My wife turns 62 in Sep 18. I turn 66 in Feb 19. I'm planning to start collecting SSN when I turn 66 (my FRA). My SSN will be approx $30K/yr, my wife's will be approx $8.4K/year (at 62). We were thinking of having her file for her benefits when she turns 62 in Sep 18, then I start my FRA benefits in Feb 19. Then in Jan 2023 (her FRA), have her file for my benefits. Is that the best scenario in our case? Thanks for any advice!

Hi,

No, because the strategy you propose isn't possible. If your wife files for her own retirement benefits at age 62 she'll also be deemed to have applied for spousal benefits effective with your first month of entitlement to your retirement benefits. Therefore, if you follow your strategy your wife will have to take reduced spousal benefits effective with February 2019.

I can't choose a strategy for you, but one strategy that you may want to consider is having your wife file for her retirement benefits when you reach your full retirement age of 66, and at that time you could file just for spousal benefits only on your wife's account. You could then draw spousal benefits for 4 years before switching to your own record at age 70. That would provide you with your highest possible monthly benefit rate, and that higher rate would also apply to the widow's benefit that your wife would receive if you die before her.

You and your wife should strongly consider using our maximization software in order to compare all of your various options so that you can choose the strategy that you feel would likely work out best in your case.

Best, Jerry