I was born 11/13/1953. I am retiring on 7/31/2018. My husband is 67 and drawing his full social security of $29,004. Before I start drawing any social security on my own earning record I want to ensure I will not unintentionally and irrevocable reduce my projected social security when I turn 66 on 11/13/2019. I am trying to ensure I fully understand the “Claim Social Security Now, Claim more later rules”. Although these rules were suspended, as I understand it since I was born in 1953, I was grandfathered and therefore eligible under the old rules.
What I think this means for me is that when I retire I can begin drawing spousal social security on my husband’s earning record. Actually I could start claiming now because I am past age 62, but my income would wipe out any benefit. But I believe I have several other options:
1. I could begin drawing less than half of the spousal social security, because I am not at my full retirement age when I retire on 8/1/2018.
2. Or I could wait until 11/13/2019 when I am 66 and full retirement age and begin drawing 50% or $14,500.
3. I could continue to draw the spousal social security option I selected from 1 or 2 and postpone withdrawing on my record (est. $2,629 per mo) and allow my benefit to grow until age 70 (est. $3,550 per mo) due to delayed retirement credits. At age 70 I could stop spousal social security and begin drawing my full age 70 social security of about $3,550 (est per my last SS statement) without it being reduced as a result of having drawn spousal social security from my husband’s record.
Do those sound like valid options given my age, the grandfather clause and the rules as they are today?

BTW I do plan on purchasing your software, it came highly recommended. I can't wait to download it and begin my analysis to maximize my social security.

Kathleen

Hi Kathleen,

Since you were born before January 2 1954 you still have the option of filing just for spousal benefits only at your full retirement age (FRA) while letting your own retirement benefit rate grow until age 70. However, you can't do so prior to FRA. If you file for spousal benefits effective with any month prior to November 2019, you'll be deemed to also be filing for your own retirement benefits at the same time. You would then only receive essentially the higher of the 2 rates, and your rate would be reduced for age.

So to sum up, your option #1 is not a valid option, but options #2 & #3 are. If you file for spousal benefits only at FRA, you'll receive 50% of your husband's full retirement age rate, or primary insurance amount (PIA). And, if you wait until age 70 to switch to your own retirement benefits, your benefit rate will be 32% higher than it would have been had you started drawing it at age 66. Drawing spousal benefits only from age 66 to age 70 will have no adverse effect on your retirement benefit rate.

Best, Jerry