Hi Larry: I will not start benefits age 70 (I'm 68). I was told by SS that when I pass my wife's widow benefit would be based on my FRA (66), not 70. True? Enjoyed hearing you on with Josh the financial QB.

Hi,

No, that's not true. If you wait until age 70 to start drawing your benefits and you die anytime after that, your wife would get your full age 70 rate (inclusive of subsequent COLAs) as a survivor as long as she's at least full retirement age when she starts drawing her widow's benefits. She couldn't get your full rate plus her own Social Security benefit, though, just the higher of the two amounts.

If you were to die before filing for your benefits and before you reach age 70, your wife's unreduced widow's rate would be based on the amount that you would have received if you had started drawing your benefits effective with your month of death. In other words, her widow's rate would include credit for any delayed retirement credits that you had accumulated up to the month of your death.

You and your wife may want to strongly consider using our software to explore and compare all of your various options so that you can be sure to choose the best possible strategy for claiming your benefits.

Best, Jerry