I will be turning 70 this summer and will file for Social Security shortly. My wife recently turned 62. I have read that couples can maximize their joint Social Security payouts by having the lower earner (my wife) sign up as soon as possible at age 62 while the higher earner (me), older than my wife, and has a shorter life expectancy, so she will get a smaller payout based on her own working record. But she'll get bumped up to the higher survivor's benefit when I pass away. Is this the best marital strategy for us to boost our total payout?

Hi. Well, the filing strategy you mention certainly might be your best option, but it largely depends on your and your wife's relative benefit rates. Also, if your wife is still working then her ability to actually be able to collect benefits now would depend on how much she's earning.

By the way, you don't mention what month your wife reached age 62 nor which month you will reach age 70, but if your wife files for her benefits before you reach age 70 you could potentially draw spousal benefits for months prior to the month you reach age 70. I don't have sufficient information to give you specific advice, but it sounds like you and your wife should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze the options available to you in order to determine the best possible strategy for maximizing your benefits.

Best, Jerry