And, once you are taking your own retirement benefit, your spousal benefit will be calculated not as your full spousal benefit, which would be equal to half of your husband’s full retirement benefit, but as your excess spousal benefit (or your full spousal benefit less your full retirement benefit).
One last point: if you are forced to stop working due to health reasons, you may qualify for disability benefits.
As I wrote in a previous column, taking disability benefits does not preclude you from withdrawing them prior to their converting at full retirement age to retirement benefits.
He has a pension that we are receiving now from his former employer.
My employer is offering me a retirement package that would act as a bridge to age 65, so I can collect my pension now.
And you can’t opt to collect only your spousal benefit until you reach full retirement age.
So if he files and suspends at 66 (his full retirement age), and you apply for a spousal benefit at 65, you’ll also be forced to take your retirement benefit due to Social Security’s “deeming” provision.
(I also get full medical and vision for me and my husband for life.) The severance package also includes 54 weeks of pay (two weeks for every year I have been with them).
My husband is still working and wants to retire at age 64 or 65.
Can he apply and suspend Social Security at age 63 so I can collect on his benefits and then wait to collect on mine when I’m 70?