I will be 68 in November and plan to start receiving benefits effective 1/18. My wife will be 62 in March and her work benefits are low. My benefit would be around $3100 per month and she would be eligible for spousal at 4/18 of about $1100 part month. My wife does not work so we thought this was the best way to go as the spousal is much more than her regular benefit would be even at FRA. Is there any other considerations?

Hi,

Well, if you start drawing in January 2018, your benefit rate will be close to 15% lower than it would be if you wait until age 70. And, that lower rate will potentially carry over to your wife's widow's rate if you die first. Additionally, if your wife files for her spousal benefits at age 62, her rate will be 31% to 32% lower than the rate she'd receive by waiting until full retirement age.

Those are the main devil's advocate points that come to mind, but you and your wife will need to make your own decisions with regard to when you feel it's best to start drawing. The maximization software on this website can help you make an educated decision, though.

Best, Jerry