Hello Larry....My wife and I are both 66 and have not filed for benefits as yet. We were thinking that waiting until 70 would maximize our monthly benefit. We both work full time as well. My question is: Are we leaving anything on the table by not having one of us file and the other apply for spousal benefit?...I'm seeing other information out there that indicates that if we don't act by February 2018, we could be leaving substantial sums of money on the table....Just want to make sure we're doing the right thing...Thanks Larry...Happy New Year!

Hi,

You are essentially leaving money on the table by waiting to apply, so what you need to determine is whether or not you would get that money (and more) back by waiting in order to receive a higher benefit rate.

Your best strategy likely depends on your and your wife's relative benefit rates. It may be best for both of you to simply wait until age 70 to start drawing benefits, or it may be better for one of you to start drawing benefits now and have the other one of you draw spousal benefits until age 70. In some cases there is no clear cut better strategy, and it comes down to personal preference.

Our maximization software will permit you to compare all of your various filing options so that you can decide which strategy is best for you and your wife in the long run.

Best, Jerry