Quote:
Originally Posted by mmac321
Now I am not 62 yet but I read this somewhere a couple of years ago and will ask SS if I can do at the appropriate time. I will take SS when I turn 62. When my wife turns 62 she will take the spousal benefit (half of my monthly benefit while I still take my full SS monthly benefit) she will suspend her SS benefit and it will continue to grow. At the appropriate time she will take her higher SS benefit. I have heard that if a spouse has not worked a day in their life they are eligible for this spousal benefit. There are lot's of ways to manipulate your SS benefit. Like I said I haven't tried this yet but it may be worth looking into. You may wish to start reading SS benefits on the net under AARP. Good Luck!!
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You're close, but there's a problem. You can't take the spousal benefit to let you're own benefit grow until you reach Full Retirement Age (FRA). A spouse can take their spousal benefit at 62 (ex. if they've never work, as you say). It'll be appropriately reduced but they can not get a larger benefit on their own earnings later. The "suspend" situation is, you reach FRA, apply and suspend, and your spouse takes their spousal while yours continues to grow.
I'm 65 now. My younger wife already took SS on her earnings at 62. I'll take my spousal benefit (1/2 hers) next year, at 66. Let mine increase 8%/yr till 70.
As someone said, this is a complicated issue, it depends on marital and work situation, health, expected benefit, personal assets, etc.
I chose my path because my benefit is the larger one and it will be the survivors benefit when one passes. The break even point is around 80 regardless, but somehow I thought the COLA adjustment on the larger benefit would be especially helpful for the survivor. I just had a friend lose his wife and he said he was really surprised when he suddenly realized he was taking a big income hit losing his wife's SS and pension.