Larry, I am 65 and a teacher. I don't pay into social security through my teaching job, but did before I started teaching and still pay into through my part time job as an independent contract. At 66, I would get a little over $1,000.00 per month in social security minus the 40% windfall provision.

My wife is retiring this month. She is 62 years 7 months and would receive about 1,250 from social security right now.

We don't need the social security income right now and want to make the best possible decision.

Thank you,

MIke

Hi Mike,

It may be best for both you and your wife to simply wait until age 70 to file for your benefits, but you have many other potential options available to you. From your description, I don't see any obvious best strategy in the case of you and your wife. Deciding when to start drawing your benefits basically comes down to personal preference, so I can't really advise you what to do. You and your wife should strongly consider using our maximization software to sort through and compare all of your options so that you can make an educated decision as to the filing strategy that you feel is best in your case.

Best, Jerry