It’s time to reach into the Social Security mailbag
I usually like to write about one particular Social Security topic, but every once in a while, I like to reach into my email inbox and answer whatever questions I pull out.
Q: I am 82. My wife is 80. We both took our benefits at 66. I get $2,444 per month. She gets $1,670. If I die, what will my wife get in widow’s benefits?
A: Sometimes Social Security benefit computations can be messy. But your situation is easy. If you die first, she will keep getting her own $1,670 benefit, and that will be supplemented with $774 in widow’s benefits to take her total benefits up to your $2,444 rate.
Q: My wife and I both took our Social Security at 62. We are currently 63. We each work part time. My wife makes much less than the $19,560 we are allowed to make. But I have taken on a little more work, and I might make over that amount. Am I allowed to use that portion of her $19,560 that she is not using?
A: Sorry, but it doesn’t work that way. The law sets a limit on how much a Social Security beneficiary under full retirement age can make. In 2022, that limit is $19,560. And it applies to each individual beneficiary. Husbands and wives can’t combine those limits. So, for each $2 you earn over $19,560, $1 must be withheld from your Social Security benefits.
Q: I am 68. I plan to wait until 70 to file for my Social Security. But I’m not working, and I am worried that my projected age 70 benefit of $3,440 per month will be significantly less because I will have no earnings in the next two years.
A: Don’t worry. Be happy! Because benefits are based on your highest 35 years of inflation-adjusted earnings, the fact that you will have no earnings between now and age 70 will have little if any effect on your eventual Social Security benefit.