Should We Wait Until Age 70 Or Start Drawing At 66?

Feb 22 2017 - 6:00am

I just turned 64 on January 6, 2017, my wife turns 64 on May 24, 2017. I am retiring at the end of September 2017 and my wife has been retired for several years after mainly working part time. We were told by social security that she will be better off drawing a spousal benefit instead of from her earnings. We are trying to decide about when to take social security and we are in a financial position that we can wait until 70. Almost 5 years ago I was diagnosed with multiple myeloma and went thorough chemo and a bone marrow transplant. I am on maintenance drugs and I am in total remission. My wife is on medication for high blood pressure and has some other medical issues. Should we wait until 70 or start drawing at 66?

Hi,

Based on this limited information, what might be best is for your wife to file on her record when you turn 66, and for you to file a restricted application for spousal benefits only at that time. Then, at age 70 you could switch to your own record and your wife could file for an excess spousal benefit on your account.

In order to be sure that you choose the best strategy, you should strongly consider running the maximization software available on this website.

Best, Jerry