My wife and i both turn 66 this month. My Social Security benefit is more than 2X my wife's ($2600 and $1000/month respectively)

Can my wife take her benefit ($1000) now and I claim a spousal benefit (of $500) now on her benefit,

then in the future (2 or 4 years ) switch and take my own benefit ($2600 plus 8% annual appreciation for delaying) and have my wife take her spousal benefit against my social security benefit ($1300)?

what i am wondering is can we both get spousal benefits - me on her benefit now, and her on my benefit in the future?

thanks in advance for your reply, Lenny

Hi Lenny,

Yes, your wife can start her benefits now, which will enable you to file a restricted application for spousal benefits only on her account. Then, you can switch to your own account in the future, at which time your wife can apply for an excess spousal benefit from your account. This is very likely your best strategy, and waiting until age 70 to switch to your account is likely best if you can afford to wait. You may wish to run the maximization software available on this website in order to get a full detailed analysis.

So, both of you can receive spousal benefits, but not at the same time. Your spousal benefits will end when you file on your own account. And, your wife won't get spousal benefits until you start drawing on your account. What she will actually receive at that time is her own benefit, plus an excess spousal benefit from your account. Her total benefit amount will then equal 50% of your full retirement age (FRA) benefit amount, not inclusive of the delayed retirement credits you will receive by waiting past FRA to start drawing your retirement benefit.

Best, Jerry