Filing stategies
I'm trying to get social security right, my information is l was born on April 30, 1951 Pia was 2453 i worked until 68 so i plan to wait until 2021 at 70 to file for social security at that time it will be around 3479. I was married that lasted more than 10 years she is already collecting social security. My wife will be 62 August 26 2020 her pia is 1732 and will grow to 2402 at 66 &8mo. I have read your book and if i understand it right she can collect on her social security and then if i pass away first she can switch to my surviver benefit.
I'm want to maximize our benefit since I worked passed fra i want to wait until 70 to collect my social security, it looks like i can apply in April of 2021. One other question is am i entitled to a benefit the month of my death. When would be the best age for my wife to start social security?
Thank you in advance i enjoy your collum

Hi,

Yes, your wife could potentially start drawing her own benefits as early as age 62 and then get survivor benefits if you die before her. She wouldn't actually switch to drawing just survivor benefits instead of her own benefits, though. Instead, she'd continue to get her own benefit plus part of your benefit as an excess survivor benefit. As long as your wife is at least full retirement age (FRA) when she starts drawing as a widow, though, her own benefit rate plus her excess survivor rate would add up to your full benefit rate. And, if you wait until age 70 to start drawing your benefits, your wife's combined retirement & survivor amounts would add up to your full age 70 rate.

If your wife does file for her benefits before you reach age 70 you could file just for spousal benefits and then switch to your own benefits at age 70. You don't mention whether or not your wife is working, but if she is and if she earns more than the Social Security earnings test exempt amount then both her benefits and your spousal benefits would be subject to full or partial withholding. If your wife files this year, Social Security would need to withhold $1 of the benefits payable from her record, including spousal benefits, for each $2 that she earns in excess of $18,240 in 2020.

Regarding your other questions, no you wouldn't be due a benefit payment for your month of death. For example, if you died on June 30th, your benefit payment for June that Social Security normally pays in July would need to be returned if paid. As for when your wife should file for her benefits, that's a personal decision which depends on whether or not she's working and if so how much she earns, and her thoughts regarding her and your maximum lifespans. You and your wife should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to analyze all of your various options so that you can determine your best overall filing strategy.

Best, Jerry