The Press-Dispatch
Issue link: https://www.ifoldsflip.com/i/1379561
Dear Rusty: I'm 74 and receiving my Social Securi- ty benefits. My wife is 68 and we are delaying her benefits until she's 70. But I read an article about a wife receiving half of her husband's benefit, which makes me wonder if my wife waiting is smart. Let me know your thoughts. Signed: Wondering. Dear Wondering: Your wife waiting until she is 70 to claim her own SS retirement benefit may be a smart move, but only if her age 70 bene- fit will be more than the ben- efit she is already entitled to as your spouse. Her benefit as your spouse is 50 percent of the benefit you were enti- tled to at your full retirement age (66). She would get that 50 percent because she has al- ready reached her own full re- tirement age (FR A), but your wife's spousal benefit doesn't grow beyond what she's enti- tled to at her FR A. Her own SS retirement benefit, how- ever, grows by .667 percent per month until she is 70, at which point it reaches maxi- mum (32 percent more than her FR A benefit amount). So, the question is, which will be higher – her spouse benefit, or her age 70 benefit? If the answer is her spousal bene- fit, then she should claim that now. But if the answer is her age 70 benefit, waiting until she is 70 makes more sense. There is, however, anoth- er option which would work even better if your wife's own bene- fit at age 70 will be her highest. Since you are al- ready collecting, and because your wife was born in 1953, she is eli- gible to file a "re- stricted application for spou- sal benefits only." Doing so would allow her to collect her 50 percent spouse bene- fit from you now, while still al- lowing her own SS retirement benefit to grow to maximum at age 70. That would give your wife half of your FR A bene- fit amount each month, while she simultaneously maximiz- es her own SS retirement ben- efit. Then at age 70 when her personal benefit reaches max- imum, she can switch to her own higher benefit. I suggest that your wife get a Statement of Estimated Benefits from So- cial Security to determine if her age 70 benefit will be high- er than her spouse benefit. If so, she can file the "restricted application for spouse benefits only" and then simply wait until she is 70 to switch from her spouse benefit to her own higher benefit (32 percent more than her FR A amount). Note that this "restricted application for spouse ben- efits only" op- tion is no longer available to any- one born after January 1, 1954, but is still avail- able to your wife because she was born before that. Unless her spou- sal benefit will be her highest, I suggest that your wife file the "restricted application for spouse benefits only" which will give her 50 percent of your FR A benefit amount (in- cluding COL A awarded since then). She should also ask for six months retroactive spouse benefits since she was eligible to do this at her FR A. The easiest way for your wife to get her Statement of Estimated Benefits is by us- ing her personal "My Social Security" online account. If she doesn't yet have an online account with Social Security, it is easy to create one at www. ssa.gov/myaccount. She will need that account anyway to apply for her benefits online, which is by far the most effi- cient way to apply. To submit a question, visit our website (amacfoundation. org/programs/social-securi- ty-advisory) or email us at ss- advisor@amacfoundation.org. A-8 Wednesday, June 2, 2021 The Press-Dispatch Locally Owned & Operated | Dr. Clint Shoultz 715 S. 9th Street, Petersburg | 812-354-9400 Mon. 8-7 | Tues. 8-noon | Wed. 10-7 | Thurs. 8-5 | Fri. 8-5 SAVE 25% on all non-prescription designer sunglasses SUNGLASSES SALE SUNGLASSES SALE Need prescription sunglasses? These frames take prescrip- tion lenses, too! Need prescription sunglasses? These frames take prescrip- tion lenses, too! Buy 1 pair prescription sunglasses, get the second at HALF PRICE! * *Insurance accepted. 2nd pair doesn't have to be prescription. COACH EYEWEAR Social Security Matters By Rusty Gloor Should one wait until age 70? WES President's Academic Award Winners Pictured above are the Winslow Elementary winners of the Presidential Academic Award for the 2020-2021 school year. Front row (l to r): Jersey Vickers, Abigal Gayhart, Kaydee Sims, Braelyn Barnett and Samuel McCo- nnell; back row: Sylvie McDivitt, Kinley Nixon, Sophie O'Neal, Jaron Woolsey, Caiden Crume and Jace Farmer. PES 12-Quarters Academic Honor Roll Pictured above are the Petersburg Elementary 12-quarter Academic Honor Roll award winners for the 2020-2021 school year: Ellie Arnold, Keira Blaize, Jackson Burkhart, Braxton Maxey and Channing Sorgius. Photo by Matthew Haycraft PES 2021 Perfect Attendance Winners Pictured above are the 2020-2021 Petersburg Elementary Perfect Attendance Award winners, front row (l to r): second grader Azalin Vennard, and kindergarteners Lottie Walton, Vera Wiscaver and Eliana Barr; sec- ond row: second graders Evan Gosciniak, Eliana Cole, Michael Bailey, Jerzie West and Tucker Fultcher; third row: fourth graders Kyndall McCutchan, Kylee Query, Katelyn Onyett, Colin Boyd and Grayson Schultheis, and third grader Adessah Ross. Virtual students, not pictured, are: kindergartener Oliver Meeks, third grader Alex- us Beadles, and fifth graders Elizabeth Willis and Samantha Willis. Photo by Matthew Haycraft PES 2021 President's Education Award Winners Pictured above are the 2020-2021 Petersburg Elementary President's Educa- tion Award winners, (l to r): Kade Benner, Jackson Burkhart, Braxton Maxey and Joshua Smith. Photo by Matthew Haycraft On the Move 5K is June 5 Registration is underway for the Ninth Annual Open Arms "On the Move" 5K Run/ Walk" set for Saturday, June 5 at the Worthington Town Park in Worthington, Ind. Proceeds from this year's event will assist with the op- erations at Open Arm's Chris- tian Ministries' two campuses at Switz City and Lyons. The 5K run will be a chip- timed race Magnificent 7 (Mag 7) sanctioned race se- ries. Founded in 1997, the Mag 7 Series markets and promotes more than 25 road races in seven counties in south-central Indiana–includ- ing Greene, Monroe, Morgan, Lawrence, Orange, Owen and Brown. This event is a "points race" for the Mag 7 series. There will be a competitive 5K walk, as well as a 1-mile family run/walk. The in-town course begins and ends at the Worthington Town Park. The course is flat and competitive for all age levels, according to Schneider. Early race (5K run, 5K com- petitive walk and 1-mile Fami- ly Walk/Run) entry fee is $20 per person with a $25 per per- son registration fee on the day of the race. All entries include a special-designed T-shirt. In the 5K run, medals will be awarded to best overall rac- er, as well as the first and sec- ond place finishers in each age category for male and fe- males. Cost of the Kids' Fun Run is $10 per person and does not include a T-shirt. A shirt can be purchased for $10. Registration begins at 7 a.m. with the 5K Run/Walk Race at 8 a.m.; followed by the Fami- ly Walk/Run at 8:15 a.m. The Kids' Fun Run will begin at 9 a.m. Race registration can be completed at Open Arms' web- site at www.openarmschris- tian.com and then clicking on the "Events" tab. Registration can also be done by sending a text message with the word Hustle to 71777. Attorney General Rokita warns consumers of phishing scam Attorney General Todd Rokita is partnering with the Indiana Department of Work- force Development to warn Hoosiers about a phishing scam involving unemploy- ment benefits. Scammers are sending text messages asking Hoosiers to verify their identi- ty by clicking on a link. Click- ing the link may give scam- mers access to your person- al data. "We appreciate the oppor- tunity to partner with state agencies to encourage Hoo- siers to be vigilant in protect- ing their personal informa- tion," Attorney General Todd Rokita said. "Scammers are always coming up with new ways to try to steal your iden- tity and your money. If you re- ceive a text message asking to verify your eligibility for un- employment benefits, I urge you to delete the message and file a report both with my of- fice and the Indiana Depart- ment of Workforce Develop- ment." The Indiana Department of Workforce Development will never send a text message to verify your eligibility for un- employment benefits. "The fact that scammers are now contacting Hoosiers directly via text message shows just how far they will go in their attempts to steal personal information," De- partment of Workforce De- velopment Commissioner Fred Payne said. "DWD has many prevention and detec- tion tools in place to thwart as much fraudulent activi- ty as possible, but individu- als still should take the nec- essary steps to protect their personal information." If you have received a suspi- cious text message or believe you may have been a victim of fraud, contact the Attorney General's Data Privacy and ID Theft section at indiana- consumer.com, and also con- tact the Indiana Department of Workforce Development.