Dear Larry,

My husband is about to turn 62. I am about to turn 30. We have been married for almost 6 years and we have a child together who just turned 5 years old. I have worked very little and I am currently a stay at home mom. From social security, my husband's estimated benefit is about $2,700 per month if he were to retire at age 66 and 2 months FRA. Could you please let me know your strategy suggestions given our large age difference? Thanks for any advice you may have. Very Best, Anonymous

Hi Anonymous,

There's no absolute best strategy. Your husband could file for reduced benefits at age 62, which would also make you and your child eligible for auxiliary benefits on his record. However, all of your benefits would be subject to the Social Security earnings test (https://www.ssa.gov/planners/retire/whileworking2.html) until your husband reaches full retirement age. Another potential downside to your husband taking early benefits is that most or all of the reduction in his benefit rate would carry over to the potential widow's rate that you could receive on his record in the future.

You should strongly consider subscribing to the maximization software available on this website. That way, you can compare all of your filing options and decide which strategy is best for you and your family.

Best, Jerry