Larry, I was born in 1955 and my was born 1954. My wife began taking Social Security in Spring of 2018. I plan to it at FRA. What are the possible actions we could take to increase our Social Security payments?

Hi,

You and your wife have numerous possible options to consider, but which options might help you maximize your payments depend largely on your and your wife's relative benefit rates. For example, you could potentially increase your Social Security retirement benefit rate by continuing to work and earn more than you did in one or more of your previous highest 35 years of wage-indexed earnings on which Social Security would base your rate. And, you could also increase your benefit rate by waiting past full retirement age (FRA) to claim your benefits.

Your wife could also potentially increase her retirement benefit rate with additional earnings, or by voluntarily suspending her benefits at FRA or later to earn delayed retirement credits (DRC). Voluntarily suspending her benefits would likely not be a smart choice, though, if your wife will qualify for spousal benefits from your account when you start drawing. You and your wife should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to explore and compare your various options so that you can determine the best way to maximize your benefits.

Best, Jerry