Ask Larry

I Began Taking Social Security at My FRA, Any Suggestions?

I turn 68 in August. I began taking SS benefits at full retirement age. My wife is 6 years younger (62).
Any suggestions?
Thanks!

Joseph,
Your best strategy depends on the amount of your retirement benefit compared to your wife's and on your relative ages. It may or may not be best for you to suspend your benefit and reinstate it at age 70 at an increased amount. Maybe your wife should take spouse's benefits at her full retirement age and delay her retirement until age 70. It's impossible to be sure without your specifics. Our software, MaximizeMySocialSecurity, will determine the best strategy that maximizes your lifetime Social Security benefits and it will allow you to find what works best for you.
Best,
Mike

Posted: 
Jul 3 2016 - 8:30am
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