Couple Wants to Maximize Social Security Spousal Benefits (How does this work?!)

(don’t forget to checkout the video of this case study too)

💾 be sure to save for later 💾

⭐️ Here are the details ⭐️

✅ Dave is 61 & Emma is 59

✅ Dave’s full Social Security benefit is maxed out at $3000/month

✅ Emma only has a benefit of $700/month at her full retirement age

✅ They would like to use the Spousal Benefit to maximize their income

✅ They want to explore 3 scenarios for when to take SS for retirement income

✅ Emma’s spousal “excess” amount will be $800/month at Full Retirement Age

⭐️ Scenario 1 ⭐️

✅Emma takes her reduced benefit immediately at age 62

✅️ Dave takes his full benefit at 67 (+ they add the spousal benefit then)

⭐️ Scenario 1 Results ⭐️

✅ Emma’s $700/month benefit will be reduced to $490/month starting at 62

✅ Dave’s full benefit will be $3,000/month starting at his age 67

✅ Emma will be entitled to a full $800/month of spousal benefit at 67

✅ Emma’s total spousal benefit will be $1,290/month

Total = $4,290/month of guaranteed, lifetime income

⭐️ Scenario 2 ⭐️

✅ Both Emma & Dave wait until full retirement age to collect benefits

⭐️ Scenario 2 Results ⭐️

✅ Dave will still collect $3,000/month at age 67

✅ Emma will get her full $700/month + $800/month of spousal benefits

Total = $4,500/month

⭐️ Scenario 3 ⭐️

✅ Emma collects benefits at 67 but Dave delays until age 70 to maximize his social security in retirement

⭐️ Scenario 3 Results ⭐️

✅ Emma will still collect $700/month at age 67

✅ When Dave files she will get the additional $800/month of spousal excess payments

✅ Dave’s benefit at 70 will be $3,720/month

Total = $5,220/month‼️

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