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Am I Calculating My Wife's Future Spousal Rate Correctly?
At full retirement age (“FRA”) my wife will start receiving her SS benefits based on her records of $628 per month. DOB is June 24, 1955; FRA is 66 years + 2 months or August 24, 2021.
I will not start receiving my SS benefits until age 70 (currently shown as $4,074 per month). The amount currently shown for my benefits at FRA (66) is $3,263. My DOB is March 5, 1954.
My question is what will the supplemental amount for the spousal benefit be for my wife when I start receiving benefits at age 70? I think it is: 50% of $3,263 = $1,631.50 less her benefit of $628 or an additional $1,003 making her total monthly benefit from that point forward $1,631.50. Is this correct? If not, can you clarify?
Hi,
Yes, assuming the benefit rates you cite in your question are accurate, you're correctly calculating your wife's potential spousal rate.
Best, Jerry
Category:
Posted:
January 14, 2021