No getting around 'deeming' when collecting Social Security
258-Powell-USAT-Perfi Q&A-McEntee-spousal benefit-For week of 11-27-2016-2of2.docx
Q: I began collecting Social Security at 62. I am now 64. Can my wife, who will be 62 in January, begin to collect Social Security under her earnings record and then when she turns 66 change to collect under mine? Her benefit from mine at 66 would be greater than hers. –
Gary McEntee, New Jersey A: She cannot, says Joe Elsasser, a certified financial planner and president of Covisum. “When she files, she will automatically receive her own benefit, plus any extra that would be due her as a spousal benefit,” says Elsasser. “This is a concept called ‘deeming.’ Effectively, when someone files prior to full retirement age, or at any age if they were born on or after Jan. 2, 1954, they are treated as though they had filed for both retirement benefits and spousal benefits.” To learn more about deeming, read Retirement Planner: Deemed Filing FAQs at http://bit.ly/2hrjZpy . Robert Powell is editor of Retirement Weekly, contributes regularly to Paste BN, The Wall Street Journal and MarketWatch. Got questions about money? Email rpowell@allthingsretirement.com.