Can I file for my Social Security at 62 and switch to spousal benefits later?

No, you generally cannot file for your own reduced Social Security at 62 and then switch to a higher spousal benefit later due to the "deemed filing" rule, which started in 2016; the SSA pays the higher of your own or spousal benefit when you first apply, so you receive the reduced amount. However, if you file for your own reduced benefit before your spouse applies, you can get your own benefit, and then when your spouse files, you can switch to an "excess spousal benefit," which tops up your payment to the higher spousal amount (though still reduced for age).

Can I take my Social Security then switch to spousal benefits?

Yes, you generally can take your own Social Security benefit first (even early at 62) and then switch to a larger spousal benefit later, provided your spouse hasn't filed for their benefits yet, allowing you to claim your own first and then "upgrade" to the higher spousal amount when they do, but if your spouse is already collecting, you're "deemed" to be filing for both and will get the higher of the two, preventing a switch later unless you were eligible for an "excess spousal benefit". 

Can I take my Social Security at 62 and then switch to survivor benefit?

Claim early at age 62

And a surviving spouse can collect on his or her own record first, then switch to the deceased spouse's record at the surviving spouse's full retirement age (FRA) if the deceased spouse's benefits are higher.

What is the Social Security spousal benefits loophole?

The "Social Security spousal benefits loophole" referred to strategies like "file and suspend" and "restricted application" that allowed couples to maximize benefits by having the higher earner suspend their own claim (after full retirement age) so the lower earner could claim a spousal benefit, while the higher earner's benefit grew, but these were largely closed by the Bipartisan Budget Act of 2015 for most new applicants, making it harder to get spousal benefits without also claiming your own. A separate, lesser-known "loophole" exists for caregivers of disabled children, allowing a parent (often the mother) to receive spousal benefits earlier than usual.
 

Can I file for spousal benefits and delay my own Social Security?

In most cases, no. If you are eligible for both spousal and retirement benefits, you are subject to Social Security's “deemed filing” rule: When you file for Social Security, you are deemed to be simultaneously claiming both types of benefit and will receive whichever amount is higher.

Can You File at 62 and Switch to Spousal Benefits Later? | Social Security Strategy

What is the new law for Social Security spousal benefits?

The biggest recent change for spousal benefits is the Social Security Fairness Act (SSFA) of 2023, effective January 2024, which eliminates the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) for many, meaning spouses and survivors with government pensions won't have their benefits reduced as much, if at all. Key rules remain: spouses can get up to 50% of the primary earner's benefit, can claim at 62 (with reductions), or care for a qualifying child (no reduction). Deemed filing still means applying for one benefit usually means applying for both.
 

What is one of the biggest mistakes people make regarding Social Security?

Claiming Benefits Too Early

One of the biggest mistakes people make is claiming Social Security benefits as soon as they're eligible, which is at age 62. While getting money sooner can be tempting, claiming early has a significant downside: your monthly benefit will be reduced.

What's the best age to claim spousal benefits?

Although you can claim the spousal benefit as early as age 62, the amount you receive will grow if you wait until full retirement age, (which is between 66 and 67, depending on year of birth; for people born in 1960 or after it's age 67).

What does Suze Orman say about taking Social Security at 62?

Orman explained that you can start Social Security as soon as 62, but that you shouldn't. She said: "Don't settle for a reduced Social Security benefit. If you are in good health, the best financial move you can make is to not claim Social Security before you reach your full retirement age."

How much do you have to make to get $3,000 a month in Social Security?

To get around $3,000/month in Social Security, you generally need a high earning history, around $100,000-$108,000+ annually over your top 35 years, but waiting to claim until age 70 maximizes this amount, potentially reaching it with lower yearly earnings, say under $70k if you wait long enough, as benefits are based on your highest indexed earnings over 35 years. The exact amount depends heavily on your specific earnings history and the age you start collecting benefits. 

Does taking Social Security at 62 affect spousal benefit?

Yes, taking your own Social Security benefit at age 62 significantly reduces the amount you'll receive, and if you're also eligible for a spousal benefit, the system automatically gives you the higher of the two (your reduced personal benefit or a potentially reduced spousal benefit), but you can't get both, and claiming early lowers both options if you apply for them together. While your spousal benefit isn't based on your spouse's claiming age, it is based on your own age when you claim, so filing early (age 62) caps your spousal benefit at around 32.5% of your partner's Full Retirement Age (FRA) amount, instead of the full 50% at FRA. 

Why is retiring at 62 a good idea for Social Security?

Here's why you ought to seriously consider taking Social Security at 62 — even if the 'basic' math suggests otherwise. The longer you wait, the larger your monthly payment — delaying past your FRA can increase your benefit by up to 8% per year, according to the Social Security Administration (SSA).

What is the maximum spousal benefit?

3 The maximum spousal benefit is 50% of your spouse's FRA benefit if you claim at your FRA. 3 If you receive a spousal benefit before you reach FRA, it will be reduced and will not increase when you reach FRA.

Is it wise to take spousal Social Security benefits?

In some cases, it makes sense for both spouses to claim on the same spouse's earnings record. Many couples use a "split strategy," which means they begin claiming at different ages. It might be worthwhile for the higher earner to wait longer to collect.

Why isn't my wife's spousal benefit 50% of my Social Security retirement benefit?

The spousal benefit can be as much as half of the worker's "primary insurance amount," depending on the spouse's age at retirement. If the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit.

Can I collect my own Social Security and spousal benefits?

Yes, you can collect your own Social Security and spousal benefits, but you'll receive the higher of the two amounts, not both in full, due to "deemed filing" rules; you apply for both, and the SSA pays your own benefit first, then adds a "top-up" from the spousal benefit if it's higher, resulting in a combined payment that equals the larger amount. You get your full benefit on your record, plus an additional amount from your spouse's record to reach the spousal benefit's higher value (up to 50% of their full retirement amount). 

How much money will I lose if I retire at 62 instead of 65?

If a worker begins receiving benefits before his/her normal (or full) retirement age, the worker will receive a reduced benefit. A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent.

What is the smartest age to collect Social Security?

The "smartest" age to collect Social Security varies, but age 70 is often statistically best for maximizing lifetime benefits, as monthly checks grow significantly until then, especially for higher earners and those expecting long lives; however, claiming at Full Retirement Age (FRA) (67 for most) secures 100% of benefits, while taking it as early as 62 provides income sooner but permanently reduces payments, making it ideal for those with immediate financial needs or shorter life expectancies. 

What is the $1000 a month rule for retirement?

The $1,000 a month retirement rule is a simple guideline stating you need about $240,000 saved for every $1,000 of monthly income you want from your investments in retirement, based on a 5% annual withdrawal rate ($240k x 0.05 / 12 = $1k/month). It's a motivational tool to estimate savings goals (e.g., $3,000/month needs $720k), but it's one-dimensional, doesn't account for inflation, taxes, or other income like Social Security, and assumes steady 5% returns, making a personalized plan essential. 

Can I take my Social Security and then switch to spousal benefit?

Yes, you generally can take your own Social Security benefit first and then switch to a spousal benefit if your spouse files later and the spousal benefit is higher, provided you file a "restricted application" for spousal benefits once you reach your Full Retirement Age (FRA), or if your spouse hasn't filed yet, you can start your own early and "step up" to the spousal amount when they file, but the spousal amount will be permanently reduced if you claimed your own benefit early. The key is that you must be at least 62, and you can't get the full 50% spousal benefit if you claimed your own benefit early; the reduction carries over. 

How many people have $500,000 in their retirement account?

While exact numbers vary by source and year, recent data suggests around 7-9% of American households have $500,000 or more in retirement savings, though many more have significant savings in the $100k-$500k range, with a large portion of the population having much less, highlighting a big gap between the average (which is higher due to wealthy individuals) and the median (typical) saver. 

Can I apply for spousal benefits at any time?

Spousal benefits can be claimed as early as age 62 (see FIGURE 2), but you'll earn more by waiting until your own full-retirement age. Claiming spousal benefits at 62 reduces the spousal benefit to only 32.5% of the higher-earning spouse's full benefit amount (instead of 50% at full-retirement age).

What does Dave Ramsey say about Social Security?

Dave Ramsey views Social Security as a supplement, not a primary retirement income, emphasizing that relying on it is a "dumb" idea; he advocates for claiming benefits as early as 62 if you're debt-free to invest the money for potentially higher returns, while also warning about potential future cuts due to trust fund depletion and urging strong reliance on 401(k)s and IRAs. 

What is the number one regret of retirees?

Among the biggest mistakes retirees make is not adjusting their expenses to their new budget in retirement. Those who have worked for many years need to realize that dining out, clothing and entertainment expenses should be reduced because they are no longer earning the same amount of money as they were while working.

What is happening on March 31, 2025 with Social Security?

At the conclusion of the transition period, on March 31, 2025, SSA will enforce online digital identity proofing and in-person identity proofing. SSA will permit individuals who do not or cannot use the agency's online “my Social Security” services to start their claim for benefits on the telephone.