I will turn 66 next July 2018 and want to take by social security benefit then ($1791). I am the lower earner, and my husband will be 63 next year. If he waits until he is 66, his amount is $2824. He is wanting me to file and suspend, and he will claim his social security early. How does this affect us? Is the file and suspend still available - and it will let my amount grow until I am 70? Please explain so we can maximize our social security benefits.

Hi,

Filing for and suspending your benefits can be done when you reach age 66, but you almost certainly wouldn't want to do that. Doing so wouldn't allow your husband to receive spousal benefits on your record, and it would prevent you from being able to receive spousal benefits in the event that your husband does take his benefits early.

If your husband does decide to file for his benefits early, your best strategy would likely be to file a restricted application for spousal benefits only when you reach your full retirement age (FRA) of 66. You could then allow your own retirement benefit rate to grow until age 70, at which time you could switch to those benefits. The downside to this strategy is that it will result in your husband receiving a reduced benefit rate, which would also limit your potential widow's benefit rate in the event of his death. There is also an earnings limit that applies until a person reaches FRA (https://www.ssa.gov/planners/retire/whileworking2.html), so your husband would likely either need to retire or limit his earnings substantially in order for either of you to benefit from using this strategy.

You and your husband should strongly consider using the maximization software available on this website to explore and compare all of your options in order to determine your best overall filing strategy.

Best, Jerry