My husband and I are approaching 65 and trying to figure out SS. He will probably qualify for the maximum amount allowed and I will probably get the minimum amount allowed. What is the best strategy and when should we apply.
He's working and I'm not. Should I apply for 1/2 of his now, and wait til 70 to apply for mine? Do I get both? Oh my.
Many thanks,
Sharna

Hi Sharna,

You couldn't file for spousal benefits now without also filing for your own benefits at the same time. And, you'd never be able to draw both your own retirement benefits and a full spousal benefit at the same time. The most you'd get is the higher of the 2 benefit rates, and your rate will be reduced for age if you start drawing prior to your full retirement age (FRA).

If you were born prior to January 2 1954, you could file for just spousal benefits only at your FRA or later and allow your own benefits to grow until age 70, but your husband would have to be receiving his benefits in order for you to be paid spousal benefits. And, if you were born after January 1 1954 you'll be deemed to be filing for both retirement benefits on your own record and for spousal benefits whenever you file for either one.

Based on your description of your and your husband's likely benefit rates, your husband might want to consider waiting until age 70 to file for his retirement benefits. That would give him his highest possible monthly benefit rate for the rest of his life, and that higher rate would be passed on to you as his widow if he dies before you. And, if he was born prior to January 2 1954 and if you're drawing your benefits, your husband could potentially file just for spousal benefits only on your record at FRA while still allowing his own retirement rate to grow by 32% until age 70.

Bottom line, you and your husband have numerous possible filing options to consider, and the best option depends on many factors. You should strongly consider using our software to fully explore and compare all of your options so that you can determine the best overall filing strategy for the two of you.

Best, Jerry