My husband and I are both 61 years old. We are both retired with pensions and retirement savings. What would be the best strategy for collecting SS? My full amount at age 66.6 is approx $1800.00. My husbands at 66.6 will be approx 2500. At 70 his will be 3300. Thanks!

Hi,

In my opinion it would likely be best for at least your husband to wait until age 70 to start drawing his benefits. That would assure him of receiving the highest possible benefit rate for life, which would also carry over to your widow's rate should he die before you.

It sounds as though it may also be best for you to wait until age 70 to start drawing your benefits. It you start drawing before then you will be stuck with the lower rate you would then receive for as long as both you and your husband are living. That said, choosing when to start drawing Social Security benefits is a personal decision that must be made based on each individual's circumstances. You and your husband should strongly consider using our maximization software in order to fully compare all of your options so that you can make an educated decision with regard to the filing strategy that you both feel is best.

Best, Jerry