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2 ай бұрын

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2 ай бұрын

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Thank you so much. I have been to dozens of websites, including SSA, and none explained benefits as clearly as you did. Now I understand what is best for me and my wife. She is six months younger than me, and earned much less than me. It makes most financial sense for her to collect her benefit at 67, and for me to wait until 70. Thank you again!

No need to worry about how people feel on who you select. You’re info is great.

Thank you! Finally, someone provides understandable info on spousal benefits. Much appreciated. The tables, and your explanation, were perfect! BTW, we have received so much conflicting information from the SS office, and Fidelity advisors, on who has to file first (the husband or wife)....it's maddening!

Great explanation - we're exactly in this situation (my wife took her SS early and I am coming up on my FRA next year so when I take SS she gets spousal benefit) and finding out an accurate overview of how spousal benefit is calculated is next to impossible. Thanks much!!! you're the first place that made it clear that the spousal excess is not reduced if the larger earner takes retirement @ FRA & the spouse is at their FRA.

One of your best videos by far. Concise. It's going in my social security playlist.

@DevinCarroll

10 ай бұрын

Thanks!

This is the clearest explanation about the spousal benefit I've ever heard. Thanks!

@DevinCarroll

10 ай бұрын

Glad it was helpful! Appreciate you watching and commenting!

@tinalippincott9823

10 ай бұрын

Agreed. Devin's explanation is clearly and concisely stated. Excellent presentation, as always.

@DevinCarroll

10 ай бұрын

The length of marriage rule for survivor benefits is 9 months.

Thank you so much for explaining the spousal benefits in such easy terms. Absolutely the best.

Thank You. Finally, a clear explanation of different scenarios for spousal benefits. I have been searching for an answer for my spouse taking her pia prior to fra and how it impacts her benefit when the higher earner claims at fra. I get it now. Thank You !

What happens if the husband met their credits, but passed away prior to retirement age? What happens to his contributions?

@RobertBeedle

27 күн бұрын

You're eligible for survivor benefits.

Wow finally a video that drills down and clearly explains this critically important topic. Thank you!

Thank you so much for this. Your step by step explanation was so much clearer than in any other video I've seen on the subject.

@DevinCarroll

10 ай бұрын

Glad it was helpful and thanks so much for watching!

Thanks! My wife and I were just talking about this yesterday. I guess the always listening algorithms guided me to your channel…

Excellent video. Answered the questions I had that I couldn’t find elsewhere. Very good graphics.

@DevinCarroll

10 ай бұрын

Glad I could help! My editor killed it with the graphics!

Thank you! Ive never seen spousal benefits explained more clearly.

@DevinCarroll

4 ай бұрын

Glad it was helpful!

Wow, I've been looking for a clear explanation. You did that amazingly, thank you SO MUCH.

Thank you Devin…another outstanding video explaining a complicated subject!👍🏼👏🏼👏🏼👏🏼

You are a good teacher! It was easy to follow you. Thank you!!!

This was the exact question that I needed clarifying on and you answered it perfectly thank you so much

Nicely explained. I listened to several videos before this one and I was still confused until now, so thank you very much.

Your explanations are so clear! I wish you could do a video for a wife who receives a TRS disability amount and the husband who receives a social security benefit after retirement at age 70!

Thank you very much my wife and I are 60 now learn something new everyday

Devin!! Thank you for the explanation.

Good stuff, Devin Carroll!

@DevinCarroll

10 ай бұрын

Gracias!

Clear and concise. The charts really help clarify your examples. Thank you.

the explanation is great on how this works and when to use it. What I do not see on the Social Security Web page is where to start the process for spousal benefit filing

Devin, You are so thourough and detailed. This is very good information. Thank you.

@DevinCarroll

10 ай бұрын

Glad you enjoyed it!

Very clearly prsented; very useful for retiring couple or married individuls. Thanks.

Thank you for this information. Your explanation is much easier to digest compared to the SS website. 🙂

Thank you for this. My husband is 4 years younger and the higher earner. The information here was very helpful.

@DevinCarroll

10 ай бұрын

Glad it was helpful!

Love your explanations. As you pointed out the spousal benefit does not increase after the higher earner full retirement age. The higher earner may get a higher personal benefit after FRA but you shoul subtract the amount of the spousal benefit lost for each year you delay.

@DevinCarroll

10 ай бұрын

Yes...honestly, I didn't fully understand that until recently.

Well done video! Thanks!

Nope! My wife doesn’t get any of my SS because of the GPO law! WEP has already cut my SS! Thanks St. Reagan

Excellent detail, thank you!

Thank you for a helpful presentation!

@DevinCarroll

10 ай бұрын

You're very welcome! Thanks for watching!

Thanks. Great info

Thanks Devin...saw one of yours before and followed your advice...good advice and working well. Quick question: I thought you made a video on RMD but I cannot find it. Did I overlook it? Whatever you can point me to would be helpful....thanks again

Excellent and no questions :)

Best video I have seen on this subject. Good job sir. Thank you.

@DevinCarroll

10 ай бұрын

Glad it was helpful!

Thank you so much Devin.

@DevinCarroll

10 ай бұрын

Thanks for watching!

Thank you for all the info

Thank you for a very informative video

Enjoyed your explanation

Great video - thank you.

Great explanation!

@DevinCarroll

10 ай бұрын

Glad it was helpful!

Thank you for clarifying much of the spousal benefit issue. I don't think I heard one particular permutation: higher earning spouse files at FRA but lower earning spouse is younger than the higher earner. Should she file for spousal benefits BEFORE her FRA? If so, how much of a hit does she take on her net total benefit since she is filing earlier than her FRA? Thanks in advance.

Mr. Carroll, great explanation and very educational. Question on the spousal payment calculator, If I retired at 62, do I still use the FRA benefit for calcs?

Very clear explanation and easy to understand. Thank you Devin.

@DevinCarroll

10 ай бұрын

You're very welcome! Thanks for watching!

Great job as always. Did I understand this correctly? Your lower earning spouses benefit could be greater when they file first and the higher earner files a few years later than if they filed at the same time?

Thanks, I did learns something new. That the Spousal benefit is reduced As her post FRA benefit grows (while she is waiting to file). Previously I assumed her benefit would continue to grow if she waited past FRA and her Spousal portion would remain constant.

@DevinCarroll

10 ай бұрын

That was actually my thinking as well for a long time.

@ralphparker

10 ай бұрын

@@DevinCarroll OK, My wife is one month older than me and her FRA benefit is significantly less than half my FRA benefit. I want to wait till age 70 to maximize survivor benefit. There is no reason for her to wait past age 67 (FRA). So, can I file and suspend at my FRA and she get spousal benefits and then I wait till 70 and maximize my benefit? Her spousal benefit will be on the order of $4170 per year (28% increase over her FRA benefit).

Devin - great job and thanks for the clarity in your video. If higher earner retires now at 62 and begins taking adjusted benefits, when spouse applies for benefits 5 years later at 67 / FRA, will spousal benefits be calculated at the higher earner's FRA even though the filed early at 62 or will they be ratcheted down to what the higher earner's benefits actually are? Thanks again for what you do!

@DevinCarroll

10 ай бұрын

Glad it was helpful! The spousal benefit is always calculated off of the higher earning spouse's full retirement age benefit.

Great video thx

@Devin Carroll Could you please make a video exactly like this for ex-spouse benefits. It would be so very helpful. Thank you!

Thanks!

Thank you for sharing in such a clear manner! If you have a minute, I have a quick question. If a spouse is retiring (higher record) and wife 61 years old) is caring for their child who is disabled before age 22 and is entitled to benefits on fathers record, can the wife then draw from spouse as well? If I am understanding the rule it reads : "At any age if they are caring for your child under age 16 or who was disabled before age 22, and is entitled to benefits" A SSA claims rep indicated wife had to be 62. Thank you!

Good job!

@DevinCarroll

10 ай бұрын

Thanks!

Devin, What is this I hear about Rep Thomas Massie introducing a bill that will eliminate Double Taxation on SS?

Devin, this video does clarify much of what you taught us in previous videos. Can you please add what happens if my husband retired several years ago at age 65, which was his full benefit, but I am nine years younger and cannot get a full benefit until 67. It would be nice to see a chart of what would happen if I retire on my own less benefits this year at 62 or I wait. Also, If I cannot retire until 67 but I have to file for medicare at 65, how does that get paid. Social Security will be getting paid for 2 extra years of medical benefits when I still have medical benefits from my spouse being retired military. How does all of this work and can you supply a chart for explanation?

@DevinCarroll

10 ай бұрын

If you don't get benefits from Social Security, you'll get a premium bill from Medicare.

Much clearer, thank you. But I wish you covered the situation when the higher earner would file before age 67.

@DevinCarroll

10 ай бұрын

See the example towards the end.

Awesome you are the man ty

@DevinCarroll

10 ай бұрын

Thanks for watching!

Thanks so much for your video! You are the best regarding SS! If my husband files at 62, can I claim spousal benefits when I turn 62 and then switch to my own benefit when I turn 67?

@Devin Carroll I don't know that you addressed if the higher earner files early (age 62), what does that do for the lower earner who early files 5 years later when they reach age 62? What does that chart look like?

Devin your videos on social security topics are so easy to understand and so helpful. I thank you. I was wondering if you might consider a video on how spousal and survivor benefits relate to each other. For example I am 70 and have been collecting social security since I was 68. If my wife takes spousal social security at her current age of 62 would it affect survivor benefits if I pass away before she reaches age 67 and could take survivor benefits at 100 percent. Could she stop spousal benefits wait till she is 67 and apply for full survivor benefits. We have been searching all over and can not find any videos that explain the 2 benefits combined. Again thanks for your great videos.

@DevinCarroll

10 ай бұрын

The survivor benefit is a completely independent benefit. It will not be reduced because she filed for her own benefit early.

@juliamcgregor4950

2 ай бұрын

​@@DevinCarroll I need an explanation. I was put on social security disability at age 55 on my own record. My husband took his benefit later at his full retirement age. His is much greater than mine, more than double what I get. I will be 66 and 8 months in August. Can I switch to spousal benefit at that time?

Devin - Your videos are very informative. Thank you for sharing your knowledge. One question for you. My wife and I each started taking SS at age 62. My wife gets less than half of my SS. Can she apply for Spousal Benefits now at age 75 and get half of my benefit? Thank you.

Great video Devin. Thanks. The link to your cheat sheet doesn’t work. How can I get it please?

That was the clearest explanation I have heard yet. Thank you. (Don't ask me to repeat it though, lol)

@DevinCarroll

10 ай бұрын

Glad it was helpful!

@Bebold94

10 ай бұрын

I happened across your channel last night and have watch 3 videos thus far and I thank you so very much for this valuable information!

Thank you so much for your clear and understanding explanation of this process.

@DevinCarroll

10 ай бұрын

You are so welcome!

THAT finally answered my questions! But... I see no link to the cheat-sheet??

Thanks very explained. Do you have an example if high earner filed at age 66 (say $1900) than at age 67 FRA, (say $2000) and low earner will file at her age 67 FRA some time later? Because high earner is getting an reduction by filing earlier, will the spousal benefit be reduced to $950 half of $1900 or $1000 half of $2000.

Devin, I have seen a lot of info on this. Nobody talks about this! I am 67, I will wait till I am 70 to draw my SS. My wife was a teacher in the state of OHIO for 35 years, she did earn units for SS, she will only get a % of my Benefits if I die first based on her Gross Benefits. Which is the reason I am waiting till I reach 70 to increase her %. Thank You

@okeantoras

4 ай бұрын

the max she will get it is up to 50% from your 67 years amount. if you wait till 70 you postpone her opportunity to draw from you SS

Devin. Thank you for explaining, as clearly as possible, this complex scenario. One hopefully simple question: if the higher earner waits till age 70, it would benefit BOTH the higher AND lower wage earner(no matter when the lower wage earner files). Correct?

Thank you so much. I always learn something from you. I have a question about COLAs and whether it changes our FRA/PIA amount down the trail. My husband is the lower earner, took out SS at 62, and is now 72. My full retirement is 66 and 4 months. I am now 67 and will take SS at 67 and 11 months. Are the COLAs figured into the formula? My understanding is that it changes my PIA each year until I collect? Soooo, does his change? And how does it figure into the Spousal Benefits? Just curious.

@Satjr35031

10 ай бұрын

You are entitled to all the COLA increases from 62 regardless when you file.

Hello Sir, thank you for sharing your expertise. Perhaps, you could make a video on my situation. I took early retirement @ 62, because I married a younger lady, and we had a child when I was 58. So now I have a dependent, that my wife cares for. Therefor my child and my wife both get half of my full retirement amount. I am self employed, and filing jointly, so our earning limit is $34k or so after expenses, which works fine for us. Question: My wife has taken a job, so would it be beneficial for us to file separate now, to raise our earnings amount to $2140.00 each? Or does the job even effect her SS benefits? Thank you for your time.

Among all this terrifically presented information is this: the lower earner, as a spouse that has NEVER worked (entitled to $0 as their own benefit), will receive the same spousal benefit as the working but lower earner that has contributed huge amounts of $ to SS over their career. How does this make sense...

Nice breakdown! (just a suggestion, mic needs to be a bit closer, had to turn up my volume quite a bit) 🙂

Hello Devin, I did not see the link for the free cheat sheet. This was a great video. Do you have a video for divorced spousal benefits?

@DevinCarroll

10 ай бұрын

I do have a video on that! kzread.info/dash/bejne/kZyC08yPqbiZlqg.html

@DevinCarroll

10 ай бұрын

Here's the link to the cheat sheet devincarroll.me/sscheatsheetyt

Hi Devin, This was an excellent video thanks so much for sending it out. I have one more scenario that I would like to have you explain. What if there is an age difference between the spouses so the largest wage earner is 70 (FRA 65 / benefit $3000 per month) and takes social security and the lower wage earner is now 64 (FRA 67). How would you calculate the lower wage earner's social security benefit if she takes social security right now or at FRA of 67? Does the lower wage earner's spousal benefit increase because the high wage earner waited to collect social security?

@DevinCarroll

10 ай бұрын

The spousal benefit will not be increased by virtue of the higher earning spouse delaying their own filing. However, the survivor benefit will be increased.

Perhaps an odd question, but how does one go back and determine the current FRA amount (for Spousal Benefits) when current benefits are based on having filed at age 70?

That last 4-5 minutes was exactly what I wanted to know. My wife is the lower wage earner and is 3 years older than me (61 to 58). I know she will file before me. Her rate is projected to be about $900/month while mine is projected to be around $3600/month. My question is "Will the spousal excess automatically kick in once I file?" Or will she have to go back and apply for it?

@DevinCarroll

10 ай бұрын

Excellent! Thanks for watching!

Great explanation, thanks. Would it be possible for you to explain the proposed HR82 social security bill pending in congress? It is very relevant to this video topic because it relates to spouses who are subject to GPO, government pension offset, and WEP, windfall elimination provision, too. I’ve read it has many sponsors, but just doesn’t seem to get any traction. Thanks, again

@DevinCarroll

10 ай бұрын

Over the years, I've watched many of these bills come and go. I have to admit, I've given up hope on our politicians correcting an issue that only affects 3% of SS recipients. I hope I'm surprised one day...

@voyagerman22

10 ай бұрын

@@DevinCarroll I feel the same way as you, but the bill was reintroduced after it died last year and it has something like 290 cosponsors from both sides. Oh well, you never know.

@voyagerman22

3 ай бұрын

Just wanted to give an update on House and Senate bills to reform WEP and GPO. House has 309 and Senate has 52 cosponsors.😊🤞

Please have an example if high earner retires early say at 66 (instead of 67) and low earner will sometime retire after 5 years at 62. How the spousal benefit will be based on from high earner?

thanks for always sharing this important and complicated information. I will get my first benefit in Oct and turned 62 last week.

@DevinCarroll

10 ай бұрын

Thanks for watching!

Hi Devin, I appreciate your time and expertise. I'm the highest wage earner and started drawing benefits at age 62. I know my wife will get half of what my benefit would have been if I waited to 67. My question is, in reference to spousal benefit, does my full retirement age amount get lock in when I started drawing benefits at age 62. Or will it adjust higher when i turn 67. In short, when does the FRA amount figure gets locked in when it comes to figuring spousal benefits. Thanks sooo much

@DevinCarroll

10 ай бұрын

Your benefit is always calculated off of your filing age. The spousal benefit is calculated off of your full retirement age benefit.

@ineedmickey5170

10 ай бұрын

@@DevinCarroll- would I still receive half of my husbands Amount if I filed at 62 but not apply for spousal benefit until 67? ( my FRA is 67 )

Devin, That was very helpful! It sounds like I may be entitled to the excess spousal benefit. Do I need to call Social Security to apply for this or is it automatic? I’m the lower income, early filer & my husband just filed a couple of months ago after he reached full retirement age. Thank you!

@DevinCarroll

10 ай бұрын

It is "supposed to be" automatic, but often is not. This is especially the case when the higher earner filed after the lower earner.

@lindaholt886

10 ай бұрын

Devin, Thanks for your reply! I called S.S. to see if I’m eligible for a spousal benefit & the agent told me requires a manual calculation, it’s beyond her scope & she couldn’t figure it out. She said I need to make an appointment with my local office because they’re specialized. I’m really surprised that this kind of calculation isn’t computerized.

Do you have a video on widows benefits ? My husband was killed in 1991. I took his benefit 30 some years later at 64 I think. At that time they told me I could draw how forever or switch to my own at age 66 and 3 months. What are my best options ? I worked a couple more years after I started drawing. I make 1068. A month and do not work now.

Devin, If I begin collecting SS at 62 at 30% reduction and husband starts collecting at age 67. Will my spousal benefit be the calculated on the difference between my reduced Social Security ( the 70% Im collecting) and half of his?Or will it be calculated on the difference between my full retirement amount (which I didn't wait to collect) and half of his? Thanks in advance.

Excellent lesson. Cheat sheet not available.

Will the spousal excess increase with cola.

I think (I hope) you misstated something...slightly but importantly. At the 10 minute mark, you said. "Before a spousal excess can be paid, the higher earning spouse must file first." I believe you were intending to say that the higher earning spouse must file before the lower earning spouse is eligible to receive the spousal excess benefit, even if the lower earning spouse filed earlier than the higher earning spouse. It initially came across that the higher earning spouse must file before lower earning spouse files in order for the lower earning spouse to receive the spousal excess. I think you clarified that somewhat...but this stuff is confusing. I'm being kinda picky I suppose, but if someone misinterprets that, it could lead to some problems. Thanks for the video though! Good stuff!

So my wife is 23 months older and filed at 63&1/2. If I file FRA (66&8mo) she’ll get hers and whatever would have made hers half of mine will be slightly less because she starting receiving earlier than FRA.

Great video! Our situation is a bit different than most. I am I will turn 57 next year and my wife will turn 62. We plan on having her file for her SS at 62. When I reach 67 (FRA) and start drawing SS, she will be 72. Will she then qualify for 100% of the Spousal Excess since it is tied to her age at which I file for benefits?

Is this excess only available if still married or does it work the same if divorced?

Suggestion. at the 11:42 mark you are talking about how she decides to draw early and get $560. You should show what she actually draws and not what she could draw. The chart should show where she draws $560 and $0 for Spousal for two years. After that you can change the chart to show where she will start to collect the extra spousal payment when her spouse files. At that time you should change the chart to show $560 again for year 3 and $150 for the Spousal payment. If I understand what you are saying.

You should clarify early in the video, what SS figure is used for the larger of the two earners. The husband’s INITIAL SS benefit? Or his benefit when the wife files to receive?

Deciding when each of the spouses should retire is already difficult based on the calculations you show. When you add other complexities it becomes simply befuddling. My situation is probably as complex as it gets and my experience so far is that most of those giving retirement advice are not skilled enough for my needs. The trickiest bit is the timing, to ensure that my spouse gets covered and doesn't fall in a loophole. Otherwise I fear that I might need to work until at least 74 just to ensure my spouse's medical coverage, and I truly do not look forward to that. What is the best way to seek, find and filter truly experienced advisors to help me make both social security and medicare decisions? I am fully assuming that I will need to pay some amount for someone's time, but I don't want to waste money for incomplete or inadequate advice.

I have been working on this for a couple of months. Myself and my wife are both currently 62. Her FRA at 67 and is approx. 1400 My FRA is approx. 3000 so she is going to go ahead and file now to draw a reduced benefit of about 1000 until I retire at 70 with a stepped up amount of approx. 4000 so at 70 she will get her reduced amount of 1000 plus the spousal adjustment of 1000 to make it half my Full benefit of 4000 at 70. This produced the maximum benefit using the Calculator that I found online. All depends upon what you use for your age at death and using some percentage (-24%) for a reduced benefit in 2034 when the SS system goes bankrupt....

@DevinCarroll

10 ай бұрын

@darryls8066 You may need to recheck your numbers. If your FRA benefit is $3,000, the maximum benefit your spouse will be entitled to (while you are alive) is $1,500. This is an amount equal to one half of your FRA benefit. The delayed filing increases to your benefit do not add increases to the spousal payment. It will add to a future survivor benefit in the event you pass away before she does.

@liannotti2

9 ай бұрын

@@DevinCarroll Also, it seems that if the low wage earner files at 62 (before their FRA) they will not only reduce their benefit but will NOT get 50% of the higher wage earner's benefit, no matter when the higher wage earner files. The low-wage earner has to wait to file until their own FRA if they want to get 50% of their spouse's FRA benefit. Is that correct? My take was that, in terms of spousal excess (is that what it's called?) the amount is decreased by filing early and not increased by waiting past your FRA.

what if both husband and wife have to same FRB , if both delay do they both get step up at 70 and nether claim Spousal Benefits

My husband started collecting his pension at 62, if and when i apply for spousal ... the benefit at full retirement will be 1/2 of his PIA but is it 1/2 of the PIA when he started collecting or will it be a total of the PIA when he started collecting plus the COLA increases to the point I would apply?

I think your explanations are crystal clear. And I'm far from being a financial guru.

@DevinCarroll

10 ай бұрын

Thanks so much for watching!