Hi Larry,
Can you please shade light on stop and suspend social security? I was born in 50 and my wife was in 51. I am getting my spousal benefit as my wife draws social security benefits.

However, one of our financial advisor mentioned that I can go for my social security benefits and stop and suspend it. In that case, my wife can take spousal benefits that is almost 2.5 times of hers. Is it possible for me to use stop and suspend option when I was born in July 1950.

Please advise.

Hi,

It sounds like you received bad advice. You could file for your own benefits and suspend them, but here's what will happen if you do so:
1) Your spousal benefits would terminate because you would be entitled to higher benefits on your own record. Suspending your benefits would not change this fact.
2) Your wife would not be able to receive spousal benefits on your record for as long as your benefits are suspended. This was one of the amendments passed by Congress in 2015 (https://www.ssa.gov/planners/retire/suspendfaq.html).

Based on what you state in your question, your best strategy is likely to simply continue drawing spousal benefits until age 70. Then at age 70 you can file on your own record and your wife can file for spousal benefits. However, you should probably use our maximization software to compare all of your possible options in order to confirm your best strategy.

Best, Jerry