Very interesting! I didn't realize that the spousal benefit stops growing at the spouse's FRA. I also wasn't aware that claiming on their own record and then switching later was no longer allowed. My parents and in-laws are both at or near their FRAs and neither of them knew about spousal benefits at all!
@healthinmotion3 күн бұрын
I appreciate your video immensely . You expand things so clearly. This video is a gem.
@ThomasTalbotMD2 ай бұрын
Great video. I liked the graphics. In the future, consider scenarios where the wife outlives the higher earning husband and how to maximize for that. My wife is 13 years younger, for example.
@bonniehoke-scedrov49069 күн бұрын
Great channel! Thank you so much!
@sarahsunsetpark2 ай бұрын
Yes, thank you for the visuals. Very helpful to see the options as well as hear about them.
@mildsriracha96302 ай бұрын
Love the examples and visuals. Thank you!
@natemillsap72792 ай бұрын
Clear, concise, easy to understand, with great help from the graphics.
@michaeltollen5882 ай бұрын
images help, yes. Good info.
@kevinvitale89802 ай бұрын
The break-even point is way out there, so I’ll take my benefits at FRA. Could you give examples if the spouse made similar money and worked the required years?
@jefflloyd3942 ай бұрын
Great and simple, thanks!
@paulh60962 ай бұрын
Thank you thank you thank you!!! I have been looking for more information on a lower earning older spouse model and you did it!!
@hangtn90702 ай бұрын
Yes, the pictures are helpful and add to my understanding.
@markjohnston39482 ай бұрын
Very helpful.
@MrHudson622 ай бұрын
He (and many other retirement advisors) never address time value of money (preference for current income over future income) or future uncertainty in soundness of social security funding. Both are compelling arguments (at least to me) to take benefits sooner.
@mrsamtheman802 ай бұрын
What happens when the higher earning spouse passes away? In two cases: before filing, and after filing? Any benefit in waiting past 67 in that case?
@gloriastola15222 ай бұрын
Great video and explanation of how this works. Thank you!!
@mckeefamily55222 ай бұрын
Very well presented! You answered questions we hadn't easily clarified elsewhere in such a brief format. Thanks!
@grrlpleez2 ай бұрын
Thank you. This was really helpful, as just a couple of days ago, my husband and I discussed/had questions about exactly this topic . I’m really glad to have stumbled onto (read: algorithm) your channel. I find you both knowledgeable and personable, and I very much appreciate how you make things easily understood (I liked the illustrations, btw, and copied them as I took notes).
@michaelperry78712 ай бұрын
Image use is good.
@mr.carlsen81852 ай бұрын
For those of you living overseas with a foreign spouse, who has never lived married to you in America, you need to move with her to America for at least 5 years (not continuously, but I will), before she can become eligible for 50% of your social security at your FRA and also needs to be in America for at least 5 years in order to get on Medicare at 65 or later. Also, this would also need to take place for your non-resident Alien spouse to collect your social security at your death. I have watched many expat videos who won't do this so they know their spouse will not get any of their social security once the American citizen dies...so they end up planning on buying a house and other things for their spouse, prior to dying, so she is set up for at least a house and appliances, etc. Several expats try to get their spouse to start a youtube video series on living in that country so hopefully they have some type of income to come in once the American spouse dies, if he doesn't have much saved in his retirement accounts. There are many who live off of social security in these 3rd world countries and live nicely as a result of their pension and or social security checks for the rest of their lives.
@beesandhoney-yx2gt2 ай бұрын
I’m 49 hoping to end the rat race by 60 with above $1M. I know money is a liability to be exchanged for assets with real value like real estate (properties for rent) stocks (dividends) bonds (interest) But, what is it with bitcoin? I hear a lot about it and I'd love to diversify.
@lscaruffi2 ай бұрын
Graphics are better but not the hand written numbers. I've seen better videos where the portfolio balance is tracked comparing claiming early versus claiming later. That is helpful. Then you can discuss sequence of return risk. So you might claim early if the market is down to avoid selling depressed assets in your portfolio.
@joelennis63382 ай бұрын
Images are helpful, but showing spreadsheets would be more helpful than sketches.
@davila08932 ай бұрын
Great video and like the examples. You covered my situation, wife (Home CEO) is two years old older than I (The Worker). So when I turn 65 y/o, I will received $3315 (reduced benefit) and since she'll be 67 y/o she'll receive $1927 (half my Full Benefit of $3853). Thank you for the Spousal Social Security Explanations.
@igorkot58952 ай бұрын
Great info, thank you! How it will work if spouse with lower income start getting disability SSA at 62 and spouse with higher income continue to work till his FRA and retire. Both the same age. Will spouse with disability SSA get 50% of spouse with higher income at FRA?
@KenDicesare2 ай бұрын
There are so many variations, age/ $
@laenvirolatina47632 ай бұрын
Thank you, this is a great explanation. Can someone claim on their ex-spouse’s SS then switch to their own or was that loophole also closed?
@jefflloyd3942 ай бұрын
Was a bit light at the end. What age can a divorced spouse claim and what age gives highest benefits?
@airforcepilot11672 ай бұрын
You just answered the one question I never could find answer to @ 8:50 minutes. My wife & I are same age, Her employment record gives her more than 50% of mine at age 67 but not 70, so she started at 62 (we are 63, retired at 62), and I plan to wait until 70. But never could find out of she would get 50% of age 70 or capped at 67. You just said capped at age 67 or FRA (50%) for spouse, once I start. However what about survivor benefits? Can she get my age 70 amount if she waits until age 70 ? Thanks
@RiverRev2 ай бұрын
I've seen variations on this topic and it always leaves me with questions. My wife and I have both worked most of our lives and my wife's social security is projected to be higher than mine. She is a year older than me and reaches full retirement age at 66 and 10 months. I guess that the spouse benefit is meaningless.
@PYehl12 ай бұрын
I have tried to find the answer to this myself with no success- I’m younger than my spouse. They have a teaching job with pension but doesn’t pay into SS. So if they retire and start getting their pension and 5yr later I retire with SS - would they get spousal benefits or due to their pension income will that keep them from getting any SS? And if I pass would they still get spousal benefit even with pension?
@junkequation2 ай бұрын
love your videos. You always come up with interesting material that I haven't thought of and that no one else has addressed.
@ljclausonАй бұрын
So my ex spouse didn’t start taking Social Security until age 70 and I started at age 65 based on his because it was the right thing to do but I’m wondering if I’m due for a raise since he must have a much higher Social Security
@gmp1162 ай бұрын
This is one of the areas that I least understood, so this is quite helpful.
@carolannmeadors88992 ай бұрын
Thanks for your video and the clear information. I have a situation that is somewhat complex and I thought might be answered here but I don't believe it was covered. My husband and I are about a year apart in ages. We have both earned ss benefits although mine are less than 1/2 of his. If he waits to age 70 to begin taking his ss, can I start taking my normal benefits at age 67 (my full benefits age) and then when he reaches 70 and begins his withdrawals change mine to 1/2 of his normal (age 66 10 months) for him?
@jnewby742 ай бұрын
I believe he answers this around the 11:20 mark. You can’t start yours and then switch to spousal, they ended that in 2016
@shumandaniele2 ай бұрын
I believe this was covered here 11:11
@josegallegosdds2 ай бұрын
What if both husband and wife have worked and qualify for SS benefits. Do they each get their own benefit based on their 30 years of income?
@aftardog2 ай бұрын
Each gets at least their own. If their own amount is less than 50% of their spouses full retirement amount then that spouse would also get the difference between their benefi😊t and 50% of their spouse’s benefit.
@2peas19592 ай бұрын
Good question. I'm looking for the same answer.
@matthoffman20772 ай бұрын
No, they are entitled to their own, or a percentage of their spouses. But not both.
@lvfrau52792 ай бұрын
Yes
@johnmccorkle16942 ай бұрын
The lower earning spouse can pick either their own benefit (independent of when the spouse claims) or the spousal benefit (The higher earning spouse must have claimed already) whichever is the larger amount.
@gkhutch2 ай бұрын
Regarding divorce, what if my SS benefit is much higher than my EX-SPOUSE? Also, my EX has recently passed away. Can I collect additional $ from her SS? Note, I am 71 years old and began taking my SS at 67 years old. Also, I remarried 10 years ago.
@stevesafety67432 ай бұрын
What if both spouses made about the same money?
@johnkwarneck47572 ай бұрын
Information & Question: Information - Older spouse (worked &) collects the reduced social security before full retirement age. ie $500/month Information - Younger spouse waits to full retirement age to collect. ie $3,000/month Information - The older spouse is passed full retirement age when the younger spouse starts to collect social security at full retirement age. Information - 1/2 of the younger spouse benefit is $1,500/month. Question 1 - Does the older spouse get 50% of younger spouses benefit? If no, Question 2 - Was the older spouse benefit reduced since initially collecting prior to full retirement age?