Hi Larry-
I bought your terrific book in 2016 and it got me through step one .....and now I need to take step two. I hope you can help me make it to the finish line.

I will be 70 in February 2019. My wife is currently 68. As a result of your great guidance, previously she filed for her benefits when she was 66 and at that time I took spousal benefits only (with everything you suggested written on the application to assure I was not foregoing my right to my full delayed benefit when I reached 70). So, monthly, she has been getting her full benefit and I have been receiving my 50% spousal benefit.

I now need to navigate the treacherous waters of the important changes we must make once I turn 70 in February. 1. I will want to claim my full delayed retirement credits and 2. My wife will want to take her spousal benefit on my retirement benefit. I know to be sure to put into writing that I do not want any retroactive benefit on my delayed retirement benefit.

I assume that by applying for my delayed retirement credits benefit I must give up my receipt of my spousal benefit on my wife's account and she will have to give up her own benefit in order to get her spousal benefit on my account (since 1/2 of my benefit will be more than what she receives for her benefit)

My questions are: 1. When (what month between now and my February 2019 birthday) should I make the move and apply for my full delayed benefit? and 2. Does my wife make application for her spousal benefits at the same time? and 3. Most important of all, what perils and pitfalls should I be on the alert for and be sure to avoid?

Thanks so much!

Hi,

You can file for your own retirement benefits as early as 4 months prior to the month you want to claim benefits, meaning that you could file as soon as today. You would not want to wait any longer than next August to apply, though, since the maximum retroactivity on applications is 6 months. Just be sure to select February 2019 as your month of election to start your own benefits, unless you were born on February 1st in which case you should choose January 2019.

Your wife can file at the same time as you do, but it's not required. It would likely be easier, though, because you'll both need to apply either by phone or in-person at a Social Security office. It sounds like you know the ropes fairly well, so I don't think you'll run into any pitfalls.

By the way, regarding your assumptions, you're correct that your spousal benefits will end when you start drawing your own higher retirement benefits. But, your wife won't stop drawing her own benefits. Assuming that 50% of your full retirement age rate (i.e. primary insurance amount, or PIA) is higher than your wife's PIA, what she will receive is her own benefit rate plus the difference between her PIA and 50% of your PIA. The combined amount should be equal to 50% of your PIA assuming that she didn't start drawing her retirement benefits prior to her FRA of 66.

Best, Jerry