you please make a video exactly like this for ex-spouse benefits. It would be so very helpful. Thank you!
Love your explanations. As you pointed out the spousal benefit does not increase after the higher earner full retirement age. The higher earner may get a higher personal benefit after FRA but you shoul subtract the amount of the spousal benefit lost for each year you delay.
Yes...honestly, I didn't fully understand that until recently.
Wow finally a video that drills down and clearly explains this critically important topic. Thank you!
Excellent video. Answered the questions I had that I couldn’t find elsewhere. Very good graphics.
Glad I could help! My editor killed it with the graphics!
That was the clearest explanation I have heard yet. Thank you. (Don't ask me to repeat it though, lol)
Glad it was helpful!
I happened across your channel last night and have watch 3 videos thus far and I thank you so very much for this valuable information!
Wow, I've been looking for a clear explanation. You did that amazingly, thank you SO MUCH.
Nicely explained. I listened to several videos before this one and I was still confused until now, so thank you very much.
You are a good teacher! It was easy to follow you. Thank you!!!
Wow, filing for Social Security at 62? Bold move! But hey, I’ve got $125k just chillin' in my emergency fund, itching to start making me some money. Honestly, I'm torn between playing it safe or just diving in. Who knew deciding when to start would be the easy part, right? Time to make that cash work for me, not the other way around!
Thank you so much for this. Your step by step explanation was so much clearer than in any other video I've seen on the subject.
Glad it was helpful and thanks so much for watching!
Devin, I have seen a lot of info on this. Nobody talks about this! I am 67, I will wait till I am 70 to draw my SS. My wife was a teacher in the state of OHIO for 35 years, she did earn units for SS, she will only get a % of my Benefits if I die first based on her Gross Benefits. Which is the reason I am waiting till I reach 70 to increase her %. Thank You
the max she will get it is up to 50% from your 67 years amount. if you wait till 70 you postpone her opportunity to draw from you SS
THANK YOU!! I've been trying to find this out for a very long time. My wife is filing at 62 but I'm not until 67 (FTR). Not even SS would tell me if she gets an adjustment when I file or not.
I just spoke with 3 separate employees of the SS dept and got 3 different answers. My husband is retired and collecting SS. I plan on retiring this year before my full retirement age. What actual percentage of my husbands SS are my entitles to? Also, different answers as to can I earn more money some months and less money other months as long as I do not exceed the total amount I am allowed to annual earn while collecting SS? Some tell me they divide the year by 12 and I can not exceed that number even if other months are below what I can earn. PLEASE clear this up for me. THANK YOU!
The bottom line, to maximize the spousal benefit, the lower earner must wait to claim their SS benefit until their FRA, and then once the higher earner claims their benefit at at least FRA, the lower earner will receive a benefit of 50% of the higher earner’s FRA benefit.
Thanks, I did learns something new. That the Spousal benefit is reduced As her post FRA benefit grows (while she is waiting to file). Previously I assumed her benefit would continue to grow if she waited past FRA and her Spousal portion would remain constant.
That was actually my thinking as well for a long time.
@@DevinCarroll OK, My wife is one month older than me and her FRA benefit is significantly less than half my FRA benefit. I want to wait till age 70 to maximize survivor benefit. There is no reason for her to wait past age 67 (FRA). So, can I file and suspend at my FRA and she get spousal benefits and then I wait till 70 and maximize my benefit? Her spousal benefit will be on the order of $4170 per year (28% increase over her FRA benefit).
Clear and concise. The charts really help clarify your examples. Thank you.
Thank you for this information. Your explanation is much easier to digest compared to the SS website. 🙂
Suggestion. at the 11:42 mark you are talking about how she decides to draw early and get $560. You should show what she actually draws and not what she could draw. The chart should show where she draws $560 and $0 for Spousal for two years. After that you can change the chart to show where she will start to collect the extra spousal payment when her spouse files. At that time you should change the chart to show $560 again for year 3 and $150 for the Spousal payment. If I understand what you are saying.
That last 4-5 minutes was exactly what I wanted to know. My wife is the lower wage earner and is 3 years older than me (61 to 58). I know she will file before me. Her rate is projected to be about $900/month while mine is projected to be around $3600/month. My question is "Will the spousal excess automatically kick in once I file?" Or will she have to go back and apply for it?
Excellent! Thanks for watching!
Devin - great job and thanks for the clarity in your video. If higher earner retires now at 62 and begins taking adjusted benefits, when spouse applies for benefits 5 years later at 67 / FRA, will spousal benefits be calculated at the higher earner's FRA even though the filed early at 62 or will they be ratcheted down to what the higher earner's benefits actually are? Thanks again for what you do!
Glad it was helpful! The spousal benefit is always calculated off of the higher earning spouse's full retirement age benefit.
Thank you Devin…another outstanding video explaining a complicated subject!👍🏼👏🏼👏🏼👏🏼
Mr. Carroll, great explanation and very educational. Question on the spousal payment calculator, If I retired at 62, do I still use the FRA benefit for calcs?
Thank you for a very informative video
Devin, What is this I hear about Rep Thomas Massie introducing a bill that will eliminate Double Taxation on SS?
Among all this terrifically presented information is this: the lower earner, as a spouse that has NEVER worked (entitled to $0 as their own benefit), will receive the same spousal benefit as the working but lower earner that has contributed huge amounts of $ to SS over their career. How does this make sense...
This was the exact question that I needed clarifying on and you answered it perfectly thank you so much
THAT finally answered my questions! But... I see no link to the cheat-sheet??
Deciding when each of the spouses should retire is already difficult based on the calculations you show. When you add other complexities it becomes simply befuddling.
My situation is probably as complex as it gets and my experience so far is that most of those giving retirement advice are not skilled enough for my needs. The trickiest bit is the timing, to ensure that my spouse gets covered and doesn't fall in a loophole. Otherwise I fear that I might need to work until at least 74 just to ensure my spouse's medical coverage, and I truly do not look forward to that.
What is the best way to seek, find and filter truly experienced advisors to help me make both social security and medicare decisions?
I am fully assuming that I will need to pay some amount for someone's time, but I don't want to waste money for incomplete or inadequate advice.
Devin your videos on social security topics are so easy to understand and so helpful. I thank you. I was wondering if you might consider a video on how spousal and survivor benefits relate to each other. For example I am 70 and have been collecting social security since I was 68. If my wife takes spousal social security at her current age of 62 would it affect survivor benefits if I pass away before she reaches age 67 and could take survivor benefits at 100 percent. Could she stop spousal benefits wait till she is 67 and apply for full survivor benefits. We have been searching all over and can not find any videos that explain the 2 benefits combined. Again thanks for your great videos.
The survivor benefit is a completely independent benefit. It will not be reduced because she filed for her own benefit early.
@@DevinCarroll I need an explanation.
I was put on social security disability at age 55 on my own record. My husband took his benefit later at his full retirement age. His is much greater than mine, more than double what I get.
I will be 66 and 8 months in August. Can I switch to spousal benefit at that time?
How does a spousal benefit work if both spouses are disabled?
My husband retired on disability at age 33 due to diabetic complications and his employer was unwilling to accommodate his blindness. I was permanently damaged during a surgery and made unemployable, so started receiving disability at age 55. As I type this, he is behind me recovering from a massive stroke and I know the clock is ticking. All of this stuff is confusing to me. He always handled these things. I'm learning but Social Security and Medicare make me pull my hair out.
He has by far been the higher wage earner, even taking into consideration his young retirement age.
Thank you for your informative videos.
Do you have a video on widows benefits ? My husband was killed in 1991. I took his benefit 30 some years later at 64 I think. At that time they told me I could draw how forever or switch to my own at age 66 and 3 months. What are my best options ? I worked a couple more years after I started drawing. I make 1068. A month and do not work now.
Thanks very explained. Do you have an example if high earner filed at age 66 (say $1900) than at age 67 FRA, (say $2000) and low earner will file at her age 67 FRA some time later? Because high earner is getting an reduction by filing earlier, will the spousal benefit be reduced to $950 half of $1900 or $1000 half of $2000.
Devin, You are so thourough and detailed. This is very good information. Thank you.
Glad you enjoyed it!
So my wife is 23 months older and filed at 63&1/2. If I file FRA (66&8mo) she’ll get hers and whatever would have made hers half of mine will be slightly less because she starting receiving earlier than FRA.
I think (I hope) you misstated something...slightly but importantly. At the 10 minute mark, you said. "Before a spousal excess can be paid, the higher earning spouse must file first." I believe you were intending to say that the higher earning spouse must file before the lower earning spouse is eligible to receive the spousal excess benefit, even if the lower earning spouse filed earlier than the higher earning spouse. It initially came across that the higher earning spouse must file before lower earning spouse files in order for the lower earning spouse to receive the spousal excess. I think you clarified that somewhat...but this stuff is confusing. I'm being kinda picky I suppose, but if someone misinterprets that, it could lead to some problems. Thanks for the video though! Good stuff!
I have been working on this for a couple of months. Myself and my wife are both currently 62. Her FRA at 67 and is approx. 1400 My FRA is approx. 3000 so she is going to go ahead and file now to draw a reduced benefit of about 1000 until I retire at 70 with a stepped up amount of approx. 4000 so at 70 she will get her reduced amount of 1000 plus the spousal adjustment of 1000 to make it half my Full benefit of 4000 at 70. This produced the maximum benefit using the Calculator that I found online. All depends upon what you use for your age at death and using some percentage (-24%) for a reduced benefit in 2034 when the SS system goes bankrupt....
@darryls8066 You may need to recheck your numbers. If your FRA benefit is $3,000, the maximum benefit your spouse will be entitled to (while you are alive) is $1,500. This is an amount equal to one half of your FRA benefit. The delayed filing increases to your benefit do not add increases to the spousal payment. It will add to a future survivor benefit in the event you pass away before she does.
@@DevinCarroll Also, it seems that if the low wage earner files at 62 (before their FRA) they will not only reduce their benefit but will NOT get 50% of the higher wage earner's benefit, no matter when the higher wage earner files. The low-wage earner has to wait to file until their own FRA if they want to get 50% of their spouse's FRA benefit. Is that correct? My take was that, in terms of spousal excess (is that what it's called?) the amount is decreased by filing early and not increased by waiting past your FRA.
Very clearly prsented; very useful for retiring couple or married individuls. Thanks.
Sir, one thing I have not heard anyone talk about, is the fact that when a working spouse is eligible to retire at 66 years of age, but decides to wait until 70, he accumulates credits, which amount to 8% for each year, for a maximum of 32%. One thing that is missed, is that the non-working spouse, when she files for spousal benefits, does not get the credits her husband earned when he waited to reach 70 years of age. She is eligible to receive 50% of what the working spouse would have earned upon retirement at FRA of 66 years, less the 32%. You might wish to touch on this subject. Thx.
Devin!! Thank you for the explanation.
What if my wife is older?
Can she get benefits before I retire or I have to get to file first?
Thanks
Great video Devin. Thanks. The link to your cheat sheet doesn’t work. How can I get it please?
Nice breakdown! (just a suggestion, mic needs to be a bit closer, had to turn up my volume quite a bit) 🙂
Thanks so much for your video! You are the best regarding SS!
If my husband files at 62, can I claim spousal benefits when I turn 62 and then switch to my own benefit when I turn 67?
Thank you for sharing in such a clear manner! If you have a minute, I have a quick question. If a spouse is retiring (higher record) and wife 61 years old) is caring for their child who is disabled before age 22 and is entitled to benefits on fathers record, can the wife then draw from spouse as well? If I am understanding the rule it reads : "At any age if they are caring for your child under age 16 or who was disabled before age 22, and is entitled to benefits" A SSA claims rep indicated wife had to be 62. Thank you!
Thanks Devin...saw one of yours before and followed your advice...good advice and working well. Quick question: I thought you made a video on RMD but I cannot find it. Did I overlook it? Whatever you can point me to would be helpful....thanks again
Good stuff, Devin Carroll!
Gracias!
Do u pay child support on ss. If spouse dies can u draw full amount. Will the child get all of it
My ex-husband of 33yrs is 60yrs old and just started collecting over 2k mth for disability. I'm 67yrs old and only get $515 mthly for my own SS. I'm living way below the poverty level. So my question is .... Can I file now for ex-spouse benefits or do I have to wait until he turns 62?? I'm confused and need advice. Thanks ☺
Have to wait till he turns 62
Just to clarify, using your example. If the wife files for spousal benefit at her FRA, her spousal benefit will be 50% of her husband’s PIA at his FRA. But is that amount reduced if husband filed earlier than his FRA?
You should clarify early in the video, what SS figure is used for the larger of the two earners. The husband’s INITIAL SS benefit? Or his benefit when the wife files to receive?
Best video I have seen on this subject. Good job sir. Thank you.
Glad it was helpful!
In my situation, I am also the higher wage earner and I'll be 59 in November. Unfortunately, my wife is only getting $319 per month even after waiting until the age of 70. She is 12 yrs 4 months older than me. So for her to start collecting the spousal excess, the earliest she would qualify would be in 3 years 3 months when I reach 62.
Those wide age ranges can make it difficult to get the same household benefits as a couple who are similar ages.
Much clearer, thank you. But I wish you covered the situation when the higher earner would file before age 67.
See the example towards the end.
I have the weirdest situation. My husband, the primary earner is 9 years younger, but I only receive a small CSRS pension. I have to wait to receive anything until I am in my 70s min.
Devin, this video does clarify much of what you taught us in previous videos. Can you please add what happens if my husband retired several years ago at age 65, which was his full benefit, but I am nine years younger and cannot get a full benefit until 67. It would be nice to see a chart of what would happen if I retire on my own less benefits this year at 62 or I wait. Also, If I cannot retire until 67 but I have to file for medicare at 65, how does that get paid. Social Security will be getting paid for 2 extra years of medical benefits when I still have medical benefits from my spouse being retired military. How does all of this work and can you supply a chart for explanation?
If you don't get benefits from Social Security, you'll get a premium bill from Medicare.
Great job as always.
Did I understand this correctly?
Your lower earning spouses benefit could be greater when they file first and the higher earner files a few years later than if they filed at the same time?
Devin. Thank you for explaining, as clearly as possible, this complex scenario. One hopefully simple question: if the higher earner waits till age 70, it would benefit BOTH the higher AND lower wage earner(no matter when the lower wage earner files). Correct?
Don’t see where you can sign up for the Social Security cheat sheet you’re mentioning in this video.
Please have an example if high earner retires early say at 66 (instead of 67) and low earner will sometime retire after 5 years at 62. How the spousal benefit will be based on from high earner?
Great video. Thanks for posting. Question: Is the spousal excess amount reduced when/if the higher earning spouse files for early benefits (before FRA)? In other words, is the excess payment amount affected if the higher earning spouse takes early benefits? Or is it always based on the higher earner's FRA? thanks!
Hi, great videos and information. My wife will be FRA on June 18th , can she file now without penalty or does she need to wait until June 19th. Thank you in advance
Great inf, but still have a simple question. I'm 58 and on ssdi, my wife will be turning 62 in December. She will be only getting half on her SSA than I'm currently getting. Can she get spousal benefits instead of her regular benefits? EX, I'm at 2800 a month and she will be getting around 1400. If my math is correct, under spousal she should be receiving around 1855 instead of 1400.
Devin - Your videos are very informative. Thank you for sharing your knowledge. One question for you. My wife and I each started taking SS at age 62. My wife gets less than half of my SS. Can she apply for Spousal Benefits now at age 75 and get half of my benefit? Thank you.
Excellent detail, thank you!
Great explanation, thanks. Would it be possible for you to explain the proposed HR82 social security bill pending in congress? It is very relevant to this video topic because it relates to spouses who are subject to GPO, government pension offset, and WEP, windfall elimination provision, too. I’ve read it has many sponsors, but just doesn’t seem to get any traction. Thanks, again
Over the years, I've watched many of these bills come and go. I have to admit, I've given up hope on our politicians correcting an issue that only affects 3% of SS recipients. I hope I'm surprised one day...
@@DevinCarroll I feel the same way as you, but the bill was reintroduced after it died last year and it has something like 290 cosponsors from both sides. Oh well, you never know.
Just wanted to give an update on House and Senate bills to reform WEP and GPO. House has 309 and Senate has 52 cosponsors.😊🤞
Hi Devin, I appreciate your time and expertise. I'm the highest wage earner and started drawing benefits at age 62. I know my wife will get half of what my benefit would have been if I waited to 67. My question is, in reference to spousal benefit, does my full retirement age amount get lock in when I started drawing benefits at age 62. Or will it adjust higher when i turn 67. In short, when does the FRA amount figure gets locked in when it comes to figuring spousal benefits. Thanks sooo much
Your benefit is always calculated off of your filing age. The spousal benefit is calculated off of your full retirement age benefit.
@@DevinCarroll- would I still receive half of my husbands Amount if I filed at 62 but not apply for spousal benefit until 67? ( my FRA is 67 )
Denied by SSA for spousal benefits because of federal government pension. I also have my own SS payment ($300) because of part time work. Spouse has $2000 SS payment. WE are both in our 70s!! Everything is so confusing!
Is the benefit calculated before or after Medicare payment?
Thanks for the video. I understand the Spouse Benefit much better but still have one point not so sure related to deem filing on one's own benefit and excess spousal benefit. I am the higher earner and is still working. If my wife files for SSB now at age 62, her own SSB will be reduced permanently based on age 62 reduction. And if I start my SSB later when she reaches age 65, would her excess spousal benefit be reduced based starting benefit at age 62 or at age 65 ?
Great video! Our situation is a bit different than most. I am I will turn 57 next year and my wife will turn 62. We plan on having her file for her SS at 62. When I reach 67 (FRA) and start drawing SS, she will be 72. Will she then qualify for 100% of the Spousal Excess since it is tied to her age at which I file for benefits?
Very clear explanation and easy to understand. Thank you Devin.
You're very welcome! Thanks for watching!
Well done video! Thanks!
Perhaps an odd question, but how does one go back and determine the current FRA amount (for Spousal Benefits) when current benefits are based on having filed at age 70?
Hello Sir, thank you for sharing your expertise. Perhaps, you could make a video on my situation.
I took early retirement @ 62, because I married a younger lady, and we had a child when I was 58. So now I have a dependent, that my wife cares for. Therefor my child and my wife both get half of my full retirement amount. I am self employed, and filing jointly, so our earning limit is $34k or so after expenses, which works fine for us.
Question: My wife has taken a job, so would it be beneficial for us to file separate now, to raise our earnings amount to $2140.00 each? Or does the job even effect her SS benefits? Thank you for your time.
Devin, Im 63 and on SSDI for 1 year. I am the higher earner. My husband was the lower. My husband's amt is less half of mine.
1) Does SSDI the same.
2) Would he get retroactive pay from one year ago?
Not the same as retirement it's looked at completely different
I am now 86 years old and am retiring forever.I am not now receiving any money from the government so what do I have to do now to start receiving retirement money on a monthly basis?
I think upfront you should mention, if the low earner benefit is already greater than 1/2 the high earner no extra benefit.
True...
I spoke with S.S. and was told to file spousal s.s. retirement and wait to file for my own till 70. This video makes it more confusing!
I have a question. I am going to be taking widow's benefits in a few months when I turn 60. Also, I was the higher earner. However, it is getting difficult for me to work/find employment so I am looking into SSDI. How will this effect my benefits. If I get SSDI the amount would be more than widow's benefits. But, if I need to appeal the decision while I receive widow's benefits will that effect back pay?
To clarify, this does not apply to widows benefits as they receive the deceased spouses' full retirement benefit if they were the higher earner. Is that correct?