Ask Larry

Hello Larry, my question regards both the "Restricted Application for Spousal Benefits" and "Excess Spousal Benefits" for my wife when I file at age 70. I turned 62 in 2015 and no longer work.

My wife is 3 years older than I and she filed for retirement benefits on her own work record at age 62. Am I correct about the following:

- At my FRA of 66, I intend to file a "Restricted Application for Spousal Benefit" and let my benefits grow
until I am 70. My spousal benefit will be 50% of my wife's FRA PIA.
- Upon filing for my own benefits at age 70, my wife will file for "Excess Spousal Benefits". I estimate at
that time, my PIA will be $2900 per month and my wife's approx $980 per month.

Hopefully, I have given you enough info for a comprehensive response.

Thank You Very Much

Hi,

Everything in your first statement is correct. You will be able to file a restricted application for spousal benefits only when you reach FRA because you were born prior to January 2 1954.

When you file for your benefits at age 70, your wife's excess spousal benefit would be calculated by subtracting her own full retirement age rate (PIA) from 50% of your PIA. That amount will then be added to her reduced retirement benefit.

Best, Jerry