Liz Weston: Can my husband apply for spousal benefits before I claim my own Social Security?
Dear Liz: I am three years younger than my spouse. I have been the primary breadwinner with significantly higher earnings over our 31 years of marriage as he was a stay-at-home dad for many years.
Taking my spousal benefit will be much higher for him than his own, even if he waited until he was 70.
Do I have to have filed myself in order for him to be able to claim a spousal benefit, or can he claim it when he turns 67 even if I do not file for another three years (when I turn 67)?
Answer: Your spouse won’t be eligible for a spousal benefit until you apply for your own. He could, however, get his own benefit for a few years and then switch to yours once you apply.
The ability to switch from one benefit to another is typically limited. If you were already receiving your benefit, for example, he wouldn’t be able to choose between his own and a spousal benefit when he applied. He would be “deemed” to be applying for both, and get the larger of the two.
One more thing to consider: Since you’re the higher wage earner, it’s important for you to maximize your own benefit because it’s the one that determines how much the survivor will get. Usually the best course is to wait until your benefit maxes out at age 70, but other factors, including health and potential spousal benefits, should also be factored in. Consider using a Social Security claiming calculator or talking with a financial planner to determine the best strategy for your individual situation.
Dear Liz: I have named my daughter as executor of my revocable living trust. I am concerned that she may not have the ability to carry out all of the functions required of an executor. Are there entities she can hire using trust funds to fulfill her duties?
Answer: Technically, an executor is a person who settles an estate through probate court. Because you have a living trust, your estate should avoid probate court, and your daughter’s role is known as a “successor trustee.”
The jobs of executor and successor trustee are much the same after a death. They’re required to inventory assets, pay your final bills, file your last tax returns and distribute your assets according to your estate documents. Both executors and successor trustees are allowed to use estate funds to hire any help needed, including an attorney and a tax pro. If you’re already working with professionals you trust, make sure she has their contact information.
Liz Weston, Certified Financial Planner, is a personal finance columnist for NerdWallet. Questions may be sent to her at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the “Contact” form at asklizweston.com.