I turn 70 next year and will then take social security. My wife will turn 67 next year. I had thought that she could first apply for her spousal benefit (about 50% of what I was eligible at age 67) and then when she turns 70, apply for her own benefit. I am now being informed that I'm incorrect. Since she was born after 1954, she has only one bite at the social security apple. Take her spousal benefit or wait until she turns 70. Is that correct?

Hi. Yes. Only people born prior to January 2 1954 are allowed to apply just for spousal benefits at full retirement age (FRA) or later while waiting until age 70 to claim their own benefits. Since your wife was apparently born after January 1 1954, whenever she applies for either her own Social Security retirement benefit or for spousal benefits she'll be deemed to be applying for both benefits. Therefore, there's no way that she could be paid spousal benefits while waiting until later to claim her own benefits (https://www.ssa.gov/benefits/retirement/planner/claiming.html).

The best time for your wife to claim benefits depends on a number of different factors, so you and your wife should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your options so that you can determine the best overall strategy for maximizing your benefits.

Best, Jerry