My wife is 66 drawing SS benefits since 1995. I'm 63 born after January 1st,1954 ( I don't qualify for file and suspend) and my FRA is 66 (not sure yet if to wait till 70) and still working. When I reach my FRA can my wife suspend hers and draw spousal benefit from mine ? What strategy can I apply if any ?

Hi,

Hi Larry:

Both my husband and I turn 66 this year (2018). Neither of us have taken any benefits. His benefit at FRA is $2,720/month, and mine will be $1,282/month (5 months later than his FRA date). What would be our best strategy to collect our benefits? Would spousal benefits work here, and for which one of us would it work the best? If one of us can hold off until 70, which one? Thanks!

Hi,

I am 57 and my husband is 56. I stopped working full time in 2013 and only work part time now. My husband continues to work full time. During my 35 full-time working years, my husband and I earned about the same income. He is planning on working until he is 67. If I decide to take my Social Security benefits early , what would be my best option? Should I take mine and draw off my SSI earnings at age 62? Or if I wait til I'm 63 (and my husband 62) can I take spousal benefits (or would that be considered file and suspend)?

My wife and I are both almost 66 (1952 baby boomers). She presently works F/T but will be retiring this year. I work part time.
Her 2017 income was $59,000, my 1099 income was $67,000.
We have a significant 401k savings ($800k) and intended to forego collecting SSI benefits until age 70.
Over the next year or so, her income will go to zero and mine will shrink as well.
Is that the best strategy ?

Thanks
Bill

Hi Bill,

Hi Larry,

I filed for my benefits at 62 in 2017. When my husband turns 66 in 4 years , can he do a file and suspend ? If yes, than can I suspend my benefits and apply for spousal benefit under his SS? After that, then can I file for my own benefit at age 70?

Thank you,
Connie

Hi Connie,

My wife turns 66 May 31, 2018. She has filed for her retirement benefit to start May 2018. I turn 70 Oct 15, 2018. When should I file a restricted application for spousal benefits only until I am 70 then collect my own retirement benefit? Also, when I file, will the wife"s benefit become a spousal benefit because I filed and will the benefit be one half of my FRA retirement benefit?
Thank you

Hi,

I am turning 66 in June and my wife turning 66 in July. I don't think I've received an account statement for a couple of years and I don't know why? The last statement dated 3/10/15 indicated I would receive $ 2409/month at age 66 and my wife $921/month at age 66. Has it not increased since then?
I understand the 30% gain if we wait until age 70 to begin the process, and we do not need the money now. However, the law could change over these next few years to anything - they could move the age to 68 and till 72.? Do you suggest we start collecting or delay?

Social Security told me I could draw benifits off of my deceased wife. I'm 64. When I'm full retirement age at 66,then I can draw from my benefits. Is it true my claim will accumulate more money even thou I'm not working.

Hi,

It's true that the longer you wait to claim your own benefits until age 70, the higher your monthly retirement benefit rate would be. This is true regardless of whether or not you're still working. However, widower benefits don't get any higher if you wait past full retirement age to claim them.

I will turn 65 in October 2018. My Wife will be 63 in August 2018. We are healthy and I have maximized my social security contribution much of my working career. I am planning to wait until 70 to start collecting my SS benefit. My wife was a stay at home mom and has worked sporadically over 45 years. Questions:
Is it better for her to take a spousal payment when I defer my benefit, or when she gets to FRA?
Or,