My wife and I are 26 years apart. My full retirement is age 67. So, if I wait until I’m 70, I can collect the maximum amount. I am still in my 50’s but thinking ahead and I hope I’ll be able to not take social security until I’m 70. If so, my benefit will 30% greater but will that also increase the amount my wife will receive as a surviving spouse once I’m gone? Will her benefit be “exactly” the same amount or is her benefit be adjusted for inflation and increased using COLA? I should mention that my wife does not work. She is originally from another country and we are planning to start a family soon so she may not end up having a long work history and will be dependent on my social security once I am gone and she reached retirement age. Will she also have to wait until age 70 to begin collecting or can she receive the higher amount and retire at an earlier age? Your help is greatly appreciated, I have not been able to find out anywhere. Thank you!

Hi,

Yes, but in actuality if your full retirement age (FRA) is 67 your benefit rate will only be 24% higher at age 70 than it would be if you start drawing at FRA. It sounds like waiting until age 70 may still be your best option, though. If you do wait until age 70 to start drawing your benefits, your wife would be eligible for your full age 70 rate as a widow as long as she doesn't start drawing her widow's benefits prior to her FRA. She wouldn't have to wait until age 70 to qualify for your full age 70 rate as a widow. And, her widow's rate would include any Social Security cost of living (COLA) increases that you are credited with prior to your death as well as any COLAs that occur after your death.

You may want to consider using our software to fully explore and compare all of your possible filing options in order to determine the strategy that will likely best serve the needs of your family.

Best, Jerry