3 Replies Latest reply on Jan 10, 2014 1:03 PM by oldGatorgrad

    soc sec from spouse or own

      I heard that one can benefit a great deal if one plans well regarding receiving social security.  Especially in terms of receiving spousal benefit versus own benefit.  How does it work? 
      If there's a big difference between the two spouses' benefits.  Is't better to start with the lesser spouse's benefit and later own benefit; or the other way around.   
        • Re: soc sec from spouse or own
               Inevitably...it depends!
               I'm 67 and drawing a widower benefit with a view towards  taking my benefit (larger) in 2 years.  I did the math.  The break-even  point for me is the age of 76.  Who knows how long I'll live but I'm  planning on living longer than that.
               Generally I'm more comfortable deferring income (both social  security and a TIAA annuity) as long as I can with a view towards higher  income down the road.  But you may view this entirely differently.

          • Re: soc sec from spouse or own
            I am 67 and my wife is 64 without SS for herself. I found out she can only draw 50% of what I was able to drew when I turned 66, not 50% of what I can draw now or in the future. Of course she only gets 50% when she waits until she is 66, the %age  is less if she starts before she turns 66. It would be better for he to start drawing now than for me because If I pass she would get more in the future.
            • Re: soc sec from spouse or own
              The Social security options for retirement for survivor benefits and active retirement benefits are complex and confusing.  I just used a service that analyzed my and my wife's situation and recommended a specific plan of options for maximizing the most from Social security.  It is socialsecuritysolutions.com.  You can pay additional amounts if you want access to their range of solutions.  It was an excellent experience and prepared us for contacting our Social security office to put in place our retirement benefit.