I retired at age 67. My wife is 61 and still working.I was planning on waiting till 70 to start collecting ss benefits Would it be a better plan for my wife to file at 62 and me collecting spousal benefits till I reach 70? I expect my life to be 80 to 85 where as my wife with good genes may live to be 95. Both her parents lived in their 90's. I have heart disease and don't expect a longer life.
please advise what is the best strategy for us. Should we both wait till FRA? Or Should I not wait till 70?
i don't need the money right now to support us. Please suggest a software plan we can buy if you can not specifically answer our situation.
Thanks
Thank you.

Hi,

Having your wife file at age 62 so that you could collect spousal benefits until age 70 is certainly a strategy to consider, but whether or not it's your best strategy depends in part on your and your wife's comparative benefit rates as well as your wife's expected future earnings (if any). If your wife starts drawing her own benefits at age 62, she'll be stuck with a reduced benefit rate for at least as long as both of you are living even if she later qualifies for additional spousal benefits on your record.

You and your wife should strongly consider using our maximization software program to explore and compare all of your options in order to identify your optimal overall filing strategy. Refer to the purchase page for more information.

Best, Jerry