Hi Larry
My husband, (69), is collecting spousal Social Security benefits now. He planned on waiting until 70 to collect his. However, since our unemployment has gone threw the roof during the Covid-19 pandemic, he’s not sure whether to start collecting it now or to collect in June of 2021 at age 70.

Hi,

You don't mention your husband's spousal rate or the amount that he could potentially receive on his own account, so I can't properly advise you. I can tell you that your husband's own Social Security retirement rate would increase by 2/3rds of 1% for each month that he delays drawing his own benefits between now and age 70. And, assuming that his own rate is higher than his spousal rate, his spousal benefits will stop when he claims his own benefits.

Another factor to consider is that if your husband's eventual benefit rate is higher than your benefit rate and if he dies before you, you would be eligible his full rate as a survivor assuming that you're at least full retirement age (FRA) when you start drawing as a survivor. You wouldn't get his full rate plus your own rate, though, just the higher of the two. So, if your husband starts drawing his benefits prior to age 70 it could result in a lower survivor rate for you.

In most cases, the best long term strategy for someone like your husband would be to continue drawing spousal benefits and wait until age 70 to claim retirement benefits. However, I recognize that long term goals must sometimes be adjusted due to short term problems. In any case, only your husband can decide when to start drawing his own benefits, but he may first want to use our software (https://maximizemysocialsecurity.com/purchase) to fully evaluate his options.

Best, Jerry