I will be age 66 (FRA) in 2019 and age 70 in 2023. My wife will be age 66 and 8 months (FRA) in 2024, one year after I begin receiving retirement benefits. Our retirement benefits will be similar.

She will be eligible for spousal benefits and we would like to maximize those payments. The strategy that seems to make the most sense is as follows:

2023: I begin receiving retirement payments
2024: She reaches FRA and begins receiving spousal payments
2028: She begins receiving retirement payments

Is there a better strategy? For example, is there a file and suspend strategy that would provide a better benefit?

Hi,

The strategy you propose won't work. Since your wife was born after January 1 1954, she'll be deemed to file for both retirement and spousal benefits whenever she files for either (https://www.ssa.gov/planners/retire/deemedfaq.html).

On the other hand, you could file for spousal benefits only at full retirement age, but your wife would have to be receiving her benefits in order for you to be eligible. Whether or not it would be a good strategy for her to take reduced benefits so that you could draw spousal benefits depends on her work plans and your relative benefit rates. You may want to strongly consider running the maximization software available on this website in order to determine the best strategy for you and your wife.

Best, Jerry