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  • OT - Social Security Experience?

    I wonder if any of you have had a similar situation.

    My wife and I are both 62. I am condemned to working until at least 65, presuming that my job lasts, so that we have health insurance. She works a minimum-wage job and less than 30hrs a week. She can start drawing SS any time now and still work and not exceed the limit where they start taking the SS back.

    We met with our financial "advisor", who though that my wife may be able to draw against my social security even though I haven't retired, and get a bigger benefit. The advisor was hazy on the specifics and he is doing more research.

    Have any of you been down this road?
    Weston Bye - Author, The Mechatronist column, Digital Machinist magazine
    ~Practitioner of the Electromechanical Arts~

  • #2
    Originally posted by Weston Bye View Post
    I wonder if any of you have had a similar situation.

    My wife and I are both 62. I am condemned to working until at least 65, presuming that my job lasts, so that we have health insurance. She works a minimum-wage job and less than 30hrs a week. She can start drawing SS any time now and still work and not exceed the limit where they start taking the SS back.

    We met with our financial "advisor", who though that my wife may be able to draw against my social security even though I haven't retired, and get a bigger benefit. The advisor was hazy on the specifics and he is doing more research.

    Have any of you been down this road?
    Yes. I took SS at 62. Without discussing my age, (LOL) I can tell you that I was the last birth year that was to receive the full 80% at 62 as opposed to 100% at 65. President Reagain signed a law that made it a sliding scale thereafter. I did the math and discovered that it wasn't worth it to me to wait. It would be different for other people.

    Also, because I had SS, my spouse got a larger amount. I can't recall the details of the percentages, except the amount that she received when she went on SS a few years after I did, was called "The Spousal SS benefit". It was several hundred dollars more for her than it would otherwise have been had we not been married. Her benefit was indeed referred to as a "draw" against my account, although my benefits were not reduced but rather, hers were increased.

    For details on this, I suggest a visit to your local SS office. I did that when the time came and I have to say that the people there were very helpful.

    Good luck.
    Last edited by GNM109; 12-12-2012, 07:05 PM.

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    • #3
      My wife is a few years older than me and went on Social Security at 65, before I did at 62. Her benefits were not increased. Are we missing sometthing?

      Chuck

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      • #4
        Wes
        My wife gained when we both retired (together)
        She would have gotten about 35 % or my SS, but I believe the rules are that the second spouse gets no less than 50 % of the higher payment.

        In Round numbers , say you are entititled to 1,000 bucks and her work is valued at 300. She gets 500 at the 50 % rate.
        Continuing , say you are entitled to 1,000 and she was a machinist ( yeah !) with 900 coming ..Your total is 1,900 a month
        This is how it was explained to us, and she still is about 50 % within a few dollars.
        The unknown with you, is that you will still be working when she retires, so i don't know if that applies.
        You should be able to get a printout from SS administration on your level presently even though still contributing

        Rich

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        • #5
          Some good and bad news
          Bad news first .
          I returned to work ( in my 70's now) 4 years ago and pay income & SS taxes
          But they tax me on the SS income, in addition to my earnings .
          Now, i don't mind paying taxes on earnings, but taxes on the taxes being returned to me doesn't sound fair at all
          But hey, The Tax man is no ones friend !

          So this year I went to ask about all the SS and Medicare taxes I have paid and my SS payments stay the same.
          The guy said that " The computer looks at it, and if you are entitled to an increase, you'll get it"
          I thought he was blowing me off, so i asked for a formula sheet or a audit of my account.
          " nope, we don't do that, the computer does it!".

          The good news
          He was tellling the truth, ( or he turned in my name ?) I just got notice that they owe me some money and I will get another 20 bucks
          Unfortunately, it's not close to what i recently " donated" but hey, it pays for another years subscription to Home Shop Machinist !

          Rich
          Last edited by Rich Carlstedt; 12-12-2012, 08:25 PM. Reason: spelling

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          • #6
            Like was mentioned above, go down & talk to them in person or call them up on the phone. I called them in Nov. to set up my Medicare A plan before I turned 65 last week and was very impressed with both people I spoke with. They were very helpful and friendly. I had to wait 15 min. or so to get someone but they said it was an unusually busy day.

            I'm stuck working another 3 yrs. 'til SWMBO can go on Medicare but a year from now I can draw full bennies @ 66 and still work full time assuming the job's still there. (Knock on wood!)
            Milton

            "Accuracy is the sum total of your compensating mistakes."

            "The thing I hate about an argument is that it always interrupts a discussion." G. K. Chesterton

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            • #7
              Go to their web site and check out the FAQ's Also you may have to call the 800 number to make an appointment at your local office. This is what my mother has to do as my father passed recently and you can't walk in for most things with out an appointment. The government for ya!

              They have handled problems over the phone for both me and my wife as she will be starting to get it in January. Bank routing numbers as the bank was sold and the checks had the old name tied to the routing numbers which didn't match the new name.
              Glen
              Been there, probably broke it, doing that!
              I am not a lawyer, and never played one on TV!
              All the usual and standard disclaimers apply. Do not try this at home, use only as directed, No warranties express or implied, for the intended use or the suggested uses, Wear safety glasses, closed course, professionals only

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              • #8
                My wife is 6 years older than me. She did not have enough points to draw SS on her own account. When I turned 62 and drew, she was able to draw on my account and got 50% of my 100% even though I took a 25% hit because I was only 62.

                Dave

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