I just turned 69 and my wife just turned 68. Neither of us have filed for any Social Security Benefits. Both born before 1953. I have a larger PIA than my wife. What is the best strategy for us to maximize our Social Security Benefits?

Hi,

The answer to your question depends largely on the comparative rates of your primary insurance amounts (PIA). If your wife's PIA is relatively close to yours, then it might be best for both of you to wait until age 70 to start drawing. But, if your wife's PIA is less than half as much as yours, it would almost certainly be optimal for her to apply for her own Social Security retirement benefits as soon as possible, and for you to file a restricted application for spousal benefits on her record. Both of you could claim those benefits retroactively for up to 6 months. You could then switch to drawing your own higher benefits at age 70, and your wife could potentially claim an excess spousal benefit from your record.

However, if your wife's PIA is more than half of your PIA, then it's more of a judgment call on whether or not she should start drawing prior to age 70 so that you can collect spousal benefits. Filing prior to age 70 would of course allow you both to collect benefits sooner, but your wife would then be stuck with a lower monthly rate for as long as both of you are living. But, if you die before your wife she'd be eligible for the higher of your benefit rate or her own benefit rate, so your wife would still get your full higher rate as a widow regardless of when she starts drawing her own benefits.

You and your wife may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully explore and compare your options. The software allows you to analyze your options based in part on your presumptions about the future, such as your and your wife's maximum lifespans, which should allow you to determine your best strategy for maximizing your benefits.

Best, Jerry