My husband is about to start collecting SS at 66 his retirement age (1952 ) But I am younger (1955) . I would like to retire too . I have mostly worked P/T as we raised our family . If I retire at 63 what effect will this have on my Spousal benefits?
Thank you.

Hi,

Since you were born after January 1 1954, whenever you file you will be deemed to be applying for both retirement benefits on your own record and spousal benefits. If you file effective with the month you reach age 63, your retirement benefits would be reduced by about 21% and your spousal benefits (if any) would be reduced by about 26%. For example:
Sally was born January 1955 and files for benefits effective with January 2018. Her full retirement age rate (PIA) on her own record is $500. Sally's husband is already receiving benefits and his PIA is $2000. Sally's unreduced spousal benefits would be calculated by subtracting her PIA from 50% of her husband's PIA, or $500 in this example (i.e. $2000/2 - $500). Sally's own retirement rate would then be reduced for age to $395 and her spousal rate would be reduced to $370, giving her a combined benefit rate of $765. Had Sally instead waited until her full retirement age of March 2021 to file she would receive unreduced benefits totaling $1000, equal to 50% of her husband's PIA.

Before filing, you and your husband should strongly consider using the maximization software available on this website to make sure that you both choose the best possible filing strategy.

Best, Jerry