What Is Best For Us?

Jan 22 2017 - 8:00am

I plan on taking my SSA this year when I reach FRA. My wife will only be 63. If she starts taking her SSA now what are the pluses and minuses of that . Will her SSA increase when she does rech FRA? What is the best way to handle this ?

Hi,

If your wife starts drawing benefits at age 63, her benefits will be reduced by around 20% to 25% depending on whether she's eligible on her own record or for spousal benefits. And, the reduction would not go away when she reaches full retirement age.

If your wife is eligible for benefits on her own record and starts drawing soon, your best strategy may be to file for spousal benefits only when you reach age 66, then switch to your own record at age 70. The maximization software available on this website should be able to help you decide what strategy is best.

Best, Jerry