What Should My Wife And I Do?

Apr 12 2017 - 7:30am

Both by my wife and I are working. She is 67(full retirement age) and I am 68. She make more money then I do. She plans to retire at age 68. I will never retire (Artist). We have postponed Social Security Benefits. Should I (lower wage earner) fill for benefits and then suspend? Or wait another year and an half until I man 70? Should my wife wait until she is70 also to file?

Hi,

There wouldn't be any reason for you to file and suspend your benefits, since your wife couldn't receive a spousal benefit on your record while your benefits are in suspense (https://www.ssa.gov/planners/retire/suspendfaq.html).

Your best strategy is likely for you to either file now, or at age 70. Your wife can then file for spousal benefits only on your record, and draw those until switching to her own record at age 70. Which option is better depends on your maximum ages of life, as well as your and your wife's relative benefit rates. You may want to consider using the maximization software available on this website in order to explore all of your options.

Best, Jerry