My husband is 68, collecting pension for 10 years, started drawing SS at 62. I am 62 in Aug. When is the best time for me to start collecting and do I collect on mine or his. My income is 30,000 annually and his SS gross is approx $2400 monthly.

Hi,

Under the new rules passed by Congress in 2015, whenever you file for either spousal benefits or benefits on your own record, you will be deemed to be applying for both. You will only receive essentially the higher of the 2 benefits. This link contains more details on the new deeming rules: https://secure.ssa.gov/apps10/reference.nsf/links/02052016024404PM.

Your choice then is when to start drawing. Your own benefit would reach it's maximum rate if you wait until age 70 to start drawing. If that amount would be less than 1/2 of your husband's full retirement age benefit (PIA), you would not benefit from waiting past age 66 (FRA) to file. You can apply for reduced benefits as early as age 62, but your benefit amount will be reduced by around 25% from the age 66 rate, and there is an earnings limit which may limit your ability to receive reduced benefits (https://secure.ssa.gov/apps10/reference.nsf/links/02052016024404PM).

You may wish to consider running the maximization software available on this website in order to get a better understanding of your options, and which choice is best for you.

Best, Jerry