Hi Larry,

My husband turns 62 in Nov. 2019. I just turned 40 and we have 2 healthy kids under the age of 6. My husband owns several businesses and we are self-employed. My husband definitely doesn't plan to stop making money, but we obviously want to figure the best time and strategy when to start taking benefits.
what do you suggest?

Hi,

The answer to your question depends on how much your husband will be earning between ages 62 and his full retirement age (FRA) of 66 & 6 months, and which filing strategy you believe would be best for your family in the long term. If your husband starts drawing his benefits at age 62 it could mean that he, you and your children could receive benefits sooner, but at the cost of a lower benefit rate for your husband. Furthermore, if your husband opts to take reduced benefits it could also result in you receiving a lower widow's benefit rate if your husband dies before you.

You and your husband should strongly consider using our software to fully explore and compare all of your various options in order to determine which filing strategy would likely best serve your family's needs.

Best, Jerry