My husband turned 66 in June 2017, and took his full SS retirement benefit at that time.

I will turn 66 in November of this year (2017) and am currently considering what my best retirement strategy options are. My understanding is that I can apply for my spousal benefit now and collect half of my husband's benefit when I turn 66, and then decide to collect my full benefit at a later time. Is that a correct assumption?

Also...do I have to then wait until age 70 to collect my full benefit, or can I decide to do that at any age? (for instance, since I am still working part time, could I work until age 68 and then collect my full benefit?)

Hi,

The answer to both of your questions is yes. You just need to be sure to restrict the scope of your application to spousal benefits only, and to select the month of your age 66 attainment as your month of election to start your spousal benefits.

Although you could choose to switch to your own retirement benefits at any time after starting your spousal benefits, your retirement benefit rate will grow by 8% per year for each year you delay taking your own benefits until age 70. That's true even if you don't work at all between ages 66 & 70. So, assuming that your own benefit rate is higher than your spousal rate, your best strategy would likely be to hold off switching to your own record until age 70. You may want to use the maximization software available on this website to be certain, though.

Best, Jerry