I'll turn 70 in May 2023 and have recently submitted my application to take my SS at that time My FRA was 66. I worked 32 years for IBM, and 30 years as an officer in the U.S. Army & Army Reserve, plus several minimal jobs throughout my high school and college days. My SS payout will be substantially larger than my wife's, as she only worked 15 years, then stayed home after our children started arriving. She is 9 years younger than me (currently age 60), with an FRA of 67. When would be the best time for my wife to take her SS, so as to maximize her SS payout while I'm still alive, and also after I've passed away (assuming I go first). What happens in the event that she passes first - prior to her FRA and also after her FRA? How would that affect me? What should we do to make sure we're maximizing our payouts given our age differences? BTW, we have no debt, and all IRA/401K accounts have been converted to ROTH accounts.

Hi. The best time for your wife to start drawing benefits depends on numerous different factors. Our software (https://maximizemysocialsecurity.com/purchase) was developed to analyze all of those factors in order to allow people to compare all of their various filing options so that they can decide which filing strategy they believe would be most likely to result in a maximization of benefits. You and your wife should strongly consider using the software so that you can make the best possible decision with regard to when she should claim benefits.

What I can tell you in general is that if your wife starts drawing her benefits before her full retirement age (FRA), she'll be stuck with the resulting reduction for age that's applied to her benefit rate for at least as long as both of you are living. But, if you die before your wife and if she's at least FRA when she starts drawing widow's benefits, her survivor rate won't be reduced for age even if she started drawing her own benefits early.

If your wife dies before you, regardless of whether or not it's prior to her FRA, your benefit rate won't be affected. The surviving member of a couple can basically be eligible for up to the higher of their two benefit rates, but not both benefits in full. So, since your benefit rate is apparently significantly more than your wife's benefit rate, you would simply continue to receive your own higher benefit rate in the event of your wife's death. You would, however, likely qualify for a one time death benefit of $255 if your wife dies before you (https://www.ssa.gov/OP_Home/handbook/handbook.04/handbook-0430.html).

Best, Jerry