If We Both Collect Social Security, will our Benefits be Affected?
Dear Rusty: I reached full retirement age back in June, but I have not yet filed to collect Social Security. My husband currently collects SS funds, and he waited until he had reached full retirement age a few years ago. I am considering signing up now to receive my funds, but I am a little confused about whether I will receive my full benefit or is there some kind of adjustment made based on both of us collecting?
We are a simple case. We have been married for 46 years, so there are no other exes involved in this equation. He did everything online when he was ready to start receiving his funds, but we didn’t consult with any advisor when my husband claimed. Now I think that adding me as a spouse might trigger some other things I should consider. Thank you for your advice. Signed: Concerned Wife Dear Concerned: Since you and your husband have both reached your respective SS full retirement age (FRA), you are both entitled to receive your full benefits without any reduction. And since you haven’t yet filed, you are now accumulating Delayed Retirement Credits (DRCs) at the rate of .667% additional benefit for each month you continue to delay. You will get your full SS retirement benefit (plus any earned DRCs) when you claim. The only question you need to consider is whether either you or your husband will be entitled to a “spousal boost” (an increase) when you claim.