I am 64. I reach full retirement age in July, 2020 and make $175K. My wife reaches full retirement age in March, 2019 and makes $50K. My wife will retire at FRA. I will retire in December, 2019. When should I file for SS to maximize the payout to my spouse? Thanks!

Hi,

I can't give you a definitive answer based simply on your and your wife's current earnings levels. Your Social Security retirement benefit rate is based on an average of your highest 35 years of wage indexed earnings, so your full earnings histories are needed in order to determine your and your wife's Social Security retirement benefit rates (https://www.ssa.gov/pubs/EN-05-10070.pdf). And, without knowing that it's not possible to know whether or not your wife would even qualify for additional spousal benefits.

What I can tell you is that since you were apparently born after January 1 1954, you couldn't file just for spousal benefits only without filing for your own Social Security retirement benefits at the same time (https://www.ssa.gov/planners/retire/deemedfaq.html). Your wife would have that option since she was apparently born prior to January 2 1954, but you would have to be drawing your benefits in order for her to qualify for spousal benefits. And, if you filed for benefits prior to your full retirement age (FRA) both your benefits and any spousal benefits for which your wife may qualify could be subject to full or partial withholding until you reach FRA due to Social Security's earnings test (https://www.ssa.gov/planners/retire/whileworking.html).

Another factor to consider is that if you die before your wife, what she would likely receive as a survivor is the higher of your benefit rate or her own benefit rate. So, if you wait until age 70 to file for your retirement benefits, you will be maximizing not only your own monthly retirement benefit rate but you'll also maximize the monthly survivor amount that your wife could end up receiving.

What's clear is that you and your wife have a number of different filing options available to you, and which of those options would be best in your case is a complicated issue. Our software not only could calculate your and your wife's retirement benefit rates, but would also allow you to fully explore and compare your various options so that you can choose the best possible strategy for claiming your benefits.

Best, Jerry