Can you confirm that my plan is valid: My wife earned a lot less than me over our lifetimes, so my plan is for her to claim HER benefit at 62 while I continue to work. Then when I claim at either 67 or later, she will step up to a spousal benefit of 1/2 mine. But I don't see any downside to her taking HER benefit for those 5 years+ until I claim mine. Correct?

Hi. No, your wife can't file for her own benefits at age 62 and then simply switch from her own benefits to spousal benefits when you file for your benefits. Your wife can file for reduced benefits on her own record at age 62 and then apply for an additional excess spousal benefit when you file for your benefits, but if she does so she'll be stuck with the reduction for age that's applied to her own benefit amount for as long as both of you are living.

For example, let's say Joy files for her Social Security retirement benefits at age 62. Joy's primary insurance amount (PIA), which is equal to the amount she'd be eligible for if she started drawing her benefits at full retirement age (FRA), is $500. But, Joy's benefit rate is reduced for age to $350 because she's claiming her benefits at age 62. Several years later Joy's spouse applies for his benefits, and his PIA is $2000. Joy's unreduced excess spousal benefit would then be calculated by subtracting her PIA from 50% of her husband's PIA, which in Joy's case amounts to $500 (i.e. $2000/2 - $500). If Joy is at least FRA when she becomes eligible for her excess spousal benefit, she would then be paid the full unreduced excess spousal amount of $500 in addition to her own reduced rate of $350 to give her a combined rate of $850. But, if Joy isn't yet FRA when her husband claims his benefit, then her spousal amount would also be reduced based on her age at the time her husband claims his benefits.

Therefore, there would be at least a potential downside of the plan you propose, because your wife wouldn't end up with a full half of your PIA once she becomes eligible for spousal benefits. You and your wife should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully compare and analyze all of your various options so that you can determine the best overall strategy for maximizing your benefits.

Best, Jerry