I will turn 66 on 6/11/2017 and my wife turns 66 on 6/24/2018. We both plan to file and suspend at 66 in order to reap the 8%/year bonus until we reach 70.

After I turn 66, may I "file and restrict" to receive spousal benefits from my wife's account, or must I wait to file for spousal benefits until she files and suspends at 66.

If, when my wife turns 66, I am receiving spousal benefits, can she also file and restrict to receive spousal benefits from my account?

If only one of us can receive spousal benefits, is it correct to assume the spouse with the lower lifetime earnings should be the one who files and restricts for spousal benefits.

If either or both of us can file and restrict to receive spousal benefits, what downsides should we consider?

I know Congress eliminated one popular file and suspend strategy, but I have recently read that I can sill file and suspend at age 66, giving me the option to "un-suspend" anytime thereafter and receive either the 8% per year bonus for the period when benefits were suspended or a lump sum payment of the benefits I had foregone during the suspension period, with future benefits paid at the same amount I would have received if I had started my benefits at 66. Is this a correct understanding?

If one or both of us can file and restrict, how do we file and restrict to receive spousal benefits AND, at the same time, file and suspend to qualify for the options to receive back payment of foregone benefits if we "unsuspend"?

Hi,

Neither you or your wife should file and suspend. If you do so, you won't be able to receive spousal benefits. And, given the changes to the voluntary suspension rules passed by Congress in 2015, spousal benefits can't be paid on the record of a worker who has voluntarily suspended their benefits (https://www.ssa.gov/planners/retire/suspendfaq.html). Those rules also eliminated the option to 'un-suspend' benefits retroactively.

Your best strategy depends on your and your wife's relative retirement benefit rates. One of you could draw spousal benefits starting at age 66, but only if the other spouse files and starts receiving their retirement benefits. It may be best for one of you to file when the other turns 66, permitting one of you to receive spousal benefits for 4 years. Or, it may be better for you both to wait until age 70 to claim retirement benefits, allowing your wife to receive spousal benefits from age 69 to 70. The maximization software available on this website can advise you as to your best course of action.

Best, Jerry