Sumary of Ask Larry: Do I Qualify For Social Security Spousal Benefits?:
- Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about when Social Security spousal benefits can be available, a reason there might be years with no income on a person’s Social Security earnings record and how much benefits are reduced for filing early.
- Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets Maximize My Social Security and MaxiFi Planner.
- Have Social Security questions of your own you’d like answered?
- Hi Larry, I will be 63 in September 2021. My husband is 76 and took SSDI when he was 64. His current benefit is about $2,550. He is not in good health and I am considering retiring when I reach 63. My own benefit at that time will be approximately $880 per month.
- Do I qualify, and should I file for spousal benefits or my own retirement benefits?
- Is my spousal benefit figured on what his benefit is currently or is it based what it would have been 10 years ago if he had not retired early?
- Thanks, Abbie MORE FOR YOU Hi Abbie, Since you were born after 1/1/1954, when you apply for either spousal benefits or your own Social Security retirement benefits, you’ll be deemed to be filing for both.
- Spousal benefits are calculated based on 50% of the worker’s primary insurance amount (PIA).