Case Study: Maximize Social Security with a High-Income Spouse | Staggering Could Be the Best Option

[@LivefreeLoz]

Hit 240k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in September 2024..

[@AmirRezaie-d2h]

I would really love to know how much work you did put in to get to this stage

[@LivefreeLoz]

I will be forever thankful to you, you changed my life I will continue to speak on your behalf for the world to hear that you saved me from huge financial debt with just a little trade, thank you Jihan Wu you're such a life saver

[@haldorsonsmolarek]

As a beginner in this, it’s essential for you to have a mentor to keep you accountable. Jihan Wu is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.

[@GregFunnell-q9f]

I'm favoured, 90K every week! I can now give back to the locals in my communities and also support God's work and the church. God bless America,, thank you Mr Jihan Wu😊🎉

[@StevenHackers]

Waking up every tenth of each month to £210,000 it’s a blessing to I and my family… Big gratitude to this same Jihan Wu🙌

[@terrydicken7877]

Well done once again. Just turned 62 and beginning the journey to learn SS. You do a great job with breaking it down and taking everything step-by-step. Love it. I would recommend with your tie to the military, you may want to start branching out and doing a few videos on military retirement planning and how best they could utilize this benefit. Especially when most retire and start receiving the benefit at such a young age. I saw so many retire after 20 years with nothing to show for it. So sad. Example, they could start another career and simply invest their entire retirement check. I would not say go all in on military only, but maybe a short series to give the soon to retire some ideas. Could even go along with first responders and others that receive pensions. Just a thought.

[@troymills9437]

Erin, excellent video. You were easy to understand and your visuals enhanced what you were saying. This video perfectly matched my spouse and I's situation. We're only 5 weeks apart in age, both 63. We are very blessed financially so I had not given any thought to taking social security early. My plan was, at a minimum, for both of us to wait until FRA before filing for SS. Now, I need to do some additional modeling and see if it makes sense to implement the strategy you outlined so well in this video. One additional consideration I need to take into account is taxation of the SS benefits and IRMAA.

[@curlyfries5095]

I don’t receive Social Security, I receive Railroad Retirement. I just watched to see your smiling face! 😊 I do so enjoy learning from your videos Erin. Keep up the good work!

[@ErinTalksMoney]

Well thanks so much for watching! 😊

[@mhz9257]

Smiling face is good but the eyes and eyebrows are more entertaining

[@ErinTalksMoney]

😂😂

[@BadPhD777]

The bloopers are entertaining! Also, there are times when I'll pause the video, and you never know what you're going to get! Some have been hilarious!

[@BadPhD777]

Excellent explanation Erin!! I am waiting until I'm 70 to start SS. My wife will start at 62. She is nearly six years younger than me, and my benefit is almost 5X hers. When I start SS, she will switch to the spousal benefit. I decided to wait until 70 because I can afford to do so, and that will maximize the SS benefit for her assuming I pass away first. I've given up trying to guess how long we'll live and comparing break even ages. The bottom line is when we both are taking SS when I'm 70, SS covers our basic needs and our retirement accounts become money for things like travel, replacing a roof or car, etc.

[@VentanaVic6489]

I am in the same place as BadPhD777. My SSA will be 5x of my wife's. My wife will have a pension from a 25 years of service as a government employee. So we are looking at the numbers, but wondering about the "Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO)" Erin - Can you do a video on this?

[@FIRED13]

Same approach although my SS @70 is ~4x her personal benefit at 62.

[@johngrubb5486]

I am 63, and my household is very similar to Brian and Betty. I too enjoy reaching social security, tax calculators and IRA withdrawals. I totally agree with your analysis which provides for the least amount of tax exposure after retirement and maximum annual AGI. I run my numbers through Monte Carlo and have 100 percent succes. So the kids might inherit some IRA, but I should have a retirement that provides for my last phase of life. Nice job!!

[@jillismyname]

Thank you, this was pretty much my exact question! I'm about to rewatch the video :)

[@brianstricklett3868]

Nothing hurts more than seeing the common misspelling of "Brian"

[@rarelycares8416]

Unless you were really smart and that's your nickname.

[@chrisbeaulieu8994]

No wonder Brian earns 4X more than Betty, he's the Brain's of the marriage

[@coochalena2616]

Lol

[@martinyeager7948]

Thanks for a clear example. I worked past my FRA. My wife is three years younger than me. I took Social Security when she reached FRA and we both started taking Social Security. I decided it was more valuable to get her SS at 50% of my benefit rather than wait another year until I was 70. Also, I liked not having to draw down my retirement savings for a year since I generally make 7-8% on the investment and if I die early my wife will still have the principal. Bottom line is there is a lot to consider about when to take SS. You videos are a big help understanding the parameters. Thank you.

[@ErinTalksMoney]

That makes me so happy to hear!!! PS - I am really enjoying How To Retire 😊 🙏 Thanks again!!

[@raymondmarier8340]

So, are survivor benefits the FRA benefits (of the higher earning spouse) regardless of when benefits are claimed? If both start receiving benefits at age 62 and Brian dies first, does Betty get Brian’s FRA benefits as survivor benefits, or is it lower because benefits were claimed early?

[@jerrylabat550]

@@raymondmarier8340 It is based upon the benefit received, so it could be more than FRA if the high earner waited until 70.

[@sergiosantana4658]

Another method that can be used to calculate the reduction of the spousal benefit, when the lower earner stsrts their early age 62 benefit (the example at 7:00) Is to subtract the lower earners reduced age 62 benefit from from the pia EXAMPLE Pia $1778-reduced benefit $1184=$593,the difference of $593 is subracted from the spousal benefit of $1984 and you end up with the same age 62 spousal benefit of $1391 that is shown at the 7:00 example.

[@jerrylabat550]

If you use the ssa.gov spousal benefit calculator - it says the total spousal benefit will be 32.71% of higher earning spouse - $3968*32.71% = $1298. - the following is the output from the calculator... "You choose to receive benefits 60 months before normal retirement age. However, you can not start benefits before age 62 and one month, when your benefit will be reduced for 59 months of early retirement. Your benefit will be 32.71 percent of the worker's primary insurance amount."

[@Papinka3900]

I love that your hypothetical Brian gets his name spelled wrong the same as my name. Great topic!

[@brownwhale5518]

Me too!

[@slapshot1373]

Great content!! And you managed to release a video within 48 hours of me having this very conversation with a friend who was considering how to maximize SS for her and her husband. He is 63 and retired but she is in her late 50’s, still working, and has a salary that now significantly exceeds what her husband had been earning.

[@ErinTalksMoney]

well that's great timing!

[@dwb468]

Erin, this was valuable information. Thank you! Your video was the first time that I clearly understood how "spousal benefits" were calculated.

[@ErinTalksMoney]

That makes me so happy to hear!

[@casa87blue]

Excellent way to explain a very complex subject, well done.

[@seans7513]

A topic of interest is having a low earning year in retirement before starting social security to reduce or zero capital gains taxes for selling socks or other long term investments.

[@GaryLutchansky]

Helpful information that is on topic: maximizing SS with a high-income spouse. Additionally, I think it would be beneficial to mention that maximizing social security benefits doesn't necessarily maximize overall financial benefits. This is key! Maximizing overall financial benefits includes investment income too. In short, if SS income is your only income then maximizing SS income is what you should do. However, if you have other income, then there's more to consider and there are cases where maximizing SS benefits doesn't get you to optimal overall financial benefits.

[@davidpelland4865]

I am wondering where you get the retirement benefits from. The 62 year old benefit for the male was spot on with what my SS would be at 62, but the 67 and 70 were significantly more than I would receive according to my latest SS statement last week. My 62 year old amount was $21 more than this example. But my 67 is $87 less and my 70 number is $66 less. Not a huge difference, but if I live to 90 that will add up. And this video was very helpful. Simply explained and I learned a lot.

[@vincentdesalvo1464]

One add on Erin, when you do hold off and wait before taking SS as you mention, you should consider COLA adjustment numbers each year and how that will affect your future payout numbers. The larger your SS check is the more increase COLA will affect you. Example: Take Brian FRA of $3968 vs age 70 and him getting $4920. By the way those numbers are way off as they don't take in the COLA adjustments each year, but good for our example. If you consider 3% COLA adjustments on $3968 will be $119 or 3% on $4920 which will be $147, over time the increases will grow larger and larger. Yes, you have to consider the breakeven year, but you also need to thing of the survivor spouse down the road also and if that extra income will be needed. The survivor will lose the smaller SS income and only have the larger check. Great video as usually, SS is very complicated and, in my case, it toke about a year before my check was correct according to SS. I didn't complain as each time it was an increase.

[@leedun7]

Excellent information! I bet you have developed some cool spreadsheets.

[@jeannettedrown7687]

Hi Erin, I learn a ton from you, and I'm really enjoying this social security series. My husband is two years younger than me, and he makes slightly more than me. Would you be willing to do a video on this scenario and also address a younger husband making the same as the wife? I'd appreciate!

[@leszekwiszowaty4954]

Thank you for your fantastic videos. I’m 60, my wife is 50. My youngest daughter is 13. Will claim social security at 62 to receive “family benefits” for my daughter, till she’s 18 and my wife, till my daughter is 16. It’s one of the benefits of having children late.

[@n-da-bunka2650]

There is no such thing as "family" benefits unless you die. Your daughter will NOT get any money "until she's 18" if you are still alive and she would actually get MORE if you don't claim @ 62 should you die because then she WOULD get part of your FULL RETIREMENT Benefit if you had NOT claimed early.

[@leszekwiszowaty4954]

@ I wasn’t sure about this too until I checked the ssa.gov and got a confirmation. The benefits are also called “spousal”, “child”, or “auxiliary benefits”.

[@leszekwiszowaty4954]

I wasn’t sure about it too, until I checked the ssa.gov website. “Family benefits” are also called “spousal” or “child” benefits.

[@richardg4817]

Something that no one has mentioned occurs when the higher earning spouse claims delayed benefits, and how the spousal benefit is calculated. Yes, it is based on the higher earning spouse’s FRA, but in claiming a delayed benefit, it is obvious that the FRA is somehow adjusted for inflation before the spousal benefit is calculated. That is what happened in my case when my wife’s spousal benefit was calculated. I could explain further, but it would take a lot of writing to do so. As one who researches important stuff like this to the max, it would be interesting to actually discuss this.

[@FIRED13]

My thought when projecting numbers out, I'll always just use the current SS numbers and forgo all of the inflation adjustments in the future, but what I do is I compare that against current expenses. My working assumption is that today's expenses is going to grow the same amount percentage-wise as the SS from today to when we start collecting SS

[@leeoien3645]

One of the very best video on this topic.

[@ErinTalksMoney]

Thanks so much!!

[@ClanOMoraign]

I’m in an inverted situation from your second example: my wife is 2-1/2 years older than me, but I’m still the larger income. I’ve run the numbers on taking my benefit at 62 instead of FRA 67, and I plan to do so since break even doesn’t happen for me until I’m 80. My wife would still be a couple years short of 67, but she’s already said she plans to wait until FRA. I reviewed your video about spousal benefits, and what I couldn’t find was whether my spouse would still get 50% of my actual FRA benefit, even though I started collecting early, as long as she waits to start collecting until 67. If she can in fact get full spousal benefits, that would maximize our benefit while I can still begin collecting early as planned.

[@ErinTalksMoney]

As long as she wait until her FRA to claim she would get 50% of your benefits, even if you claim early 😊

[@richardwise2521]

I love the practicality of your videos. Kudos! Here's my scenario w/question: Both spouses are the same age. If spouse 1 (lower earner) starts drawing at 62 and spouse 2, the higher earner, starts at 65 is there a benefit for spouse one to wait until 67 to claim the spousal benefit? Thank you!!!

[@bdbronx27]

Erin can you do a case study for collecting social security disability SSDI at age 54? How is the income calculated and if there is an impact on the retirement amount?

[@michaelfortney7510]

Thank goodness I did a deep dive a few years ago. It’s complex. Mine was very similar. I was high earner and my wife barely got to the 40 credits so we worked a plan that worked out well for us. But my business partner did it backwards and he left a lot of money on the table.

[@wolfe5047]

I thought survivor benefits were based on age as well. Meaning that if he died at 67 and she was 62 she would only get about 70% of his full SSA. Also, spousal benefits can begin at 60 at a reduced amount also.

[@kentcolgan6139]

I am now a SS enthusiast! Thank you, Erin!

[@nhango4073]

Great video for retires in similar situation. Thanks

[@andrewdiamond2697]

I'm 59 (wife 54) and have been wondering about this. In this case, I am 5 years older than my wife and am the higher earner, pretty close to the Brian and Betty example. So now it's clear that 100%, I file 7 years at age 67, and my wife files in 7 years at 62, taking the FRA spousal, and we retired together at the same time. This is the first time it's been explained to me in a way that makes sense.

[@scottthomas1894]

Great job explaining spousal benefits. My wife died at 62. She had not yet received her social security benefits. At the time of her death I was 65 and still working. I retired at the end of that year. After I retired, I made a claim for survivor benefits. The FRA for survivor benefits for someone born in 1956 is 66. At the time I claimed, I was 8 months short of my survivor FRA. As a result, my wife’s FRA PIA was reduced by 3.168% (.396 x 8). I currently receive about $3700 a month as a survivor benefit. I am 68 years old. When I turn 70, I will switch to my own social security which I calculate to be about $5,000 a month assuming a 2% COLA per year for the next two years.

[@ErinTalksMoney]

Thank you so much for sharing your experience with social security! So sorry for your loss Scott! ❤️

[@FIRED13]

So, you am take Survivor's Benefit first and delay your own to let it grow then switch to your Personal Benefit later? SLICK

[@scottthomas1894]

@@FIRED13 My own social security will grow 8% a year until I am 70.

[@penelope5500]

I'm a SS enthusiast too Erin. I just find it really interesting. I've stopped short of reading the entire 20,000 pg. tome about it though...I'm going to wait for the movie.🤔

[@ErinTalksMoney]

movie is in the works 😊

[@jimaperkins]

I got a lot of value out of this video. Would you be willing to do a follow up to this video where Betty retires early and is still working? I understand how Betty's benefit would likely be reduced to zero due to her wage earnings, but how would the SSA then credit her once she is no longer working. So, the scenario would be: betty files early, and keeps working. Brian retires at FRA, and Betty stops working at the same time. Now what would Betty's benefit be?

[@toantruong7901]

Wow beautiful lady who is in the 20s and knowledgeable about social benefits of someone who are in the 60s. Knowledge is power. Thank you for your insights!!

[@ErinTalksMoney]

Thank you, I love the subject of retirement. And Social Security. But I am 37. 😊

[@johnl9135]

Great information thank you.

[@ErinTalksMoney]

Glad it was helpful!

[@douginNC28139]

If you are correct, then I had a lot wrong about SS. I thought that spousal benefits had gone away for people born somewhere in the mid 1950s. I also thought survival benefits would be the higher amount if the higher earring spouse delayed filing for benefits until 70. I’ll watch your other video and maybe that will clear things up for me.

[@chesshead3943]

Great video Erin!

[@ErinTalksMoney]

Thank you!!🙏

[@JGinMyrtleBeach]

Good video, I retired at 62 but have not applied for SS because my wife is 10 years younger. Both of us are high earners so we don't need my SS so we will wait till I'm 69 or 70 when my wife will be near retirement. What I did not know is when I filed for Medicare I did not realize that because she makes 6 figures my Medicare is 245.00 per month not the 178.00 per month. SS admin works with the IRS going back 2 years. If I had to do it again I would have filed but not taken it till I claimed SS because I'm on her health plan at work. Just an FYI.

[@martyi398]

Thanks for the info Erin, Brian may not live till 70 years old, my father & father in-law both passed at 67 years old, although they both retired early & was at least able to draw SSI for a few years

[@nunyabidness3075]

What if she was the older spouse by 5 years? Another good question is how likely is a conservative portfolio going to make more money than delaying benefits? IOW, if you can invest all your benefits should you always take the money early?

[@jeffreydalton1049]

One thing to consider is if you delay receiving SS benefits but have retired, you need to get income from somewhere else. If that is coming from an interest earning account, you are now reducing the amount of money earning interest. One must look at that closely because you may actually have less money in totality by waiting to receive SS benefits. Specifics do matter though.

[@Antonio-z7u]

Hi Erin, I thoroughly appreciate your financial videos. Great topics and lots of useful information. Regarding the latest on maximizing Social Security (SS). Our situation is similar to the one you outlined in the video. My spouses benefit amount is significantly less and she started taking SS at 62. I plan to take it at 67. But if I (the higher earner) decided to take SS at 66, instead would her spousal benefit be calculated using my 66 benefit amount or would it still be calculated at my full 67 benefit amount? I assume it would be calculated using 50% of the 66 benefit amount but thought I would ask for clarification. Thank you. Keep the videos coming!

[@ErinTalksMoney]

her spousal benefit will be reduced because she claimed early at 62. It would be 50% of your benefit is she waited until her FRA to claim. If she claims early - it is reduced. (It is not based on when you claim. You just must be claiming SS in order for her to be eligible to claim spousal benefits - but the amount she gets is based on when she claims.) here's a video on spousal benefits: kzbin.info/www/bejne/mH7Yp2iupatsbpY

[@victorbaird8220]

I am SO excited for this video 😊😊😊😊

[@ErinTalksMoney]

Thanks Victor! 🙏

[@koilover7740]

Thank you very much for the information. What happened if the husband made more and younger how that work. Like 6yrs younger. Thank you

[@MikeKorzeniowski]

Great case study Erin, but what if the higher earner was younger? How would that affect the claim strategy?

[@sergiosantana4658]

The older lower earner can collect their age 62 benefit for 4 years at which point the younger spouse will be 62 and can start their age 62 benefit by this point the lower earner will be 66 and will be eligible for a spousal benefit equal to 50% of the younger spouses age 66 benefit,with a slight reduction for starting starting their benefit at age 62.

[@gcburkett]

It amazing how little people know about social security even those not that far from retirement age. Most don't know what their projected benefit amount is. While I don't see this as an issue for younger people when you are getting close to retirement seems like a good thing to know.

[@billyrayband]

lots of scenarios to consider...but most still just say, I want my money as soon as I can get it...

[@chesshead3943]

I think Brian should wait to file until 70. That should help maximize his lifetime Social Security benefit. And also the lifetime Survivor benefit for his spouse.

[@christiansailor2880]

Thank you for the video!

[@n-da-bunka2650]

Pretty close to ours. I am 62 and she is 58. I earned an average of $150K/year in tech whereas she earned around $50K/year. However, I am the one contemplating retiring around age 63 but my wife LOVES what she does so she likely won't retire until she is closer to full retirement age. So one question is, "Can my wife (at her full retirement age of 67 still collect 50% of my full retirement benefit IF I don't wait until full retirement age?" because that is the ONLY using a spousal benefit would ever... benefit us.

[@bobb7918]

Are you sure if the wife claims early it does not affect her survivor benefit?

[@northtexan95]

Social Security isn't really complicated ... until it gets complicated. My wife is 61, 'm 54, but I'll have the much larger Social Security benefit. We don't fit the typical profile often used when discussing when to claim Social Security. I'd love to wait until I'm 67 but may take it earlier so we can enjoy our time together. As you say, personal finance is personal.

[@FightingPaddys]

You started with both at same age, then high earner being older. What about if high earner is younger?

[@pwcincy]

Great video! Are there any clever strategies for when the spouses have very similar (close to max) SS benefits?

[@broncogrizz]

1:25 Betty and Brain?

[@JK-pc7zf]

Thank you

[@ErinTalksMoney]

You're welcome

[@timmstimberland5005]

I own my own business and my CPA is keeping my salary as low as possible to avoid SS withholdings. Should I take a higher salary to receive higher SS at retirement? Would love to see a video on this topic.

[@mckeefamily5522]

What if the ages are reversed? Higher earner is the younger spouse. He needs to retire early (not necessarily claim SS) to preserve health. Older spouse wants to keep working at low stress job that pays 30-40k, therefore claiming SS before FRA would be penalized by SS taking back a portion of her earnings. It seems like it could work for older spouse to claim @ her FRA (when penalties for earned income cease, assuming she's still wanting to do that)... then Younger spouse claim at his FRA (in this case, 4 years after her.) At this point her spousal benefit becomes available. The amount their portfolio has to provide is: living expenses until both are claiming SS minus any non-SS income (eg. pension) and any future supplemental income? Never see this example, so just eager to hear how to approach figuring.

[@JuanMartinez-kn2qs]

Awesome explanation…

[@ErinTalksMoney]

Glad it was helpful!

[@t6green]

I just found your channel and I would like your opinion on reverse mortgages. I just turned 71 and my spouse is 72 . Our money is tight we are still paying a mortgage. But we have a lot of equity in our home. Any advice or a video would be greatly appreciated!

[@johnhardy2702]

I just turned 62. Do you have social security videos on how benefits are impacted when already receiving a pension? A lot of talk about this recently with legislation changes this past week. Thanks

[@ErinTalksMoney]

Video is coming out on Friday 😊

[@johnhardy2702]

@ErinTalksMoney Thank you...I was an educator for 35 years and paid into both systems.

[@jefftimmerberg193]

I would like to see ALL of the scenarios of who claims when and how they compare. For example, compare your recommendation against both taking SS at 62. How long would they need to live for their lifetime benefits to be less than your recommendation? Or what about both waiting until 67 or 70? How long would they have to live to catch up to your recommendation in terms of lifetime benefit?

[@ErinTalksMoney]

I will have to do another video with more comprehensive examples then 😊

[@shawnbrennan7526]

Jeff: if you want precise examples that exactly calculate for your scenario, it might be best to go to a financial advisor who can run the numbers for you and your spouse. I thought Erin covered the most important things to consider.

[@TheRickTurner]

Great video

[@RandomJane104]

This is good info. I will eventually hire a planner, but it's still good to be thinking about ahead of time. I nake twice what my husband does, and he's 3 years younger. I want to drop to part-time work hopefully by 60 (currently 51) for several years before fully retiring. Sort of a coast FIRE plan where we can still live on my part-time income plus his full-time, but not need the extra income for additional retirement investing by that point. Before anyone comes at me , it is fair for him to continue working FT since I have worked a ton of OT over the past 15 years. He has not. I also do the lion's share of cooking and housework. Sugarmomma is tired. 😅 Figuring out when he should retire and when we should each claim will be the biggest decisions, I think.

[@rarelycares8416]

My wife gets a city pension (and did not pay into SS for 25 years) but she did work in private industry for over 10 years so she does have a small SS benefit as well, but I've been told that if she files for SS her pension will be adjusted down...have you ever heard of that? We are 56 and retired so still have a few years to worry about it.

[@randolphh8005]

Depends. There is a situation where pensions can decrease Soc Sec, however there is currently a bill in Congress trying to eliminate that

[@johninerie9251]

I see you didn’t reduce the spousal added benefit which I think is required since she started drawing her own benefit at 62 so the portion of her benefit on her earnings and the spousal benefit portion are both permanently reduced because she started drawing at 62

[@TimothyFletcher-t3h]

Good assessment of the scenario! Just one note, and I don’t know if it can be corrected at this point, but you misspelled Brian’s name…Brain is the thing inside one’s skull:). Keep up the good work!!

[@ErinTalksMoney]

Oh man! I wish it could be corrected! Once a video is published, the only way to correct the video itself is to take it down and republish later :-( thanks for the kind words though!

[@fredswartley9778]

So it only makes sense for Betty to claim early because she could switch over to a higher spousal benefit later? Also, I thought delaying SS until 70 increased the survivor benefit?

[@shawnbrennan7526]

Yes. Yes, survivor but not spousal.

[@wade74567]

Am I correct in saying there is no benefit for someone eligible for spousal benefits to wait to claim after their FRA (67)? (I guess if delayed retirement credits end up being more than the spousal benefit then it might make sense.) Do you have to do anything to start spousal benefits once the higher earning spouse retires (assuming the eligible spouse has already started ss)? My current plan is to claim at 68 (spouse 67 - spousal benefit will be fairly substantial) and do Roth conversions for several years prior (without taxing SS).

[@itisjustmedude]

How does the SS Disability affect a spouse? I’m 60, on disability until 65, my wife is 59 and still working. She wants to retire at 62 when her pension is maxed. Thanks for the great info.

[@bgm-1961]

I would love to see how the situation would best play out if Betty is older than Brian... nine years older in my case. :)

[@nhango4073]

Erin, can you suggest what should we do to maximize our social security? I am 67 and my spouse is 63 retire and my FRA is now at around $ 3500 if i collect it now. My wife would get around $2300 at her full retirement 67. We are planning to collect when I am 70 at around $4500/ mo and my wife would be around $2100/mo at 66 years old. Thank you in advance for your suggestion. Fred Nha Ngo

[@jodijoanah3498]

What if Brian is 5 years younger than Betty?, what is the best strategy to claim social security?

[@dancasey9660]

This is close to us. We're only about 6 months apart, and our benefits are only about $500 apart. I'm coming up on FRA in April 2025, and my wife will reach FRA in December 2025. My thought was for me to wait until 70, and my wife would take her benefit at FRA. We're trying to get Roth Conversions done for her IRA done over the next 3 years while staying in the 12% bracket. We've been using cash to live off of this year, along with some small pensions. Once completed, we'll see if we can convert any of my IRA, but we would probably start bumping up into the 22% bracket at that point, so I'm not sure if Roth Conversions make sense at that point. We have until 73 for Conversions, then RMD's kick in. Any thoughts? Thanks.

[@byronallen4444]

Brian seems like a real brain 😜🤣

[@JBoy340a]

Does Betty have to apply for the spousal benefits? Or does she automatically get the larger spousal benefit amount when Brian starts taking his SS?

[@josephsmith4009]

Betty and Brain! Lol ... Come on erin who is editing these things?

[@jeffjudymoler9386]

Erin, Love your videos! Can you do one on MYGA Annuities and how to compliment a retirement income. My wife and I took 25% of IRA investments and put into two MYGA's (within IRA) that I can pull out interest monthly. In 6 years, I get my full investment back or can convert into another MYGA or put back in my IRA stock account. This gave me $20,000 of income each year for the next 6 years. It also allowed me to be a bit more aggressive on 50% of my other IRA investments. We may have lost some investment opportunity over the next 6 years but the peace of mind I have exceeds that. I would love to give you more details and think this would be a great video. Thanks Jeff & Judy (J & J)

[@ErinTalksMoney]

I will see what I can do 😊

[@davidschultz4446]

I wish another scenario where the husband waited until age 70 was run to show when best for the wife to claim benefits and what effect waiting until 70 had on the survivor benefits.

[@brycegardner6171]

What would you do if Betty was 5 years older than Brian?

[@bbqjones]

I thought the typo of Brain was cute. lol. Thanks for the video! Are you a CFP and do you do some type of financial planning as a full time job?

[@RonRogers-v5o]

What if the higher earning spouse is younger. Any advice on this situation?

[@briankowald6465]

I’m thinking my wife takes hers at age 62 and the take spousal benefits when I start taking mine. Probably at 67 or 70. Would have reduced spousal benefits because she filed at 62?

[@BobJones-r6o]

Now at age 77 we realize we made an error. My FRA was 66 and I retired from work but we should have lived on our IRA’s until I reached 70. Income taxes on our IRA would be less then. Now we must withdraw every year and pay more taxes.

[@mainerin_texas-gordon-9598]

Did you factor in COLA from age 62 to 70? A good average is 2.4%/year.

[@drz400sy8]

I use the 2.4% is my calculations as well!

[@tomfasoldt31]

Actually I still don’t get why a spouse would take own early and then switch over to spousal. This will reduce life time spousal benefit so what is the advantage… help me out here….. thanks

[@InfoSecTangSoo]

Hi Erin. I have very complex Social Security questions that only pertain to me and my spouse’s situation. Could you provide free specialized guidance for us in the comments of your YT video so I can make financial decisions for our future? Thank you so much! (Yes, this is sarcasm.)

[@stewartayvaliotis4848]

What happens when the younger spouse is the higher earner and is at maximun earnings, should the older spouse collect at full FRA or wait till age 70 the older spouse wants to continue to work for pension reasons. The younger spouse who continues to work with the higher income should he collect at 67 or 70?

[@randolphh8005]

At age 67 you can collect SS and continue working without penalty

[@thomasmoshier3920]

If Brian files for SS at 70 and Betty is 67 or older, then she qualifies for that full amount as survivor benefits, correct? Or does her benefit revert back to his at his FRA? Assuming Brian has a larger benefit than Betty.

[@penelope5500]

I believe she would qualify for his amt. at 70.

[@marinbalan352]

Does Survivor Benefits will be lower if I was taking my SS at 62? Thanks!

[@randolphh8005]

For you or your spouse?

[@harrigill]

Don't forget to include the lost opportunity cost of money not received when delaying benefits.

[@Izzy_Gtz]

When I grow up I want to be as smart as you. 😊

[@FIRED13]

I do not understand how the young lady's Spousal Benefit (SB) is different for the case when: A) the two are the same age and she takes at 62 then waits 5 yrs for him to take his (@67, his FRA), her SB=$1391; B) she is 5 years younger and when he takes at 67 (FRA) and she takes at 62, her SB=$1289.60

[@spinnetti]

This sounds like a story problem I didn't quite figure out lol.

[@bbqpelletsonline]

Betty and Brain?

[@meiliwu]

How does this work if the wife makes 4x the husband? Can the husband claim spousal benefits? Btw I watch several finance channels but yours is the most educational 😊 thank you

[@ErinTalksMoney]

The husband can absolutely claim spousal benefits. These benefits are available to all regardless of gender. 😊

[@meiliwu]

Thanks so much for clarifying 😊

[@richardgannon8292]

Very good video but got quit Question if if He waited till he was seventy and then got his benefit Then he passed after that.Would she get his full benefit he was receiving

[@penelope5500]

Yes, the surviving spouse is elig. for the deceased's SS amt., w/ delayed credits, at 70.

[@msjanicen]

Brian not brain. So sorry. Looks like you were autocorrected :(

[@joncarson3060]

Looks like you don’t watch Overlord. Of course it could be Brain.😀

[@g.ajemian4968]

That’s Betty and Brain , lol rewatch the video