Ask Larry

What Would You Advise?

I will turn 65 in a few days, and I have 2boys, 14 and almost 12. I will keep working until age 72, if lucky.
I am in good health.
I will be divorced in early 2019., unless it's better for Social Security benefits to stay married (very friendly situation)
My soon to be ex spouse makes about $172,000
I make about $275,000

Hi,

If you're making $275,000 a year and your wife is making $172,000 per year, it's unlikely that either of you or your children could be paid any benefits at least until the calendar year that the older of you reaches full retirement age (FRA). It's possible, though, that you could draw sooner than that if either you or your wife don't work in all months of the year (https://www.ssa.gov/planners/retire/rule.html).

I would need quite a bit more information to be able to offer you any advice, but the decision on when to start drawing your benefits is ultimately up to you. You and your wife should strongly consider using our software to determine your best filing strategy. The software will prompt you to enter all of the information necessary to analyze your specific set of circumstances so that you can determine the likely best overall claiming strategy for you and your family.

Best, Jerry

Posted: 
Sep 16 2018 - 6:15pm
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.