i AM 66 YEARS OLD & APPLIED FOR MY SS BENEFITS (100%) THIS MONTH. MY MONTHLY BENEFIT IS $1650. MY WIFE IS 65 AND NOT WORKING BUT HAS MORE THAN ENOUGH CREDITS. I AM STILL WORKING AND IF POSSIBLE WILL WORK UP TO 70. WE WANT TO APPLY FOR MY WIFE WHEN SHE WILL BE 66 & 2 MONTHS. HER BENEFIT WILL BE LESS THAN 50% OF MY BENEFIT CAN YOU HELP US WHAT WE SHOULD DO TO MAXIMISE OUR BENEFITS?..

Hi,

The answer to your question depends to a large degree on whether or not you were born prior to January 2 1954. If you were, then it sounds like it might be best if you withdrew the claim that you just filed on your own account and instead file for spousal benefits only when your wife applies for her benefits. That way you could draw spousal benefits while letting your own benefit rate grow until you reach 70.

However, if you were born after January 1 1954 then you couldn't collect spousal benefits while letting your own rate grow until age 70. Despite that, though, it might still be better for you wait until age 70 to claim your benefits. If you did so, your resulting monthly benefit rate at age 70 would be 32% higher than if you start drawing at age 66, and that higher rate could be passed along to your wife if you die before her.

If your wife's own unreduced Social Security retirement benefit rate is significantly less that half of your unreduced rate then she almost certainly wouldn't want to wait past her full retirement age (FRA) to claim her benefits. Whenever she files, she'll be deemed to be filing for both her own benefits and for spousal benefits, and she can only receive essentially the higher of those 2 rates. She couldn't be paid spousal benefits until you start drawing your benefits, though. And, if your wife starts drawing before FRA her benefit rate will be reduced for age for as long as both of you are living.

You and your wife should strongly consider using our software (https://maximizemysocialsecurity.com/purchase), which is specifically designed to compare and analyze people's benefit options in order to help them determine the best way to maximize their benefits.

Best, Jerry