Hi Larry,
I'll turn 70 in Jan 2017 and have been receiving SS since I was 62 (due to financial situation at that time). My wife turned 66 in Aug 2016. We're thinking she should apply for restricted spousal benefits now & then switch to her own benefits when she turns 70. Is this the right strategy based on our situation? Does the SS website (or anyone else) have a calculator to tell us exactly how much the restricted spousal would be. Since I took benefits at 62, will that reduce her restricted spousal benefit or will it still be 50% of what my FRA benefit would have been. Thanks for your help...I've been learning a lot reading your website.
Paul

Hi Paul,

Yes, it sounds like your wife can't go wrong by filing a restricted application for spousal benefits only. When she applies, she will want to claim the spousal benefits starting with the month she reached age 66, which is apparently August 2016 in her case. Applications can be retroactive for no more than 6 months, so she she'll want to get her application filed fairly soon.

I don't believe that Social Security has an online calculator that will estimate the amount of spousal benefits, but what she'll receive is 50% of your full retirement age benefit amount (PIA). The fact that you chose to start your benefits early will have no effect on her spousal benefit, although it will limit the amount she can receive as a widow if you die first.

When your wife reaches age 70, she'll then want to apply for benefits on her own account, assuming it's higher than her spousal benefit amount. If not, there's probably no reason for her to file again at that time. For a full analysis of her filing options, you may wish to run the maximization software available on this website.

Best, Jerry