Hi Larry:

Both my husband and I turn 66 this year (2018). Neither of us have taken any benefits. His benefit at FRA is $2,720/month, and mine will be $1,282/month (5 months later than his FRA date). What would be our best strategy to collect our benefits? Would spousal benefits work here, and for which one of us would it work the best? If one of us can hold off until 70, which one? Thanks!

Hi,

Based on the information in your question, it sounds like it may be best for you to file for your benefits either at your full retirement age (FRA) or even 5 months earlier when your husband reaches FRA. That would permit your husband to file just for spousal benefits only on your record while allowing his own benefit rate to grow until age 70. You could then file for additional spousal benefits when he switches to his own record at age 70.

Rather than using educated guesses, though, you and your husband may want to strongly consider using our maximization software in order to fully compare your options in order to make sure that you choose the best possible strategy.

Best, Jerry