I am 66, my wife is 62. I was told that she can claim her retirement benefits now, and, if i wait for her to claim and collect, I can thereafter claim spousal benefits on her account until I hit 70 at which time she can switch to spousal benefits on my account. Alternatively, I was told that after she files and starts collecting her benefits at 62 I can thereafter retire and claim my full benefits and, when she reaches 66 and 2 months, she can switch to spousal benefits. This seems like the smart way to go.

Hi,

Well, a lot of what you've been told is accurate, but not everything. Your wife could file for reduced retirement benefits on her record at age 62 or later, at which time you could file for just spousal benefits only on her record. You could then subsequently switch to drawing your own retirement benefits at age 70, at which time your wife could potentially file for spousal benefits. However, she couldn't simply 'switch' to spousal benefits. Instead, she would continue to receive her reduced retirement benefits, plus any excess spousal benefits for which she may qualify.

For example, say Jane's full retirement age benefit rate (PIA) is $800, but she starts drawing at age 62 and receives a reduced rate of $600. Jane's husband John subsequently files for his retirement benefits when Jane is full retirement age. John's PIA is $2000, so Jane would be eligible to receive an excess spousal benefit of $200, or 50% of John's PIA minus her own PIA. This excess spousal benefit would then be added to Jane's own reduced retirement rate, giving her a combined benefit amount of $800 (i.e. $600 + $200).

The best overall filing strategy for you and your wife depends on a number of variables, so you should strongly consider using the maximization software available on this website in order to explore all of your options and determine your best course of action.

Best, Jerry