Dear Larry,
My husband, who is the larger earner, is turning 57 on December 6, 2016, I am turning 60, January 9, 2017. I plan on taking my SS benefits asap as I have been retired for 3 years & living on a pension with a COLA adjustment each year. My husband is looking to retire from the Carpenter's Union in the next few years (bad back) with a regular, not disability, pension & annuity. If I take my SS at age 62 can my husband collect spousal benefits until he turns 66 (full SS benefits) & then can I change my SS benefits to his spousal benefits (if higher than mine per month)? best, Bonnie

Dear Bonnie,

Under the new law, young people like you and your husband can never collect just a spousal benefit without also collecting their retirement benefit. In this case, they get the larger of the two benefits. So if you husband will likely end up with a reduced retirement benefit and get no spousal benefit.

I would run our software to understand exactly how much money you are giving up in terms of lifetime benefits by taking your retirement benefits so early. Also, if there is any chance of a spousal benefit for one of you, the program will detect this. Finally, be aware that if your husband waits till 70 not only will his retirement benefit start at a 76 percent higher value than if he takes it at 62. Your widows benefit will also be 76 percent higher were he to pass away. When that happens you'll start collecting his check and effective say goodbye to your own check.

best, Larry