I turn 66 on 12 Aug 2016. My wife turned 64 on 7 March 2016. We have no other "complications". I still work full time , she is helping with grandchilden at home. No disabilities etc.

Please, what would be our optimal filing strategy. ? I've read many ,many columns about the 29 April deadline- especially by the advice of Avram Sacks mentioned in a past column-- and we remain confused.

Hi,

You reach full retirement age after deadline, so you did not have the option of filing and suspending prior to April 29, 2016. That takes away the option of you filing and suspending in order to permit your wife to receive only spousal benefits when she turns age 66.

Otherwise, the new law doesn't really affect your options. Choosing the best option depends on numerous variables, such as your and your wife's earnings histories, financial situation, life expectancies and retirement plans. If your wife hasn't worked much outside the home, it will probably be best for you to apply either: a) when she reaches age 66 so that she can receive spousal benefits, or b) at age 70 when your benefit reaches it's maximum rate. The latter strategy would also maximize potential future widow's benefits for your wife, but she would not be able to receive spousal benefits until you start drawing. If your wife does have a substantial earnings history, it may also be possible for her to receive higher benefits on her own account at age 70. There are many other possibilities as well.

You mention grandchildren in your question, so I should mention that grandchildren sometimes qualify for child's benefits on a grandparent's account. However, that is only true if the grandchild has been adopted by the grandparent, or if both of the child's natural parents are deceased or disabled by Social Security's standards.

If you haven't already done so, you may wish to consider running the maximization software available on this website. That should enable you to sort out the options and make the best choice for you and your wife.

Best, Jerry