I am currently 65.
My FRA (Full Retirement Age) is 66 and 2 months.
I was born in the third week of April so my FRA is the third week of June.
If I were to start right now they would penalize me on income over 47k which would not be worth it for me.
I was thinking about starting in January 2021. I would take a little bit of a hit in my benefit for life but at the same time my wife would be able to collect off my benefit instead of hers. She didn't work that much so it would be a big boost for her.
What I don't know is if that 47k is based monthly or yearly. If it's monthly it's not worth it to start in January.
If it's based yearly, I would not earn 47k by June 2021, and then after June I'm at FRA so no penalty.
I would appreciate any advice if you have gone through this.
Everything on the internet is confusing and contradictory.
My FRA (Full Retirement Age) is 66 and 2 months.
I was born in the third week of April so my FRA is the third week of June.
If I were to start right now they would penalize me on income over 47k which would not be worth it for me.
I was thinking about starting in January 2021. I would take a little bit of a hit in my benefit for life but at the same time my wife would be able to collect off my benefit instead of hers. She didn't work that much so it would be a big boost for her.
What I don't know is if that 47k is based monthly or yearly. If it's monthly it's not worth it to start in January.
If it's based yearly, I would not earn 47k by June 2021, and then after June I'm at FRA so no penalty.
I would appreciate any advice if you have gone through this.
Everything on the internet is confusing and contradictory.