Greetings Larry!
I was born 11/6/57 and my wife was born 12/14/65. I received my first Social Security check of $2,336 on 2/9/22. I know that I have 12 months from January 2022 and can still request to stop my claim and return the check(s) I receive this year.
My wife plans to quit working at the end of year 2025, when she’s age 60. By that time, I estimate her highest 35 years total SS wages would have been around $1.74MM, divided by 35, equals $49,653.21 yearly average earnings ($4,137.77/mo. avg).
Based on her recent January 2022 Social Security statement, Social Security estimates she would get a monthly benefit of $1,586 at age 62, $1,690 at age 63, $1,802 at age 64, $1,952 at age 65, $2,103 at age 66, $2,253 at age 67 (FRA), etc.
Based on these facts, I have the following questions:
1) From this date (2/17/22) forward, what is the best claims strategy for me?
a. Do I keep my claim of which I’m getting $2,336/month, which started January 2022 and which I got my actual check in February 9, 2022?
b. Or stop the current claim (return received amounts) and apply for benefits sometime in the future?2) Moving forward, what is the best claims strategy for my wife (her own or spousal)?
3) Moving forward, when or what month/year then does each file?
4) Moving forward, what claim type, our own benefit or spousal?
I await your advice and thank you so much for your time and for sharing your expertise.
Best,
Carlos
Hi Carlos. There are too many variables involved for me to be able to recommend a specific filing strategy for you and your wife. However, based on the benefit rates you list in your question and assuming that you don't have any eligible children, I can tell you that neither you or your wife could qualify for spousal benefits.
So, as long as both of you are living, you and your wife will only be able to collect benefits from your own respective Social Security records. And, the earlier that each of you start drawing your benefits prior to age 70, the lower your monthly rates will be.
The surviving member of a couple can be paid up to the higher of their own benefit rate or their deceased spouse's benefit rate. Therefore, considering the difference in your ages you may want to at least consider waiting until age 70 to start drawing your benefits. That way your wife could be paid up to your full age 70 benefit rate if you live at least until age 70 and if you die before her. And, if your wife is at least full retirement age (FRA) at the time she starts collecting survivor benefits, she'd get your higher full rate even if she starts drawing her own benefits early at a reduced rate.
It sounds like you and your wife should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your various options. That way, you can compare all of the various strategies that you could employ so that you can choose the strategy that you believe would best suit your needs.
If you do decide to wait until age 70 to start drawing your benefits, it would likely be better to withdraw your claim rather than voluntarily suspending your benefits. If you voluntarily suspend your benefits instead of withdrawing your claim, you wouldn't be able to collect widower benefits if your wife was to die before you reapply for your own benefits.
Best, Jerry
