My wife is a retired teacher and not eligible for survivor benefits. If I retire at 63, I think it would make sense to go ahead and file for reduced benefits which would allow her to have more money left in our taxable and tax deferred savings if I should die first. I do get some survivor benefits from her retirement if she should die first. Do you agree?

Hi,

I see your point, but the x-factor on when to file is how long you end up living, which no one can predict. So, if you start drawing benefits early and end up living a long life, you'll be saddled with a lower benefit rate for all of that time. For Larry's analysis on this subject, see the following column: http://www.forbes.com/sites/kotlikoff/2016/07/10/ask-larry-should-i-file....

That said, when to start Social Security benefits is a personal decision, so it's ultimately up to you to decide. Before making a final decision, though, you may want to run the maximization software available on this website in order to be sure that you've considered all of the possibilities.

Best, Jerry