Hi Larry, My wife will turn 62 in a few months. She spent most of her adult years raising a family but did work sufficiently to be eligible for a Social Security retirement benefit. I am planning on waiting until 70 to begin to receive my Social Security retirement benefit and she’ll then file for her spousal benefit based on my record.

Is it better to claim social security at 62 or 67?

If your FRA is 67, signing up at 62 will leave you with a benefit that’s 30% lower. But despite the hit you might face initially, claiming Social Security at 62 makes sense for one big reason: You’re not betting on your own longevity.

Can a wife draw her own retirement benefits at 62?

Thanks, Hal. Hi Hal, Your wife cannot start drawing her own retirement benefits at 62 and later switch to a spousal benefit equal to 50% of your benefit amount when you start drawing your benefits …

What happens to spouses Social Security benefits when they reach full retirement age?

Your full spouse’s benefit could be up to one-half the amount your spouse is entitled to receive at their full retirement age. If you choose to begin receiving spouse’s benefits before you reach full retirement age, your benefit amount will be permanently reduced.

What do you call your ex spouse’s Social Security benefits?

These are known as “derivative benefits,” and they are equal to one-half of your ex-spouse’s benefits. It’s an either-or situation – you can choose to get your own benefits or the derivative benefits of your ex-spouse, whichever is greater.

When do divorced spouses get reduced Social Security benefits?

You may collect benefits based on your own earnings history, or divorced spouse benefits based on any husband to whom you were married for at least 10 years. If you begin collecting before your full retirement age of 66, you will receive reduced benefits.

Can a spouse collect Social Security after 10 years?

If you were married 10 years and your ex-spouse collects SSD are you still entitled to Derivated benefits. Yes, you can get derivative benefits as long as your ex-spouse is eligible to receive Social Security retirement benefits.

What happens to your Social Security benefits when you turn 62?

If you claim Social Security at age 62, rather than waiting until your full retirement age (FRA), you can expect up to a 30% reduction in monthly benefits. For every year you delay past your FRA up to age 70, you get an 8% increase in your benefit.