I have been reading your book, Get What's Yours, and I think my husband and I fit the old law qualifications for file and suspend. In 2015 he turned 66 and began receiving benefits. In 2015 I turned 62. We have been small business owners most of our 46 years of marriage. We don't have lots of money, so getting the most we can is important (I know, I'm no different than all the others : ] ) I am unsure of our next step. I think when I turn 66 in 2019 I should file and suspend and claim spousal benefits. Does this seem correct? My benefit estimates currently are less than half of his, and are likely to remain so. He is still working. If I am correct in my assumption of our next steps, then when I turn 70 my benefit would start and the amount I had been receiving would probably go down? Since I would no longer be claiming spousal benefits? I would appreciate your help in knowing what steps to take next. How did I suddenly get this old?!
Thank You!
Teresa

Hi Teresa,

First of all, you wouldn't want to file for and suspend your own retirement benefits at age 66 because that would prevent you from drawing spousal benefits. If your own retirement benefit rate would be higher than your spousal rate if you wait until age 70 to claim benefits on your own account, then instead you would likely want to file just for spousal benefits only at age 66 and then file a separate application for your own retirement benefits when you reach age 70.

However, if your own retirement benefit rate would not amount to more than 50% of your husband's full retirement age rate (PIA) even if you wait until age 70 to file, then there would likely be no point in ever applying for benefits on your own record. In that event, you could simply file for unreduced spousal benefits at age 66 and draw those benefits for as long as both you and your husband are living. Your spousal rate would then convert to widow's benefits at a rate of 100% of your husband's benefit amount if your husband dies before you.

You may want to strongly consider using our maximization software to calculate your potential benefit rates and explore and compare all of your various filing options.

Best, Jerry