I am 58 and will be working for at least another ten-fifteen years (unless I am run over by a truck). Even now, am eligible for much higher payments than my husband (now 60) who plans at 62 soon since he is being laid off anyhow, has some health issues.
My understanding is that once I retire and receive the maximum (highest) monthly payment, my husband would get a much lower monthly payment even if he was currently eligible (and receiving) the highest payment. Is that true?
Is there any point in my husband's delaying receiving social security til 67 or 70? He would get about 550$/month if he retired at the earliest time possible.
If any of you can help us think intelligently about this, I'd appreciate it....
You DH would be taking early retirement on HIS SocSec, not yours. He could only apply for the spouse's benefit (50% of yours) IF you were already taking SocSec, which you are not.
Once you begin taking SocSec, you DH can contact SocSec and find out if the spouse's benefit would be higher than what he is currently receiving. I believe under current laws - which are subject to any changes Congress may make in the next few years - he can take the higher of whichever benefit.
You can read further details at: http://moneyover55.about.com/od/socialsecuritybenefits/a/socialsecurityspousebenefit.htm
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