I haven't applied for benefits yet.
I'm 69 (still working), wife is 60 (working), child is 17 HS senior, (it is what it is).
I bought your book "Get What's Yours" and didn't see an example of my situation.
Can you clarify how I can get the most benefits?
Thanks so much
AJ

Hi AJ,

You might want to consider filing now in order to also entitle your child to benefits. He or she can potentially get a monthly benefit equal to 50% of your full retirement age benefit amount (PIA) as soon as you start drawing. You could even elect to start benefits 6 months retroactively in order to receive back pay for both you and your child. Your wife would not currently be eligible unless your child is disabled.

The downside to starting benefits before age 70 is that you will be taking a lower monthly benefit, and that lower benefit could carry over to the potential widow's benefit for your wife if you die first. Also, unless your child is disabled, his or her entitlement will end when he or she reaches age 18, or age 19 if still in high school.

So, it really comes down to your preference between waiting until age 70 and getting the highest possible monthly benefit, or filing sooner in order to get extra benefits now. You may want to consider running the maximization software available on this website in order to compare the difference in dollars.

Best, Jerry