Ask Larry

Do We Have Any Options?

I'm age 80 and wife 76. She still works part time as an independent consultant, $5,000 per year. We both began taking SS at age 65. I was a very high earning venture capital partner up to age 70. Suggestions?

Hi,

Unfortunately, you can't go back in time to take advantages of delayed retirement credits, nor strategies such as one of you filing for spousal benefits only at full retirement age, then switching to your own record at age 70.

You don't mention your benefit amounts, but I assume that your wife's own benefit amount is more than one-half of yours, and vice versa. If that's the case, you're both likely getting all that you can from Social Security.
If that's not the case, you should probably check with Social Security to see if the lower earner qualifies for any spousal benefits. Sometimes when one or both members of a couple have earnings after they initially start drawing benefits, new eligibility for spousal benefits can occur, but an application is required for entitlement.

Best, Jerry

Posted: 
Jun 24 2016 - 5:00pm
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