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Social Security: Maximum Benefits

Q: I am 73 years old and retired. I have been receiving Social Security benefits since I was 65. My wife turned 66 last March and started getting spousal benefits under the restricted plan. With the new Social Security laws changing by next April, are we grandfathered at our age? Specifically, will my wife get her maximum benefit of the 8% credit each year until age 70? If so, do we need to go to a Social Security office or just assume we are grandfathered in the plan?

A: Yes, because you and your wife will both have reached age 66 by April 30, 2016 neither of you will be impacted by the changes to Social Security.

Based on your questions:

  • Your wife filed a restricted application for her spousal benefit only in March of 2015
  • She will collect her spousal benefit only until she reaches age 70
  • She will switch to her higher lifetime benefit at age 70

So your wife is grandfathered in. There is no need to contact social security until she is ready to change to her higher lifetime benefit at age 70.


 

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