Ask Larry

Is This My Best Filing Strategy?

Best filing strategy? My birthday 14Jan1953, my wife's birthday 03Sep1952. My PIA is 2558/month, my wife's PIA is 465/month. My wife is no longer in the workforce; I plan on retiring early in 2020. I believe our best strategy is:
- my wife files for her 465 / month to commence on 01 Oct 2018 (the month after her 66th birthday)
- I file and restrict my application to a spousal benefit to commence on 01 Feb 2019 (the month after my 66th birthday), which should amount to 1/2 of my wife's 465 / month
- I file for my own benefit to commence 01 Feb 2023 (the month after my 70th birthday), which should amount to 3408 / month, as per the Social Security web site.
- my wife files for her spousal benefit to commence on 01 Feb 2023, which should be 1/2 of my PIA of 2558 / month.
Is there a better way to maximize the Social Security benefits?

You should file for benefits to begin in the month of your birthdays, i.e. Sep 2018, Jan 2019, and Jan 2023, not 1 month after your birthdays. Otherwise, this is your best strategy.
Best,
Mike

Posted: 
Jul 2 2016 - 8:30pm
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