The Op says that his wife earns slightly less than $25k/year, with part time employment.I would not get advice from Social Security on your joint claiming strategy. They are knowledgeable of the mechanics and rules.
Opensocialsecurity.com is an excellent source.
You claiming at 70 in order to maximize the benefit for the last to die is very compelling should your wife survive you. Her filing now since she is under the annual earnings limit is likely a very solid and reasonable approach. If we had a more complete picture of your financial picture members might be able to provide input into your overall long term retirement plan.
Cheers
For 2024, if under full retirement age, 67 in her case, & collecting SS, the maximum you can earn is $22,320, before SS withholds $1 of SS benefits for every $2 of earned income over $22,320. Once she reaches full retirement age, her SS benefit will be adjusted for the SS benefit withheld.
A question to ask SS: What are the issues if the wife, under full retirement age, works while collecting SS & “earns slightly less than $25k per year”?
bill
Statistics: Posted by billfromct — Thu Jul 18, 2024 12:12 pm — Replies 10 — Views 297