My wife and I are both soon turning 65. My DOB is 11-1-1952, my wife's is 12-17-1952. I am planning to continue working until age 70, and my wife may stop a couple of years before that. Would my filing for a restricted application for spousal benefits next year (when my wife turns 66) be the best option for us, and how does this work. I do understand that an error on our part in the application process can be a very expensive error indeed, so we want to make certain we get it right. My 70-year old benefit will be over $3400/month, and my wife's spousal benefit at that time will therefore be about $1725/month.
My wife's 66-year old SS benefit will be about $1197/month, which means my spousal benefit next year will be $598. Obviously we would like to collect this combined $1695/month starting December 2018 but we want to make certain that we can increase this to our combined estimated $5100+/month when we both reach the age of 70.

Hi,

First off, your wife won't be eligible for half of your age 70 rate. Instead, the most she could receive is the higher of her own retirement rate or 50% of your full retirement age rate (PIA). And, she couldn't receive spousal benefits until you start receiving your retirement benefits.

Your wife could, however, file on her own record at age 66 and later file for spousal benefits on your record. In that event, she would receive her own full rate initially, and then when you file she could additionally receive the difference between her own PIA and 50% of your PIA. Basically, the total would then add up to half of your PIA, not half of your age 70 rate.

You could file just for spousal benefits only as soon as you reach age 66, but not before your wife starts receiving her retirement benefits. The best overall filing strategy for you and your wife will depend on your personal preferences. You should strongly consider using the maximization software available on this website to explore all of your options and determine what you believe is your best course of action.

Best, Jerry