Your Social Security benefit calculation is based on more than your lifetime earnings. Here’s how couples can do the math based on different incomes and filing times.
The amount that a person is entitled to when it comes to claiming Social Security goes beyond just what they’ve earned over a lifetime of paid employment.
Jeff and Laura, both approaching age 62, are reviewing their projected benefits. Jeff has worked as an accountant for his entire career, and as such his benefit at Full Retirement Age is projected as $2,750 per month. Laura has worked as an administrative assistant at a private school sporadically during her adult life, taking several years off while raising their three sons. Her projected benefit at FRA is $900 per month.
In this case, Laura would be eligible for her own benefit which will be reduced because she is starting the benefit early. The reduction is 30%, so her reduced benefit at age 62 would be $630 per month . Since Jeff has not yet applied for benefits, Laura is not yet eligible for the spousal increase. Once Jeff does file, Laura will be automatically eligible for and entitled to the increase.
This situation can be further complicated if Jeff was to start his benefits early. If both Jeff and Laura start benefits at 62, Laura is eligible for her own benefit and the spousal adjustment at the same time, both benefits being reduced due to early filing. In this situation, Laura’s total benefit is reduced to the minimum, for a total benefit of $963. Jeff’s own benefit is also reduced to the minimum, a total of $1,925 per month.
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