Lots of info here and a great thread. Back to the social security and spouse’s social security question which is not real easy to figure out estimates for. Everything except for the spouses own estimated benefit is based on the “workers primary insurance amount”. The primary insurance amount (PIA) is defined as “The ‘primary insurance amount’ (PIA) is the benefit (before rounding down to next lower whole dollar) a person would receive if he/she elects to begin receiving retirement benefits at his/her
normal retirement age. At this age, the benefit is neither reduced for early retirement nor increased for delayed retirement”. You can figure yours out at
https://www.thebalance.com/social-se...-guide-2388927. I went to ssa.gov, established a chat session, asked to speak to an expert and got mine. I didn’t know at the time to ask if this would change before I started receiving benefits. Apparently so since I have ss income in 2019 which exceeds my income 35 years ago. I also didn’t ask when this amount gets set in stone. I think when you start receiving benefits.
According to the formula in
https://www.thebalance.com/clearing-...fusion-2388948, Take the older spouse's PIA divided by 2, minus the younger spouse's PIA. $2,100/2 = $1,050 - $800 = $250. In my case 2460/2=1230 – 1513 = less than 0.
Since the wife’s (age 63) latest ss estimate says $1225 if she applies now and $1555 if she waits until 66y 4m, I see no advantage for her to wait until I apply.
It’s all somewhat ambiguous especially the estimated amounts. Someone correct me if I am way wrong.
PO
Bookmarks