Good morning,
How can we determine that we (my wife and I) are maximizing our social security benefits?
Situation:
My wife started receiving SS at age 62 [2015] with a date of birth of 1953, military pension [2001], and disability [2001]. In terms, I started start receiving SS at age 62 [2018] as well with a date of birth of 1956 and military pension [1998].

Sincerely,
Lonnie

Hi Lonnie,

Regardless of whether or not you and your wife have selected the best strategy for maximizing your benefits, since you've both already started drawing benefits more than a year ago you're pretty much stuck with what you've chosen. It's possible that your wife might be eligible for an additional spousal benefit from your record, but only if 50% of your primary insurance amount (PIA) is more than your wife's PIA. A person's PIA is equal to the amount of their Social Security retirement benefit if they start drawing at full retirement age (FRA).

One thing that both you and your wife could still do is to voluntarily suspend your benefits when you reach FRA in order to earn delayed retirement credits (DRC). DRCs would increase your subsequent benefit rate by 2/3rds of 1% for each month that you suspend your benefits between FRA and age 70. You and your wife may want to consider using our software (https://maximizemysocialsecurity.com/purchase) to help you decide whether or not to voluntarily suspend your benefits when you reach FRA.

Best, Jerry