I am 61 (born 9/29/54) and working in a high paying field. I expect to keep working until age 70. Because of length of service and salary I expect to receive the maximum benefits. My wife, 71, (1/19/45) is retired and hasn't worked for sometime. When the stock markets panicked in 2008, I had her sign up for SSI benefits (age 62) which she has been receiving at about $750 (net) per month. Is there anything we can do to maximize our benefits?

Hi,

Unfortunately, the new Social Security legislation passed by congress last year took away your option of filing just for a spousal benefit at age 66, as well as the ability for you to file & suspend at 66 while permitting your wife to receive excess spousal benefits.

Most likely, your best remaining option is to start taking your benefit at age 70. If you wait until age 70, your benefit amount will be 32% higher than if you start at age 66, however, your wife won't be able to receive anything on your account until then, either. If you do wait until 70, though, the extra 32% you get would carry over to your wife's potential widow's benefit if you die before her.

A case could probably also be made for you to start drawing at age 66 instead. That would likely enable your wife to begin receiving excess spousal benefits 4 years sooner than if you wait until age 70. By the way, her excess spousal benefit would amount to one-half of your full retirement age benefit (PIA), minus her own PIA. Since she took reduced retirement benefits at age 62 and receives about $750, her PIA is likely at least $1000, and possibly more if she's having anything withheld from her benefit. The current maximum PIA for someone reaching age 66 this year is a bit over $2600, meaning that your wife's potential excess spousal benefit will likely amount to no more than around $300 per month.

If you haven't already done so, you may wish to consider running the maximization software available on this website. That should make the options a bit clearer by giving you dollar amounts to go by.

Best, Jerry