parents are missionary's overseas
Dad is 66 has reached FRA and has paid into SS every year, plans to work a few more years mb till age 70 current benefit if taken is about 1800
most years he made about 30k, past 3 years he had made 45k
Mom is 62 has never worked or paid into SS.
Should mom take spousal benefit now? I believe dad could take and suspend his benefits until later. Would this reduce his amt later?
Moms spousal benefit is based on dad FRA 66 and I believe her spousal benefit does not increase past 50% of dads benefit at FRA 66
would mom taking spousal now decrease the amount dad could take at 70 versus 66?
how is the difference in benefit between 66 and 70 calculated, as i said before dad is making more now than he ever has, does that increase the benefit amt significantly?
is it last 3 yr average, last 5 yr average, total years average?
thanks
Dad is 66 has reached FRA and has paid into SS every year, plans to work a few more years mb till age 70 current benefit if taken is about 1800
most years he made about 30k, past 3 years he had made 45k
Mom is 62 has never worked or paid into SS.
Should mom take spousal benefit now? I believe dad could take and suspend his benefits until later. Would this reduce his amt later?
Moms spousal benefit is based on dad FRA 66 and I believe her spousal benefit does not increase past 50% of dads benefit at FRA 66
would mom taking spousal now decrease the amount dad could take at 70 versus 66?
how is the difference in benefit between 66 and 70 calculated, as i said before dad is making more now than he ever has, does that increase the benefit amt significantly?
is it last 3 yr average, last 5 yr average, total years average?
thanks