- May 2, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Planning for Retirement Income
At the age of 64, I am currently making $3200 per month, and my wife is earning approximately $2800 per month. As we approach the age of 67, we need to consider our options for retirement to ensure that the survivor receives the maximum benefit in the event that one of us passes away.
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You will not get anything from your wifes record if she passes first, because your benefit amount is higher.
Your wife will collect hers plus a portion of yours if you pass first.
There is no way to screw this up. You just file for your respective retirement benefits.
If you are talking about social security, there are no options
You waiting until you’re 70 to start collecting would maximize your benefit to the fullest and by extension the survivor benefit your wife would receive.
You wouldn’t receive anything from wife’s record as her benefit is the smaller of the two.
Either one of you would get the one-time death benefit of $255.
https://www.ssa.gov/pubs/EN-05-10084.pdf
If both are at full retirement age, you each get your own and possibly a small amount from your spouse to equal at least 50% of the higher amount. If one spouse dies the other spouse gets the higher pay.