Q & A
How is the spousal benefit calculated?
Full question: I plan to wait until I am 70 to collect Social Security. My wife is seven years younger and plans to collect the spousal benefit at 66, then take her Social Security benefit at 70. When she takes the spousal benefit at 66, will it be half of what I am currently collecting at that time (I will be 73)? Or will it be half of the amount I began collecting at 70?
Answer: The answer is neither. Assuming 66 is her Full Retirement Age (FRA) she would file a restricted application for spousal benefits only and would receive 50% of your Primary Insurance Amount, which is your retirement benefit back at your FRA.
Source: Dan Moisand - MarketWatch.com, April 11, 2014
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