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My wife and I both are going to be eligible turning 62 this year, and she didn’t work near as much as I did, so her benefits are much reduced. I understand she can draw 50% of what my Social Security is. She turns 62 sooner than I do and will begin drawing from hers, and I would like to wait until I’m a little older to start drawing. Can she convert to 50% of my social security when I start drawing mine?
Yes. Right now she will not be able to take 50% of your social security. She gets 50% of your social security when you turn retirement age. She can collect 50% of her social security right away. When you decide to draw yours, she can switch over to the higher social security under your name.
If you wait all the way until 71, you will get a much higher check.
If you start the process of taking social security at age 62, and you take that money religiously and put it into a bank account as if you do not have it. At age 66, you can take that money plus interest, keep your interest, and give the money back to social security. This will increase your benefits as if you never took the money out in the first place. The problem with this course is that if you are working, it may become a little complicated.