When Should My Husband Apply For Benefits?

Jan 7 2017 - 6:00am

my husband will be turning 65 in March 2017, I am 60 and my earnings were significantly higher than his, we are both retired. What is the best time for him to start claiming social security, I plan on waiting until 70 to begin collecting? Does holding off on his social security impact his Medicare premiums long term?

Hi,

The best filing strategy for you and your husband largely depends on your relative benefit rates. If his own benefit rate will never be more than 50% of your full retirement age rate, even if he waits until age 70 to start drawing, then he would likely not want to wait past age 66 to start drawing. You should probably consider running the maximization software available on this website to be sure that you choose the best strategy.

It's possible that your husband's Medicare part B & D premium rates could vary somewhat depending on when he starts drawing benefits due to the 'hold harmless' provision (http://www.pbs.org/newshour/making-sense/take-social-security-benefits-e...). However, this is unlikely to be a significant factor long term in deciding when to start drawing benefits.

Best, Jerry