29 Mar Can my wife get higher Social Security benefits?

Q. My wife is 72. She took her Social Security at 62 on her own work record, getting $1,258.10 a month. I took my retirement at my authorized age of 67 years. My Social Security is $2,870.10 before deductions. Shouldn’t she should be entitled to additional funds based on my record?
— Husband

A. Unfortunately, no.

Your wife has a permanent reduction in her benefits because she took her benefits early.

The spousal benefit can be as much as half of the worker’s “primary insurance amount,” depending on the spouse’s age at retirement, said Lisa Crosta, a certified financial planner and certified public accountant with BPP Wealth Solutions in Basking Ridge.

If the spouse begins receiving benefits before “normal (or full) retirement age,” the spouse will receive a reduced benefit, said Crosta, who serves as president of the Financial Planning Association of New Jersey.

So, in this case, your wife took her benefits early, and as such has a permanent reduction in benefits, Crosta said.

“If she had waited to her full retirement age, she would have been eligible for 50% of his $2,870, or $1,435.05,” she said. “However, this amount is reduced by 30% due to the wife taking Social Security 48 months early — age 62 instead of age 66.”

Her spousal benefit would have been $1,004.50, lower than her full benefit of $1,258, Crosta said.

“She is not eligible for additional benefits,” she said.

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This story was originally published on March 29, 2022.

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