Advanced Underwriting Consultants

Question of the Day – July 21

Ask the Experts!

The professionals at Advanced Underwriting Consultants (AUC) answer the tax and technical questions posed by producers.  Here’s the question of the day.

Question: A married couple with whom I am working are deciding on the timing of social security retirement.   One of the key questions is how much the wife, who earned much less than her husband, will be entitled to in retirement.  Can you help?

Answer: A nonworking spouse is generally entitled to a spousal retirement benefit equal to 50% of the working spouse’s benefit.

A spouse who is eligible for social security retirement benefits may also be entitled to a benefit based on her own work record.  While the Social Security Administration will not pay her both a spousal benefit and her own benefit, they will automatically pay her the higher of the two benefits.

The Social Security website has online tools for estimating a taxpayer’s retirement benefit.

Have a question for the professionals at AUC?  Feel welcome to submit it by email.  We may post your question and the answer as the question of the day.