My wife is 66 (dob 9/49) and I am almost 65 (dob 8/51). We had planned to (both) wait until age 70 to claim benefits. And, my wife, on principle, refused to file and suspend prior to 4/30 - both of us in good health, and with expected longevity (her parents - ages 89 and 95 at death; my father age 92 at death), our strategy was to use SS as "longevity insurance" as you recommend. She has pension income ($3,000/mo); and both of us have IRA/401(k) accounts put away; I'm a working professional and she works in my office.

Recently she received a preliminary diagnosis which, if confirmed, will result in a likely shortened life expectancy - probably 5- no more than 10 years. She is currently considering applying for her social security benefits. Her age 66 benefit is approx. $2,400; my age 66 and 70 projected benefits are at or near the maximum.

My questions:

1. If she applies, can she apply retroactively 6 months? If she does so, is her benefit based on the value as if she had applied then? (And if she didn't do it on her initial application, can she request 6 months retroactivity?)

2. If treatment for her condition is successful, after a year can she "pay back" her benefits and suspend, re-starting at a later age and with increased benefits?

3. Even though she did not file and suspend prior to 4/30/2016, thus precluding me from claiming spousal benefits if she waited 'til age 70, can I now claim a spousal benefit once I reach NRA (age 66)? And if she dies before then (or even after then but before I reach age 70) may I still claim a spousal benefit (or widower's benefit) while allowing my benefit to grow to age 70?

I've been following your column and advice; I will probably also purchase your software to confirm that under this recently-changed scenario we're making the right decisions.

Thank you,

David,
1, Yes, your wife can file for her retirement benefit to start retroactively 6 months ago and it will be equal to the benefit as if she had filed at that time.
2, She can only payback benefits within 12 months of initial entitlement. So, if she files 6 months retroactively now, then she would have to pay back her benefits within 6 months from now in order to get a "Do-Over".
3, If you wife is receiving her retirement benefit, then you can collect a spouse's benefit at your full retirement age. If your wife were to die your spouse's benefit would be replaced with a widower's benefit, which is larger, and you could still delay taking your retirement benefit until age 70.

Best,
Mike