Recently, I’ve received emails from several readers who asked questions about something they call the “spousal bump.” It’s a term I never heard before, and it made me chuckle. It sounds to me like some kind of “dirty dancing” move done by an old married couple in a shady nightclub! I can just see a geezer and his wife thumping their rumps up against each other on a dance floor. But, of course, I know that’s not what my readers are talking about. Instead, they are referring to the extra benefits a wife would get as a spouse on her husband’s Social Security record. So, here are a couple of questions about the “spousal bump.”
Q: I turn my full retirement age, 66 and 2 months, in March 2021. I am scheduled to get $2,980 from Social Security if I file then. But everything I read and hear from so-called experts tells me to wait until 70 before I file for benefits. If I wait until then, I should get about $3,900 per month. One reason I am encouraged to do this is the extra widows benefits my wife would get, assuming I die first. She is also 66. She took her Social Security at 62. She only gets $550 per month. I have three questions. How much of a spousal bump would she get if I file now, at my full retirement age? I’m assuming it’s half of my FRA benefit. How much would she get if I wait until age 70 to file? I’m assuming it’s half of my age-70 rate. And finally, do you think I should file now or wait until 70?
