My wife is 61 and earns $50,000. I’m 65 and earn $400,000 and will work until 71. Should my wife take her Social Security next year, and get mine when I retire?
I’m 65 and my wife is 61. I’m working and plan to retire at 71. My question is should my wife take her Social Security benefits next year and then get 50% of mine added to hers when I retire? Or wait? She makes about $50,000 and I make 8x that amount. Thanks.As with many Social Security questions I get, experts say the answer is likely this: wait.
The Social Security Administration says: “If you qualify and apply for your own retirement benefits and for benefits as a spouse, we always pay your own benefits first. If your benefits as a spouse are higher than your own retirement benefits, you will get a combination of benefits equaling the higher spouse benefit.”
As for when you should start to receive your benefits, “The longer you wait to begin collecting, the higher the benefit will be for both of you,” explains Kimberly Foss, president and founder of Empyrion Wealth Management . He provides three scenarios to showcase what he means, noting that the assumptions for these scenarios are that the husband is getting $2,960 monthly from Social Security and the wife $1,492 from her annual salary of $50,000, and the husband dies at 85 and the wife at 90.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Latinas stand to lose over $1.1 million in lifetime wages due to the pay gap—here's what can be done to fix itNov. 20 marks Latina Equal Pay Day, which represents how far into the new year Latinas have to work to earn the same pay their white male colleagues earned the previous year.
Leer más »
At 61, country rebel Tanya Tucker earns surprise Grammy nominations'Bring My Flowers Now,' co-written by Grammy favorite Brandi Carlile, earned two nominations, including one for song of the year.
Leer más »
Tyler, the Creator's 'Igor' snubbed in Grammy album categoryFans are unhappy that Tyler, the Creator's album 'Igor' failed to earn a nomination for best album, and they've taken their outrage to social media.
Leer más »
Anyone who buys things online is missing out on travel rewards by ignoring free shopping portals from brands like Chase, Amex, and Southwest AirlinesIn addition to earning points or miles by using a credit card to buy things online, you can earn extra rewards by going through a shopping portal.
Leer más »
'Joker' Sequel Reportedly in the Works With Todd PhillipsIt looks like JokerMovie fans who are hoping for a sequel are going to have the last laugh.
Leer más »
'Back to Life' Renewed for Season 2 on ShowtimeShowtime has picked up a second season of its dark comedy 'Back to Life,' starring and co-created by Daisy Haggard. Details:
Leer más »