I am 65 years old and am thinking of delaying my retirement benefit application until age 70. The benefit estimate for me is f $2715.00 at FRA and $3584.00 at age 70.
My wife collects retirement benefits on her own record. She started benefits at her FRA. and collects $1556.20 ( before Medicare premium deductions).
Will my wife benefit, when I start collecting at age 70 be calculated as: the higher of her then current benefit amount or 50% of $3584.00?

Hi,

No, regardless of when you file, your wife would be entitled to the higher of 50% of your full retirement age rate (PIA) or her own PIA. In her case, that means that she likely won't qualify for a spousal benefit since apparently 50% of your PIA ($2715/2, or $1357.50) is less than her PIA of $1556.20.

Your best strategy is likely to file for spousal benefits only when you turn 66, then switch to your own record at age 70. You may want to consider using the maximization software to explore all of your filing options and determine the best plan.

Best, Jerry