I retired under CSRS from the Dept. of Agriculture. I worked in the private sector after that and have 14 years of significant earnings under Social Security. My wife is eligible for Social Security on her own work history, but my benefit would be higher. From what I have read, the survivor benefit is not subject to WEP. We are trying to figure out the best strategy for when each of us should start drawing Social Security. I will be 68 in Dec. and my wife just turned 60 in Sept. We went to the SS office and they figured my benefits before they take the WEP penalty at age 68 are $1023, after WEP they are $543. If I wait until I am 70, my full benefit is $1164, and the WEP reduced amount is $618. My wifes SS benefits at age 62 are $479, at 66 + 4 months are $650, and at age 70 are $841. We are both in good health. What is the best strategy for when each of us should start drawing Social Security? We have spoken to 2 financial advisers and the second gave us completely opposite advice from the first one.
Thank you for your help.

Hi,

You might want to consider running the maximization software on this website, which considers both WEP (https://www.ssa.gov/pubs/EN-05-10045.pdf) and GPO (https://www.ssa.gov/pubs/EN-05-10007.pdf), and allows you to run varied scenarios in order to determine the best strategy for both you and your wife.

In general terms, you are correct that the WEP reduction does not carry over to survivor benefits, so if you want your wife to receive the highest possible benefit if you die first, you should wait until age 70 to start your benefits.

Filing for spousal benefits isn't a viable option for either of you, so your wife will simply need to decide when she prefers to start her benefits. If she starts them prior to age 70, she'll be stuck with that lower rate (plus cost of living increases) for as long as both of you are still living. Regardless of which option she chooses, if you die first and she is at least full retirement age at the time she starts her widow's benefits, she'll end up with a total benefit equal to your benefit amount without the WEP reduction. If you wait until age 70 to start your benefit, that should be about $1164 based on your figures.

Best, Jerry