What are our spousal benefits?

I began taking Social Security early at age 63. I am now age 68. My FRA began at 66. My wife will be 66 in 2017, when her FRA begins. Will she be entitled to the maximum 50% of my benefits when we apply for spousal benefits? My question is what determines "my benefit"? Will it be 50% of what I will be receiving in 2017 at her 66th birthday? Or will it be 50% of what would have been my benefit had I waited to begin my FRA at 66?

Social Security
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August 2017
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Social Security is a very important benefit and when you know the rules (including Spousal Benefits), you can help assure that you maximize your and your spouses benefits.  If you start Security before Full Retirement Age, your benefit is permanently "penalized" or reduced vs. Full Retirement Age.  this also reduces the amount your wife will get under spousal benefits...she will NOT be elegible for 50% of your FRA benefits, but rather a reduced amount as you started early.

If you are married, the spousal benefits allow one or the other (not both) the ability to get 50% of their spouses benefits (if larger than their own).  It is even available for non-working spouses to get an additional benefit on top of the working spouses benefits.

However the rules have recently changed, so I am including hyperlinks to my summary of Five Pointers to Consider when Filing for Social Security Benefits (and hyperlinked pieces):


As financial planners, our advisors at STA Wealth have a broad understanding of how to advise our clients on maximizing their Social Security benefits – and the answer varies depending on each of our clients own personal circumstances.
I have more information on my website via this LINK.

In addition to my website, there is free software to help you maximize your benefits and there are also online tools at the Social Security Website: www.ssa.gov



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