Retirement Planning/Social Security

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Question
I retired & drawing Social Security since age 63. Wife has been Disabled since 1992 and drawing SSI Disability. I will be 65 in few months in 2015. Can my wife who is on Disability draw Social Security as she is 62 now, or can she draw off my Social Security without either affecting her Disability benefits

Answer
Richard E. Reyes, CFP
Richard E. Reyes, CFP  
If your wife is currently receiving SSD, her SSI converts to social security benefits when she turn full retirement age (FRA). She will most probably collect the same amount she is collecting from SSD when she turn 65+. What I would do is to visit the Social Security office in your local area to go over this matter in more detail and get a better understanding of the amounts both of you will be receiving. If after you turn your FRA (65+)her spousal benefit is higher than her individual benefit, Social Security will automatically adjust her benefit but based on what you stated earlier, I don't think you will see too much of a difference if any since you both started collecting so early.

Just to be safe, visit the Social Security office nearest you.

Thanks!  

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Richard E. Reyes, CFP

Expertise

I can provide answers to questions relating to retirement especially relating to; income distribution, tax efficiency, long-term care insurance, life insurance, estate planning, asset protection, variable and fixed annuities, alternative investments and prudent portfolio design.

Experience

Through the years Richard has built a reputation as one of Central Florida's expert on retirement income distribution by providing sound, unbiased wealth coaching. We believe that Financial Planning is the problem and Wealth Coaching is the solution. The Wealth Coaching process gives you Peace of Mind, so you can stop worrying about your future. It helps you find happiness as it guides you in the TRUTH of investing, by teaching you how to make wise choices as you journey through your life’s stages. It is all about your relationships and what you value, not your net worth.

Publications
Seminole Success Magazine “Retirement Planning” Seminole Success Magazine “Small Business Snapshot” The Orlando Sentinel – Ask the Expert Financial Section (Various) Greater Orlando Broker Agent Magazine “The New It” Senior Market Advisor “Random Reader, Random Questions”

Education/Credentials
B.S. University of Florida, Gainesville, FL
CFP Certificate, University of Central Florida, Orlando, FL

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