We are Chuck and Deb, making respectively $85000 and $50000 per year. We have about $400000 in a SIMPLE plan, no mortgage and about $400000 equity in our home. Deb, 64, is planning to take social security next year. Chuck, 64, is planning to wait and work a few more years. How long should he wait? Should he take his "spousal benefit" when he does quit working, and wait till 70 to get the full benefit? Currently ss says Deb will get $1032/month and Chuck will get $1892/month now, $2252/month at 66, and $3024/month at 70. We live comfortably on just C's income. We also have other income around $40000 /year from loan payments on sale of our business and rental income.

Hi,

If Deb is already receiving her benefits when Chuck reaches age 66, it will almost certainly be best for him to file for spousal benefits only on Deb's account, then switch to his own account at age 70. The spousal benefits he receives starting at age 66 will have no adverse affect on his own benefit rate at age 70.

You may benefit from running the maximization software available on this website before making any filing decisions.

Best, Jerry