What happens if I retire at 62, and continue to work part time? My FRA is 67, my spouse is past her FRA but short 2 credits from her own retirement. She cannot get retirement benefits until I retire. Does the reduction in benefits also apply to the spouse benefit for my income over the limit?
I have no ideal what to do. I make this Amount a year 200,000. A year. I am 67. I just fill out all the PAPPER work a couple weeks ago. I hope I didn’t make a mistake filling now. My C. P. A. Told me to go ahead and filled. I did. I have no ideal what I get. And I no this much I payed in a lot. Of money. I hope I dint make a mistake. Please. Give me some ideal what I will half to pay out of the. Social Security check. I am very lost about this. I would love to no something about this. Please. Terri. S. N.C.
Hi and thanks for all your videos. Are you going to do any SS updates or chgs from this video if any. Could you comment on an ex-spouse benefit example such as this. Both parties are over 67. Can an ex-spouse at age 67 take the spousal benefits 50% and wait to take their own benefit until age 70 where they max their own payout. So for 3 years reap a small amt yet max their own. No where does it mention this scenario. Would be great!
Jeff, I have been watching your videos ever since. I will begin collecting social security. I am now 67 an 4 months. I have owned my own successful businesses since I was 24. I’ve been married for 42 years, my wife started collecting SS when she turned 65 last year. Our 4 children are married and all doing well financially. I consider myself a fairly knowledgeable business person with multiple real estate investment properties. We set up trust funds for our grandchildren, we live within our means and own a home and have little debt. Having said all of that, I found navigating social security and Medicare to be a logistical nightmare. Thank you for your guidance and simple explanations to a typical convoluted, irrational government run agency. Like most males I hesitate to seek directions however I found your insight priceless. Than you, Jim
Your groceries, car insurance, property taxes etc. should be cut in half too and women live on average 7 years longer than men don't they? You can have Medicare taken from a checking account if that's any better.
Great comment and yes it’s a logistical disaster. I was told I could draw early, then on the 11th month of my draw I could simply cancel and just go back to working. Sounded cool to me. After all these years I just wanted a work break. I followed the advice of the rep when I went in for guidance at the so sec office. Fast forward I return to the so sec office to report I’d like to now cancel my draw go back to work. I was shocked when they said “Sure, All you have to do is pay back 100% of what you received over the last 11 months”. So it was a loan??? Now I’m stuck receiving early benefits at a lower rate than I’d get if I’d waited. Every day I work I now pay soc security however it is 100% a donation. It does not go to my retirement amount which got set in stone.
This is a huge service to watchers. My spouse is older than I and we actually had to go into the SSA office to get questions answered regarding spousal benefits. In our case, she filed at full retirement age and I waited two years past full retirement age. We are filling for her spousal benefits when I file for my benefits.
Ha! Wow, does this make me feel better. Didn't work long enough during my life to qualify for Social Security benefits on my own. However, my younger, hard-working spouse will be taking social security when he's 62. I'll be 68 at that time, and that's when I can apply for the Social Security Spousal benefit!
The horrible truth is that most spousals are women, and as usual social security punishes them more harshly then men. Example: A man receives $37,194.80 in yearly S.S benefits. Out of that $1,978.80 is taken out to pay for part B. That is 5.32% of his benefits. A woman's benefit is $18,590.80 minus the exact same part B payments of $1,978 80. . But that comes out to 10.64% of her benefit. TWICE what a man pays. Every woman should be writing their congressperson. This applies to anyone who gets less benefits.
@@tylerschmidt2394 You are mistaken. A real god does not "punish" anyone. Do human's give birth just to punish their kids? Do animals? God is more than an animal and even more superior than any human.
Your delivery is the most understandable. I like how you stay on the particular topic and explain in a clear and concise manner. I was about file for spousal support and realized with your help, that I’m better off waiting til FRA or at least not at age 62 my age come September 2022.🙆🏽♀️
Hi my name is lolita schoch..my husband died last nov.15.2019..he is is us citizen..how can i claim my survivor widow benifit..we been married since 2003..
Together 30 years, california registered domestic partners for 20 years, partner passed away unexpectedly... I wished we had married, for many reasons including SS... ☮🙏
New subbie, anyway thanks for answering people's questions. I realize you are very busy, but it makes someone like me want to follow you all the more! It seems that you really care!!
@@spankynater4242 LOL! Seriously though,, a couple can live more economically than two singles. The hard part is finding the right one - the first time.
Thank you for your channel. The information you present is clear and to the point. I find it very helpful and will be sharing your videos with my friends.
GREAT Video... Oh In My Long Text I Forgot To Give Hubby’s Age And The Spouse’s Age... Hubby Will Be 70 In March And Wife Will Be 63 In April. THANK YOU AGAIN FOR YOUR VERY INTERESTING And INFORMATIVE Video!!!!!
@HolySchmidt, One area I believe is still needed is that of the instance where a primary beneficiary is Older than the Spouse and both worked. (as you showed in your 3rd example). The Spouse wants to take their portion of S/S at the age of say 64, where the Primary is still too young. That would be about 37.5% of their FRA.. It appears to me that if this is the case of taking a Benefit first, then switching to Spousal Benefit, at less than FRA, the Spouses Benefit would then be at whatever % he/she was at when they first took SS. For example Primary at 64 = 3000, and Spouse switches to Spousal Benefit it would be NOT 50%, of Primary, but rather say 37.50% that was based upon the Year and Month they first collected S/S.
Hi Mr. Schmidt, I am enjoying your videos about retirement (I am so confused in general). Anyway, my question is at marker 5:18 when you mention a "$250 top up", where does that number come from? I get lost at this point. Does everyone get a $250 top up? And I am assuming no one gets over 50% of the primary's FRA amount if we choose to take that instead of our own amount of working benefits.
I just started watching a few months ago. my wife is on disability, has been for years.i didn't know I could fill against her benefits.(no one told us) got ahold of ss and filed. benefit check came last week just before Christmas.
I have had so many people tell me (including retired family members!) that the 50% spousal benefit had been cancelled. They never filed for it, and took their own much lower benefit based on work history.
Thank you for answering the question I’ve had for a while & could never find answer to!! Have been divorced 5 years, after being married 31, and wanted to know if I had to wait for him to file. We don’t speak so don’t want to ask him. Question…how can I find out if half of his is more than my full benefit? I doubt it is, but might be. I can’t reach a live person by phone & cannot find the answer on the website. Thanks!!
Simple computation for spousal benefit who never work or contributed to SS, upon FRA of primary earner the spouse will get half the amount of the primary earners SS pension benefits.
wow, this was a lot of good information. If you don't talk to your ex-spouse how do you find out when he files? Do you have to call SS every year? not sure I would have a top-up or not...
@@dresser6135 So even if he never files and is past FRA, we can still collect half based on his earnings at our own FRA, and having been married over 25 years, and divorced over 6 years? What if he never wants to file? (He is spiteful and can afford to not file)
This video is very informative. I do think filing for spousal benefits on my husband is a wise move. However, I have no idea how to do it. Can you advise? Is there an online form that we can use to file?
Called SS office twice and received the same answer, which doesn't seem to be the same as you are mentioning unless I missed it. SS said that the spouse is ONLY able to claim 1/2 of the benefit of the other spouse IF you are divorced. If the couple is still married, SS said it is not possible for the married spouse to claim 1/2 of their spouses SS. What gives?
I’m sorry if this question has already been addressed. I’m confused about an ex spouse not being able to collect spousal benefits until their ex partner has their self started receiving SS benefits. I was under the impression that as long as the ex partner was at lest 62 and eligible to receive benefits that it didn’t matter if they had started to collect those benefits. So the ex spouse would be able to collect spousal benefits regardless of whether their ex partner had already started receiving benefits.
You are correct. As long as the other qualifications are met...10 yr's for length of marriage, being 62, etc., the ex-spouse can go ahead & collect benefits, even if the ex-spouse has not filed.
Interesting. The problem that a friend of mine encountered is she married a man with three children they had two more children. Then he being older an smarter after they had been married for 9 1/2 years he decided to divorce her an marry the nanny. She had just given birth to their last child and had not even gotten home from the hospital. The social security rules should have a clause for this especially since she had not worked.
I was told to spread my money across different things like stocks and bonds to protect my $750k retirement savings. Now, with the markets being shaky, should I keep adding money to my portfolio or consider other options?
Great videos. Subscribed and started watching many of them regarding SS (current interest since I'm turning 63 and want to understand it better). Can you please do a video on survivor benefits? Thanks!!
What about if the wife collects a pension from her job but no social security. (government worker married 40 years) Is the wife still entitled to husbands social security?
Would you please speak on ‘divorcee benefit?’My financial advisor said that when I am divorced for 2 years, I can file for an increased amount (possibly up to $300/mo), & would be paid from my former spouses paid-in monies, (not his monthly SS check). I understand the divorcee benefit is only an option for those born in 1953 or earlier.
I was wondering in order to get spousal benefits, do you have to file after the primary files to get the top up? For instance my Mother in law filed for hers at 63, father in law filed 2 years later at 67, would she have gotten the top up automatically or does she have to file for it? Thanks for these great videos as we plan our retirement.
Excellent video. Background--I am the older spouse. Neither of us has reached FRA or filed for benefits. Spouse will receive substantially more than me at FRA. Spouse recently passed away. Possible strategy-I file for MY benefit when I turn 65 (and am eligible for Medicare) and then switch to survivor benefit when I reach my FRA. Question-Is this the best strategy? And how does FRA for survivor benefits differ from FRA? And-is there anything else I should consider? Thank You!
I am 78 on social security retirement. I hope Biden signs the social security fairness act. My wife is 71 a retired school teacher whose whole career was in public sector. She does have medicare. Question on spousal benefit. When she applies for benefit figuring her benefit does it take the figure I received at 67, or the figure I am receiving today at 78?
Okay crazy question. If one was married 17 years, got a divorce and then remarried and has been married to the 2nd spouse for 20 years, which person collects the spousal benefit and does it lower the benefit of the one who is retiring?
If I wait until age 70 to collect and my wife wants half my SS instead of hers when she reaches FRA (67) and I would be 77. Does she get half my earnings for age 70 or the lessor amount at my FRA of 66 years, 8 months?
I am 68 and going to work to 70 and possibly beyond. I’ve been married more than once and currently divorce my first husband Took out retirement at around 60. He is 3 years older than me. Am I qualified to file for spousal benefits or does this not apply for my situation?
Can you pick which one (your benefit or ex-spouse) OR does SSA automatically give you the higher? I would prefer the lower one and switch to the higher one at age 70? I cannot get through to my local SS office & it's frustrating.
Hi Jeff, I keep coming back to your explanation as the clearest and most useful reference! Do I understand correctly that the "spousal benefit %" is "pegged" the day spouse starts collecting? I know that the spousal benefit does not kick in until the Primary Benefit partner starts collecting. However, the caveat (and my question) regarding the spouse collecting earlier than the Primary, is that the spousal benefit % is pegged the date when the spouse stated collecting, even though the benefit may not be triggered until years later when the Primary Benefit partner starts collecting. It seems this can have a big impact if the Primary's benefit far exceeds that of the Spouse's benefit. Thanks so much!!
Hi Jeff, I figured out that I was incorrect: The Spousal Benefit % is pegged at the Age of Entitlement. This is the spouse's age when the spousal benefit becomes available, basically when higher income person starts collecting.
I got a question for you ... lets see if you can answer it. My Wife is on SSDI and get 1400 a month and is 61 years old this year. I read that when she hits her full retirement age 66 and 8 months her SSDI turns into regular SS. If so does than mean she can get it changed to half of what I would get ? I would be over 70 ( the age that I plan on talking SS ) so I would already be collecting SS before she hits her FRA. As of right now mine at 70 will be 3600 so half for her would be 1800 which would be half mine. My question is ... would she get that OR half of what I would have got at my FRA of 66 ?
Thank you sincerely for all the info you share. Do you have a video related to spousal benefits for a significantly younger spouse who cares for the primary filer's child? I've done some reading on this topic, but would greatly appreciate your more experienced perspective. My spouse and I meet the marriage length requirement and are the biological parents of a child who is under 18 years of age. There is a noticeable age gap between myself and my spouse, where my spouse qualifies to collect social security this year at age 62. What criteria do we need to consider? I also understand that our child qualifies to collect against my spouse until the age of 18. Thank you in advance for tackling this unique topic.
Thanks for the video, very helpful. Here is a clarifying question: I plan on waiting until my 100% FRA at age 67 to start collecting, my wife who also qualifies for SS under her income, but at 25% less than mine, wants to start collecting her SS at age 64. My question is will her decision to start collecting at age 64 will negatively impact what she will receive at my passing. I want her to switch from her SS to my at 100%, does she need to wait until she is also 67 of age for that the 100% survival benefit? Thanks in advance for tackling my question.
I am 10 years younger than spouse. what if I collect early retirement and he also collects early retirement afterwards passing away. what would be the % I would receive from the survivor benefits as he makes 3x as much.
I waited til age 70 and 1/2 to get the highest SSI there is. My wife is 62 and has also worked. She is thinking about filing for her benefits now. I inquired with SSA as to whether the the spousal benefit would bring her monthly benefit to 50 % of mine and was told that does not or can not happen until she is at her full retirement age of 67. This does not sound the same and the way you explained it. Can you tell me what I am missing here or is the SSA agent wrong ?
What if you (as primary) File for Retirement/Social security benefits and your spouse has been on Disability? Would the Spouse's disability increase to 50% before the spouse hits 62 or 67? Or does the 50% spousal benefit require the spouse to be at 62 or 67 to receive 50%?
I would like to see a more in-depth video on the spouse that’s in the “murky” area. The one with the spouse having a benefit that is less then half of the primary and she picks the rest up later. You made it sound like she can either claim her own benefit or half of her spouse’s, not both…so I’m confused.🤔 In my eg: I’m wanting to receive my benefit in June of 2022 (at 62). Hubby isn’t receiving until 2023 at 65. I’m thinking I can receive mine until he retires and then get the “top off” to equal 50% of what he receives at that point. Correct? Or am I stuck with only my own because I filed before him?
My question is about we had trucking business and paid In ss some years may have not a few times because loss on equipment or showed not much income on a year. Had business 13 years hubby was driver I stay home run office some dispatching. We did taxes together as partners he 60 /40 . I was told ss I don’t qualify for disability if I needed it. Why is that ? Just want know what I can do . We went out business in 2019 he got job but I haven’t yet been hired anywhere and covid hit made it hard on me get one too.
I’m 67. Am I allowed to collect 50% of my ex spouses benefit for the next few years, let my own SS build up to max benefit, then switch back to mine when my benefit is maxed out?
Do these rules also apply if my spouse is older of retirement age but I am still on SSDI until I turn retirement age in 8 years? In other words, will she still be able to collect at those same percentages and will it affect the amount of SSDI benefits I receive? Or is it better for the spouse to wait for my SSDI to convert to retirement at my age of 67?
I really do appreciate your videos. We need your help...My wife is disabled. Can she also claim spousal benefits from me when I retire? If so how do we calculate it? Any information you can share is appreciated. Thank you.
I am in Missouri and I have been a full time mother and have not worked I worked for 10 tears before marriage however social security says I do not qualify for social security benefits so I will be riding me husbands social s benefits we are both 68 and have not filed yet are we in danger? or too late?
Thanks for the video, the only other question is whether her Social Security benefits are reduced by the Federal Windfall Reduction that's placed on my Social Security benefits to calculate her 35% at the age of 62? or will she receive the full benefits payments at age 62 35% without being penalized?
I'm trying to find an answer to my question. If a retirement age 62+ person wants to draw from their spouses SSDI benefits, will it lower the amount of SSDI benefits the disabled person receives once the 62+ spouse begins to draw social security from the SSDI spouses benefits? Thank you in advance for any information provided.
MR Schmidt. I have a question. I'm 64 and my wife is 62 'she is a higher earner" and we are planning on waiting to apply at full retirement age. Will my wife able to apply for spousal benefits for the two years in the mean time that she applies for her self?
Hi , if my wife is 3 years older then me and takes her social security now . Will she be able to get up to half of my full retirement age payment now . Or does she have to wait until I turn 62 . She’s 63 now so I know it will be reduced . But will she still be able to get benifit from me when I retire and 62 in 3 years ? Thanks
I am getting survivor benefits now b/c deceased husband however I have a daughter that draws under him due to disability. I'm 61 _ however can I get d disability on topp of survivor benefit with a diagnoses of multiple sclerosis
question,we are both collecting,,while i still work,my income has gone way up...WILL they recalculate both,, now that i am making more $$...thanks,,good info that i almost missed accouple of years ago
Seems like a bit of a penalty if a souse that never worked outside the home is able to collect the same or slightly less than a dual income lower earning spouse with a 35 year work history of paying FICA
I suspect that it has to do with the SS contribution since the same thing happens (at lower dollar levels) for the lower earner if he/she was a sole earner. What do others think? .
I started collecting at 62. My husband is waiting until 70. I turn 67 soon.He is same age and still working.Can he apply and delay? (so I can collect 1/2?)
Quick question: my wife qualifies to file for full benefit very soon (67). I will have a pension from a private company and 30 quarters of work credits. Will I be able to claim spousal benefit?
Can you do a video on maximum family benefits with one or more adult disabled children and spousal benefits? Even local SS people don;t seem to fully understand these rules.
my question is if your spouse (who is the top earner and older) retires before 67, does the spouse still get the 50% (minus the deduction if retiring at 62 instead of 67) of what he would have gotten at 67 or what he's getting when he retired? That's where I'm confused. My husband is 4 years older than me. He's decided to retire at 65. I plan on collecting my benefits at 62. I know we both will have reduced benefits, but will mine include his 50% at what he would have gotten at 67 or what he will be getting at 65. Hope my question makes sense.
I think if you file for spousal benefit at 62, you will not get 50% of his. It’s gonna be reduced because you file early. If you file at 62, It’s calculated as follows: A = FRA - (FRA x 35%) B = A / 2 B is what you are getting if it’s higher than your own benefit.
Very helpful video! Question-- If my spouse, who was in the military our entire marriage of 25 years, and we are now divorced ( he is 3 1/2 years younger-) can I apply for benefits at 64 prior to him applying? I do have some benefits but he, of course has more. How do I determine what I am entitled to?
Hi there, I'm asking for my mom. She lives in Germany. She is retired. I think we applied for the survivor benefits but I'm not sure it worked. The us tax advisors here can't help us. There is no phone service in Germany from the us embassy and we haven't been receiving any response via email for over a month. How do we know we're doing it right?
I would love to sit down and learn how to play this instrument. If anyone knows of who I can reach out for classes please let me know. Much appreciated 🙏
So I've been on SSDI for 5 years I'm 62 almost 63 my spouse is a year older he hasn't filed yet but we've been divorced for 18 years does that mean I can file for half of him $2,000 benefit right now I'm collecting about 1125
I've been doing research on this and can't seem to find the answer to this question. If the spouse claims the spousal benefit prior to full retirement age, is it subject to the "clawback" provisions if the spouse makes more than the minimum income amount?
Thank you for a interesting information. But what if ex wife are getting a spouse social security benefits. Can a next wife be eligible for a spouse social security benefits?
I am at full retirement age not collecting my ssb and am planning to wait until 70 to claim my benefits to maximize my benefit . My wife is 67 worked and is intitled to more now than half of my FRB , does it make any sense for her to wait until 70 to collect? Their 100% is higher than my 50%
My wife currently is receiving benefits as she retired at age 65 two years ago. I am unemployed at 63. Can I claim spousal benefits and then claim full social security benefits at 67? We both were tech worker and received the maximum benefits (or close to it)
How i can claim my spousalbenefit i was stuckin phil....together with my husband iam green card holder iwas revoke to travel to states do i have change or other way toclaim it.
If there is a current spouse of over 10 years of marriage and an ex spouse of over 10 years of marriage do both spouses equally share half of the retired or late spouse’s benefits?
HI! I just came across this video and want to clarify when you say that a spouse with no work history should take the spousal benefit at FRA-- Are you saying that the 50% is based on the FRA (age 67+10 mos in my case) even if the Primary waits until age 70? It wasn't fully clear to me in the video. Thank you for the video-- very helpful!
I've read several articles on spousal benefits but they never cover the situation where the spouse is much older than the primary earning spouse. The always assume an older male who has earned more money. Please address the issue where the spouse is much older and already started receiving benefits at full retirement age. Say the primary hits 62 and claims benefits. Then can the spouse switch over to spousal benefits, and does he get 50% of the primary's FRA benefit or only 50% of 70%‽
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Just curious, do you ever do videos with the spouse on disability? How does that work or does it change anything?
I watched that video, and it is giving me food for thought. I highly recommend that (as well as your other videos).
What happens if I retire at 62, and continue to work part time? My FRA is 67, my spouse is past her FRA but short 2 credits from her own retirement. She cannot get retirement benefits until I retire. Does the reduction in benefits also apply to the spouse benefit for my income over the limit?
I have no ideal what to do. I make this Amount a year 200,000. A year. I am 67. I just fill out all the PAPPER work a couple weeks ago. I hope I didn’t make a mistake filling now. My C. P. A. Told me to go ahead and filled. I did. I have no ideal what I get. And I no this much I payed in a lot. Of money. I hope I dint make a mistake. Please. Give me some ideal what I will half to pay out of the. Social Security check. I am very lost about this. I would love to no something about this. Please. Terri. S. N.C.
Hi and thanks for all your videos. Are you going to do any SS updates or chgs from this video if any. Could you comment on an ex-spouse benefit example such as this.
Both parties are over 67. Can an ex-spouse at age 67 take the spousal benefits 50% and wait to take their own benefit until age 70 where they max their own payout. So for 3 years reap a small amt yet max their own. No where does it mention this scenario. Would be great!
Jeff, I have been watching your videos ever since. I will begin collecting social security. I am now 67 an 4 months. I have owned my own successful businesses since I was 24.
I’ve been married for 42 years, my wife started collecting SS when she turned 65 last year. Our 4 children are married and all doing well financially. I consider myself a fairly knowledgeable business person with multiple real estate investment properties. We set up trust funds for our grandchildren, we live within our means and own a home and have little debt. Having said all of that, I found navigating social security and Medicare to be a logistical nightmare.
Thank you for your guidance and simple explanations to a typical convoluted, irrational government run agency. Like most males I hesitate to seek directions however I found your insight priceless. Than you, Jim
Your groceries, car insurance, property taxes etc. should be cut in half too and women live on average 7 years longer than men don't they? You can have Medicare taken from a checking account if that's any better.
Great comment and yes it’s a logistical disaster. I was told I could draw early, then on the 11th month of my draw I could simply cancel and just
go back to working. Sounded cool to me.
After all these years I just wanted a work break. I followed the advice of the rep when I went in for guidance at the so sec office. Fast forward I return to the so sec office to report I’d like to now cancel my draw go back to work. I was shocked when they said “Sure, All you have to do is pay back 100% of what you received over the last 11 months”. So it was a loan??? Now I’m stuck receiving early benefits at a lower rate than I’d get if I’d waited. Every day I work I now pay soc security however it is 100% a donation. It does not go to my retirement amount which got set in stone.
This is a huge service to watchers. My spouse is older than I and we actually had to go into the SSA office to get questions answered regarding spousal benefits. In our case, she filed at full retirement age and I waited two years past full retirement age. We are filling for her spousal benefits when I file for my benefits.
I'm not the only one who is confused here.
Ha! Wow, does this make me feel better. Didn't work long enough during my life to qualify for Social Security benefits on my own. However, my younger, hard-working spouse will be taking social security when he's 62. I'll be 68 at that time, and that's when I can apply for the Social Security Spousal benefit!
The horrible truth is that most spousals are women, and as usual social security punishes them more harshly then men. Example: A man receives $37,194.80 in yearly S.S benefits. Out of that $1,978.80 is taken out to pay for part B. That is 5.32% of his benefits. A woman's benefit is $18,590.80 minus the exact same part B payments of $1,978 80. . But that comes out to 10.64% of her benefit. TWICE what a man pays. Every woman should be writing their congressperson. This applies to anyone who gets less benefits.
@@ArabellaPottery Isn't that a result of life expectancy? (God "punishing" men?) Or am I mistaken?
@@tylerschmidt2394 You are mistaken. A real god does not "punish" anyone. Do human's give birth just to punish their kids? Do animals? God is more than an animal and even more superior than any human.
Your delivery is the most understandable. I like how you stay on the particular topic and explain in a clear and concise manner. I was about file for spousal support and realized with your help, that I’m better off waiting til FRA or at least not at age 62 my age come September 2022.🙆🏽♀️
Hi my name is lolita schoch..my husband died last nov.15.2019..he is is us citizen..how can i claim my survivor widow benifit..we been married since 2003..
Together 30 years, california registered domestic partners for 20 years, partner passed away unexpectedly...
I wished we had married, for many reasons including SS...
☮🙏
Yes...it always depends ! The rules are crazy.
New subbie, anyway thanks for answering people's questions. I realize you are very busy, but it makes someone like me want to follow you all the more! It seems that you really care!!
Thanks for the kind words (and subscribing)! I'll post another video at 12:00PM ET today. The twice a week.
You provided some really valuable information in this video. Thank you! There are so many scenarios, spousal benefits can be confusing.
Just don’t get married, problem solved.
@@spankynater4242 LOL! Seriously though,, a couple can live more economically than two singles. The hard part is finding the right one - the first time.
I would like you to expand on rules of ex-spouse benefits and filing, please. Neither old enough to get full benefits.
Thank you for your channel. The information you present is clear and to the point. I find it very helpful and will be sharing your videos with my friends.
+Vi B. Thanks for the positive feedback
What would be beneficial is to have a calculator where you could plug in different scenarios
Great stuff - I'm training to be a financial planner and appreciate the detailed examples
This was a little trickier to follow but I did pick up some new info. Thanks!
This is the best video on this topic I’ve seen. Thanks a lot for clearing up some questions I had.
GREAT Video... Oh In My Long Text I Forgot To Give Hubby’s Age And The Spouse’s Age... Hubby Will Be 70 In March And Wife Will Be 63 In April. THANK YOU AGAIN FOR YOUR VERY INTERESTING And INFORMATIVE Video!!!!!
@HolySchmidt, One area I believe is still needed is that of the instance where a primary beneficiary is Older than the Spouse and both worked. (as you showed in your 3rd example). The Spouse wants to take their portion of S/S at the age of say 64, where the Primary is still too young. That would be about 37.5% of their FRA.. It appears to me that if this is the case of taking a Benefit first, then switching to Spousal Benefit, at less than FRA, the Spouses Benefit would then be at whatever % he/she was at when they first took SS. For example Primary at 64 = 3000, and Spouse switches to Spousal Benefit it would be NOT 50%, of Primary, but rather say 37.50% that was based upon the Year and Month they first collected S/S.
Hi Mr. Schmidt, I am enjoying your videos about retirement (I am so confused in general). Anyway, my question is at marker 5:18 when you mention a "$250 top up", where does that number come from? I get lost at this point. Does everyone get a $250 top up? And I am assuming no one gets over 50% of the primary's FRA amount if we choose to take that instead of our own amount of working benefits.
I just started watching a few months ago. my wife is on disability, has been for years.i didn't know I could fill against her benefits.(no one told us) got ahold of ss and filed. benefit check came last week just before Christmas.
Really?
Wow this answered all my questions (unless the SS changed rules recently)! You earned like from me!
Your explanations are well presented. Thank You!
My pleasure
I have had so many people tell me (including retired family members!) that the 50% spousal benefit had been cancelled. They never filed for it, and took their own much lower benefit based on work history.
Thank you for answering the question I’ve had for a while & could never find answer to!!
Have been divorced 5 years, after being married 31, and wanted to know if I had to wait for him to file. We don’t speak so don’t want to ask him.
Question…how can I find out if half of his is more than my full benefit? I doubt it is, but might be. I can’t reach a live person by phone & cannot find the answer on the website.
Thanks!!
This video helped out so much when deciding moms retirement benefits.
Simple computation for spousal benefit who never work or contributed to SS, upon FRA of primary earner the spouse will get half the amount of the primary earners SS pension benefits.
That video was the Schmidt! I can tell you really give a Schmidt!
Amazing overview covering all scenarios.
Great information. Something to ponder ... Thank you!
My pleasure
wow, this was a lot of good information. If you don't talk to your ex-spouse how do you find out when he files? Do you have to call SS every year? not sure I would have a top-up or not...
Yes I have the same question!!
It doesn't matter when he files, or if he files. SS computes your amt., if you qualify, based on his FRA.
@@dresser6135 So even if he never files and is past FRA, we can still collect half based on his earnings at our own FRA, and having been married over 25 years, and divorced over 6 years? What if he never wants to file? (He is spiteful and can afford to not file)
GREAT ADVICE AS ALWAYS.THANKS SO MUCH.JIM H.
This video is very informative. I do think filing for spousal benefits on my husband is a wise move. However, I have no idea how to do it. Can you advise? Is there an online form that we can use to file?
Liked and subbed, got on the Schmidtlist. Thanks, I need to watch this again.
Called SS office twice and received the same answer, which doesn't seem to be the same as you are mentioning unless I missed it. SS said that the spouse is ONLY able to claim 1/2 of the benefit of the other spouse IF you are divorced. If the couple is still married, SS said it is not possible for the married spouse to claim 1/2 of their spouses SS. What gives?
I’m waiting for the answer on this too.
Thank you. I have been reading about benefits. You are easy to understand
my husband is on SS disability since 2017. i’m 62, can i apply for SS thru my husband’s social security benefits?
I’m sorry if this question has already been addressed. I’m confused about an ex spouse not being able to collect spousal benefits until their ex partner has their self started receiving SS benefits. I was under the impression that as long as the ex partner was at lest 62 and eligible to receive benefits that it didn’t matter if they had started to collect those benefits. So the ex spouse would be able to collect spousal benefits regardless of whether their ex partner had already started receiving benefits.
You are correct. As long as the other qualifications are met...10 yr's for length of marriage, being 62, etc., the ex-spouse can go ahead & collect benefits, even if the ex-spouse has not filed.
First time listening! Thanks information!
You bet
Another great educational information video. MR Schmidt is on vacation.
4:36 Shouldn't the Primary Benefit Package calculation "100% x $1000 = $1000" actually be "100% x $2500 = $2500"?
Interesting. The problem that a friend of mine encountered is she married a man with three children they had two more children. Then he being older an smarter after they had been married for 9 1/2 years he decided to divorce her an marry the nanny. She had just given birth to their last child and had not even gotten home from the hospital. The social security rules should have a clause for this especially since she had not worked.
Is there a good calculator or decision tree available for this topic ?
I was told to spread my money across different things like stocks and bonds to protect my $750k retirement savings. Now, with the markets being shaky, should I keep adding money to my portfolio or consider other options?
Great videos. Subscribed and started watching many of them regarding SS (current interest since I'm turning 63 and want to understand it better). Can you please do a video on survivor benefits? Thanks!!
I’d like a ‘survivor’ benefits video also. My husband and I are both 63-yrs-old and I’m certain I’ll outlive my husband.
Can you comment on the Windfall Elimination Provision?
We are both 61.
Thanks for your easy to understand vidios!
What about if the wife collects a pension from her job but no social security. (government worker married 40 years) Is the wife still entitled to husbands social security?
My wife died in 1994, with all that, are there any spousal for me to have?
Would you please speak on ‘divorcee benefit?’My financial advisor said that when I am divorced for 2 years, I can file for an increased amount (possibly up to $300/mo), & would be paid from my former spouses paid-in monies, (not his monthly SS check). I understand the divorcee benefit is only an option for those born in 1953 or earlier.
I was wondering in order to get spousal benefits, do you have to file after the primary files to get the top up? For instance my Mother in law filed for hers at 63, father in law filed 2 years later at 67, would she have gotten the top up automatically or does she have to file for it? Thanks for these great videos as we plan our retirement.
She has to contact social security and tell them she wants spousal benefits.
Excellent video. Background--I am the older spouse. Neither of us has reached FRA or filed for benefits. Spouse will receive substantially more than me at FRA. Spouse recently passed away. Possible strategy-I file for MY benefit when I turn 65 (and am eligible for Medicare) and then switch to survivor benefit when I reach my FRA. Question-Is this the best strategy? And how does FRA for survivor benefits differ from FRA? And-is there anything else I should consider? Thank You!
I am 78 on social security retirement. I hope Biden signs the social security fairness act. My wife is 71 a retired school teacher whose whole career was in public sector. She does have medicare. Question on spousal benefit. When she applies for benefit figuring her benefit does it take the figure I received at 67, or the figure I am receiving today at 78?
Okay crazy question. If one was married 17 years, got a divorce and then remarried and has been married to the 2nd spouse for 20 years, which person collects the spousal benefit and does it lower the benefit of the one who is retiring?
If I wait until age 70 to collect and my wife wants half my SS instead of hers when she reaches FRA (67) and I would be 77. Does she get half my earnings for age 70 or the lessor amount at my FRA of 66 years, 8 months?
I am 68 and going to work to 70 and possibly beyond. I’ve been married more than once and currently divorce my first husband Took out retirement at around 60. He is 3 years older than me. Am I qualified to file for spousal benefits or does this not apply for my situation?
Can you pick which one (your benefit or ex-spouse) OR does SSA automatically give you the higher? I would prefer the lower one and switch to the higher one at age 70? I cannot get through to my local SS office & it's frustrating.
Hi Jeff, I keep coming back to your explanation as the clearest and most useful reference! Do I understand correctly that the "spousal benefit %" is "pegged" the day spouse starts collecting? I know that the spousal benefit does not kick in until the Primary Benefit partner starts collecting. However, the caveat (and my question) regarding the spouse collecting earlier than the Primary, is that the spousal benefit % is pegged the date when the spouse stated collecting, even though the benefit may not be triggered until years later when the Primary Benefit partner starts collecting. It seems this can have a big impact if the Primary's benefit far exceeds that of the Spouse's benefit. Thanks so much!!
Hi Jeff, I figured out that I was incorrect: The Spousal Benefit % is pegged at the Age of Entitlement. This is the spouse's age when the spousal benefit becomes available, basically when higher income person starts collecting.
I got a question for you ... lets see if you can answer it. My Wife is on SSDI and get 1400 a month and is 61 years old this year. I read that when she hits her full retirement age 66 and 8 months her SSDI turns into regular SS. If so does than mean she can get it changed to half of what I would get ? I would be over 70 ( the age that I plan on talking SS ) so I would already be collecting SS before she hits her FRA. As of right now mine at 70 will be 3600 so half for her would be 1800 which would be half mine. My question is ... would she get that OR half of what I would have got at my FRA of 66 ?
Thank you sincerely for all the info you share. Do you have a video related to spousal benefits for a significantly younger spouse who cares for the primary filer's child? I've done some reading on this topic, but would greatly appreciate your more experienced perspective. My spouse and I meet the marriage length requirement and are the biological parents of a child who is under 18 years of age. There is a noticeable age gap between myself and my spouse, where my spouse qualifies to collect social security this year at age 62. What criteria do we need to consider? I also understand that our child qualifies to collect against my spouse until the age of 18. Thank you in advance for tackling this unique topic.
Thank You! Finally I understand it!
Thanks for the video, very helpful. Here is a clarifying question: I plan on waiting until my 100% FRA at age 67 to start collecting, my wife who also qualifies for SS under her income, but at 25% less than mine, wants to start collecting her SS at age 64. My question is will her decision to start collecting at age 64 will negatively impact what she will receive at my passing. I want her to switch from her SS to my at 100%, does she need to wait until she is also 67 of age for that the 100% survival benefit? Thanks in advance for tackling my question.
good question!
I am 10 years younger than spouse. what if I collect early retirement and he also collects early retirement afterwards passing away. what would be the % I would receive from the survivor benefits as he makes 3x as much.
I waited til age 70 and 1/2 to get the highest SSI there is. My wife is 62 and has also worked. She is thinking about filing for her benefits now. I inquired with SSA as to whether the the spousal benefit would bring her monthly benefit to 50 % of mine and was told that does not or can not happen until she is at her full retirement age of 67. This does not sound the same and the way you explained it. Can you tell me what I am missing here or is the SSA agent wrong ?
if my wife is on federal retirement plan is she still entitled to SS spousal benefits?
Great video, but I have a question: Does spousal benefit come out from the primary person on disability?
What if you (as primary) File for Retirement/Social security benefits and your spouse has been on Disability? Would the Spouse's disability increase to 50% before the spouse hits 62 or 67? Or does the 50% spousal benefit require the spouse to be at 62 or 67 to receive 50%?
I would like to see a more in-depth video on the spouse that’s in the “murky” area. The one with the spouse having a benefit that is less then half of the primary and she picks the rest up later. You made it sound like she can either claim her own benefit or half of her spouse’s, not both…so I’m confused.🤔
In my eg: I’m wanting to receive my benefit in June of 2022 (at 62). Hubby isn’t receiving until 2023 at 65. I’m thinking I can receive mine until he retires and then get the “top off” to equal 50% of what he receives at that point. Correct? Or am I stuck with only my own because I filed before him?
My question is about we had trucking business and paid In ss some years may have not a few times because loss on equipment or showed not much income on a year. Had business 13 years hubby was driver I stay home run office some dispatching. We did taxes together as partners he 60 /40 . I was told ss I don’t qualify for disability if I needed it. Why is that ? Just want know what I can do . We went out business in 2019 he got job but I haven’t yet been hired anywhere and covid hit made it hard on me get one too.
Geoff, the information was great. But all of the edits where the zoom level keeps changes make the video VERY difficult to watch.
I’m 67. Am I allowed to collect 50% of my ex spouses benefit for the next few years, let my own SS build up to max benefit, then switch back to mine when my benefit is maxed out?
Do these rules also apply if my spouse is older of retirement age but I am still on SSDI until I turn retirement age in 8 years? In other words, will she still be able to collect at those same percentages and will it affect the amount of SSDI benefits I receive? Or is it better for the spouse to wait for my SSDI to convert to retirement at my age of 67?
I really do appreciate your videos. We need your help...My wife is disabled. Can she also claim spousal benefits from me when I retire? If so how do we calculate it? Any information you can share is appreciated. Thank you.
Thanks for the question John. Check out my video on spousal benefit. This should help you with this question: ruclips.net/video/NKgShrGY1G4/видео.html
I am in Missouri and I have been a full time mother and have not worked I worked for 10 tears before marriage however social security says I do not qualify for social security benefits so I will be riding me husbands social s benefits we are both 68 and have not filed yet are we in danger? or too late?
Thanks for the video, the only other question is whether her Social Security benefits are reduced by the Federal Windfall Reduction that's placed on my Social Security benefits to calculate her 35% at the age of 62? or will she receive the full benefits payments at age 62 35% without being penalized?
I'm trying to find an answer to my question. If a retirement age 62+ person wants to draw from their spouses SSDI benefits, will it lower the amount of SSDI benefits the disabled person receives once the 62+ spouse begins to draw social security from the SSDI spouses benefits?
Thank you in advance for any information provided.
Thank you for your videos!
What if your spouse has passed away are you entitled to any of that even if you’re working?
Good info...thank you.
MR Schmidt. I have a question. I'm 64 and my wife is 62 'she is a higher earner" and we are planning on waiting to apply at full retirement age. Will my wife able to apply for spousal benefits for the two years in the mean time that she applies for her self?
Hi , if my wife is 3 years older then me and takes her social security now . Will she be able to get up to half of my full retirement age payment now . Or does she have to wait until I turn 62 . She’s 63 now so I know it will be reduced . But will she still be able to get benifit from me when I retire and 62 in 3 years ? Thanks
I am getting survivor benefits now b/c deceased husband however I have a daughter that draws under him due to disability. I'm 61 _ however can I get d disability on topp of survivor benefit with a diagnoses of multiple sclerosis
question,we are both collecting,,while i still work,my income has gone way up...WILL they recalculate both,, now that i am making more $$...thanks,,good info that i almost missed accouple of years ago
Seems like a bit of a penalty if a souse that never worked outside the home is able to collect the same or slightly less than a dual income lower earning spouse with a 35 year work history of paying FICA
I suspect that it has to do with the SS contribution since the same thing happens (at lower dollar levels)
for the lower earner if he/she was a sole earner. What do others think? .
I started collecting at 62. My husband is waiting until 70. I turn 67 soon.He is same age and still working.Can he apply and delay? (so I can collect 1/2?)
Quick question: my wife qualifies to file for full benefit very soon (67). I will have a pension from a private company and 30 quarters of work credits. Will I be able to claim spousal benefit?
Can you do a video on maximum family benefits with one or more adult disabled children and spousal benefits? Even local SS people don;t seem to fully understand these rules.
I know, I have the same situation and I can't find the answer
Great information.. Can my spouse file for spousal benefits if I am still working and have not filed yet
He mentioned that in very beginning. No one cannot top his/her own benefit with the spousal benefit when the spouse has not filed for benefit yet
my question is if your spouse (who is the top earner and older) retires before 67, does the spouse still get the 50% (minus the deduction if retiring at 62 instead of 67) of what he would have gotten at 67 or what he's getting when he retired? That's where I'm confused. My husband is 4 years older than me. He's decided to retire at 65. I plan on collecting my benefits at 62. I know we both will have reduced benefits, but will mine include his 50% at what he would have gotten at 67 or what he will be getting at 65. Hope my question makes sense.
I think if you file for spousal benefit at 62, you will not get 50% of his. It’s gonna be reduced because you file early. If you file at 62, It’s calculated as follows:
A = FRA - (FRA x 35%)
B = A / 2
B is what you are getting if it’s higher than your own benefit.
Very helpful video! Question-- If my spouse, who was in the military our entire marriage of 25 years, and we are now divorced ( he is 3 1/2 years younger-) can I apply for benefits at 64 prior to him applying? I do have some benefits but he, of course has more. How do I determine what I am entitled to?
Hi there,
I'm asking for my mom. She lives in Germany. She is retired. I think we applied for the survivor benefits but I'm not sure it worked. The us tax advisors here can't help us. There is no phone service in Germany from the us embassy and we haven't been receiving any response via email for over a month. How do we know we're doing it right?
I would love to sit down and learn how to play this instrument. If anyone knows of who I can reach out for classes please let me know. Much appreciated 🙏
So I've been on SSDI for 5 years I'm 62 almost 63 my spouse is a year older he hasn't filed yet but we've been divorced for 18 years does that mean I can file for half of him $2,000 benefit right now I'm collecting about 1125
I've been doing research on this and can't seem to find the answer to this question. If the spouse claims the spousal benefit prior to full retirement age, is it subject to the "clawback" provisions if the spouse makes more than the minimum income amount?
Thank you for a interesting information. But what if ex wife are getting a spouse social security benefits. Can a next wife be eligible for a spouse social security benefits?
I am at full retirement age not collecting my ssb and am planning to wait until 70 to claim my benefits to maximize my benefit . My wife is 67 worked and is intitled to more now than half of my FRB , does it make any sense for her to wait until 70 to collect? Their 100% is higher than my 50%
But does the primary filer’s benefit reduce, or does the ex spouse get their own payment
My wife currently is receiving benefits as she retired at age 65 two years ago. I am unemployed at 63. Can I claim spousal benefits and then claim full social security benefits at 67? We both were tech worker and received the maximum benefits (or close to it)
How i can claim my spousalbenefit i was stuckin phil....together with my husband iam green card holder iwas revoke to travel to states do i have change or other way toclaim it.
If there is a current spouse of over 10 years of marriage and an ex spouse of over 10 years of marriage do both spouses equally share half of the retired or late spouse’s benefits?
HI! I just came across this video and want to clarify when you say that a spouse with no work history should take the spousal benefit at FRA-- Are you saying that the 50% is based on the FRA (age 67+10 mos in my case) even if the Primary waits until age 70? It wasn't fully clear to me in the video. Thank you for the video-- very helpful!
what if primary has disability SS...and divorced spouse is 62...and many years since divorce(10) can spouse file?
I've read several articles on spousal benefits but they never cover the situation where the spouse is much older than the primary earning spouse. The always assume an older male who has earned more money. Please address the issue where the spouse is much older and already started receiving benefits at full retirement age. Say the primary hits 62 and claims benefits. Then can the spouse switch over to spousal benefits, and does he get 50% of the primary's FRA benefit or only 50% of 70%‽