I will be 67 in August and my wife will be 69 in Nov. When should we start drawing our Social Security? We both are still teaching, I will be entering my 45th year as a full time teacher and my wife, who has never been full time, will be entering her 38th year. Should we even consider drawing SS?

Hi,

I really can't offer you much advice without more information. It might be best for both of you to wait and start drawing at age 70, or it might be better for one of you to start drawing your Social Security retirement benefits which would also allow the other of you to draw spousal benefits until switching to their own record at age 70. The best strategy depends on your and your wife's relative benefit rates and whether or not either or both of you will be receiving pensions based on work where your earnings were exempt from Social Security taxes.

Our maximization software can help you sort out all of the above issues and allow you to compare your options so that you can choose the best strategy.

Best, Jerry