There are some situations where one member of a couple files for benefits to enable an older spouse to be eligible for Medicare (Part A and, optionally, Part B). If you are under FRA there will be a reduction in payments to you and your spouse based on the amount of your earnings. It's possible that this reduction will preclude any payment and your spouse would be billed for the Part B premiums if they elected to take Medicare Part B (and potentially Part D).
While your monthly benefit would be technically reduced by filing at age 62 there is an adjustment of the reduction factor (ARF) performed after your FRA that adjusts your monthly benefit based on the actual months you were eligible for and received a monthly benefit. If you receive no monthly benefits between age 62 and your FRA your monthly benefit would be adjusted upward to the full amount at your normal retirement age (no reduction). Once you reach FRA you, and your spouse, can receive full benefits regardless of your continued earnings.
If you want to earn delayed retirement credits for the months between your FRA and age 70 you can then make a voluntary request for suspension of benefits for you and your spouse. Depending on your spouse's benefit it may be more advantageous to receive your benefits after FRA then to earn delayed retirement credits.
All of this assumes there are no complicating factors such as the Windfall Elimination (WEP) and Government Pension Offset (GPO) involved with the claims for you and your spouse.
While your monthly benefit would be technically reduced by filing at age 62 there is an adjustment of the reduction factor (ARF) performed after your FRA that adjusts your monthly benefit based on the actual months you were eligible for and received a monthly benefit. If you receive no monthly benefits between age 62 and your FRA your monthly benefit would be adjusted upward to the full amount at your normal retirement age (no reduction). Once you reach FRA you, and your spouse, can receive full benefits regardless of your continued earnings.
If you want to earn delayed retirement credits for the months between your FRA and age 70 you can then make a voluntary request for suspension of benefits for you and your spouse. Depending on your spouse's benefit it may be more advantageous to receive your benefits after FRA then to earn delayed retirement credits.
All of this assumes there are no complicating factors such as the Windfall Elimination (WEP) and Government Pension Offset (GPO) involved with the claims for you and your spouse.
Statistics: Posted by 123 — Tue Sep 10, 2024 12:52 am — Replies 8 — Views 605