TWO QUESTIONS:
1. Both my wife and I just reached FRA. Can we both file and suspend at the same time and both take spousal benefits from the other's retirement benefits at the same time?

2. I am still working and plan to for a few more years. Will my income from these years continue to contribute toward increasing the Monthly Benefit Rate when it becomes established at the point that I take my retirement benefits?

Hi,

The answer to question #1 is no. Also, since it's past the April 29th deadline to file & suspend under the old rules, neither of you could receive a spousal benefit on the other's record unless they are actually drawing benefits on their record (i.e. not in voluntary suspension). If you reached full retirement age (FRA) after April 2016, it wasn't possible for you to beat the deadline.

If one of your full retirement age benefit amounts (PIA) is significantly less than one-half of the other's PIA, it may be best for the lower earning spouse to start drawing on their own account now, so that the higher earning spouse can receive a spousal benefit for 4 years, then switch to their own account at age 70. The lower earning spouse could then file for an excess spousal benefit at that time. You may wish to consider running the maximization software available on this website in order to determine your best available option.

The answer to question #2 is yes, at least potentially. Your Social Security benefit is based on your best 35 years of inflation adjusted earnings, and can be increased by replacing previous computation years with higher earning years.

Best, Jerry