Larry, I’m the primary wage earner. If I take my SS benefits at 62 how does this impact why wife’s spousal benefit. Will she get 50% of my reduced amount or if she waits until shes70 will she get 50% of what my benefit would have been if I waited until 70?

Hi. Starting your benefits at age 62 wouldn't affect your wife's spousal rate while you're living, but it could adversely affect her survivor rate if you die before her. Unreduced spousal benefits are calculated based on 50% of the worker's primary insurance amount (PIA), which is the amount the worker would be paid if they file for benefits at full retirement age (FRA). Regardless of whether the worker files at 62, 70, or any time between, their spouse could file at their FRA and receive 50% of the worker's full PIA. However, spousal benefits can't be paid prior to when the worker starts drawing benefits. And, 50% of the worker's PIA is the maximum spousal rate that can be paid even if the worker waits past FRA to start drawing their benefits or if the spouse waits past FRA to start drawing spousal benefits.

On the other hand, widow's benefits can be affected by when the worker started drawing their benefits. If a worker dies prior to FRA and without having drawn reduced Social Security retirement benefits, then their widow could be paid up to the worker's full PIA if the widow files at FRA or later. But, if the worker starts drawing benefits prior to FRA, then the maximum amount that could be paid to their widow is the higher of a) the worker's reduced retirement benefit rate, or b) 82.5% of the worker's PIA. Conversely, If the worker waits until age 70 to start drawing their benefits and subsequently dies, their widow could be paid as much as the worker's full age 70 rate.

It sounds like you and your wife should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your options so that you can determine your best strategy for maximizing your benefits.

Best, Jerry