Hi Larry,
I have your book, but still not clear on the following. My husband started collecting social security at 62, as of October 2017. I have not applied yet for the spousal annuity, I am 62 years old, and also have not applied for my own social security benefit. If I wait until my full retirement age of 66 to apply for the spousal annuity, would I receive at that time half of my husbands full retirement amount,if he would have waited until full retirement age to collect, or would it be based on what he is getting now. It would make a huge difference for us. I guess that would mean that I should not apply for my own social security now as well, because that may hinder all that I just mentioned above, and it would only be about 700 dollars for me if I applied for my own entitlement now. If I wait until I am 66 to collect the full retirement amount minus the 50 percent as the spousal annuity it would be more effective I think? Am I right?

Hi,

I can't tell you what strategy is best in your case without more information, I can only explain your options. Since you were apparently born after January 1 1954, whenever you file for either retirement benefits on your own record or spousal benefits you will be deemed to be filing for both (https://www.ssa.gov/planners/retire/claiming.html?intcmp=AE-RET-PLRT-REL...). If you wait until your full retirement age (FRA) to file, what you will receive is the higher or your own FRA rate (PIA) or 50% of your husband's FRA rate (PIA). The fact that he started drawing his benefits at age 62 would not cause your potential spousal benefit rate to also be reduced. It will, however, limit the amount that you could receive as his widow should your husband die before you.

On the other hand if you file for benefits before you reach FRA, then you will receive the higher of your own retirement benefit rate or your spousal rate, and whichever benefits you receive will be reduced for age. Before filing, you should strongly consider using our maximization software to compare your options and determine your best strategy.

Best, Jerry