Hi Larry,
My DOB 05/1956, My wife DOB 12/1959.
We have a 12 yo at home.

Both of us have worked our entire lives and would get benefits.
We don’t really need SS to live day to day.

What would be our best SS strategy? Both of us are retired and have pensions, 401,etc..

Hi,

One strategy that you should probably at least consider would be for you to file for early retirement benefits and have your wife and child file for auxiliary benefits on your record. However, the downside of that strategy would be that your benefit rate would be permanently reduced, which could also potentially limit the rate of widow's benefits that your spouse would receive if you were to die before her. The obvious upside would be that you and your family would start drawing benefits sooner if you file early.

Since you are now age 62 you could file for reduced retirement benefits as early as this month. Whether or not that would be your best strategy depends largely on your and your wife's relative benefit rates, as well as your personal preferences. You should strongly consider signing up for our maximization software or possible our Maxifi program. That will allow you to weigh the pluses and minuses of your various filing options in order to identify the best overall plan for your family.

Best, Jerry