My wife and I are 63. Both retired with no plans ever to work for money again. Her full retirement age ss benefit will be less than 50% of my FRA benefit. We can afford to defer collecting and thus have deferred. Q. Could she collect now without losing the ability to collect 50% of mine later. We are both healthy and plan to live into our 90’s. Yuk, yuk so I was gonna defer as long as it makes sense. Obviously not past 70.

Hi. No. Once a person starts collecting their own Social Security retirement benefits, those benefits continue for life. And, if your wife starts collecting her own prior to her full retirement age (FRA), she'll be stuck with the resulting reduction for age applied to her benefit rate will continue for as long as both of you are living. However, your wife could claim her own benefits at FRA and still be able to receive a combined benefit rate equal to 50% of your primary insurance amount (PIA) if you file for your benefits then or in the future.

It isn't possible for a person to start out collecting their own Social Security retirement benefits first and then switch to a higher spousal or survivor benefit later. What is possible is to start out drawing your own benefits initially, and then claim a partial spousal or survivor benefit later. Any reduction for age that applies to either or both of the benefits is determined based on the person's age at the time they become entitled to the benefit.

For example, let's say Joy files for her Social Security retirement benefits at age 62. Joy's PIA, which is equal to the amount she'd be eligible for if she started drawing her benefits at full retirement age (FRA), is $600. But, Joy's benefit rate is reduced for age to $420 because she's claiming her benefits at age 62. Six years later Joy's spouse applies for his benefits, and his PIA is $2000. Joy's unreduced excess spousal benefit would then be calculated by subtracting her PIA from 50% of her husband's PIA, which in Joy's case amounts to $400 (i.e. $2000/2 - $600). And, since Joy is above FRA when she becomes eligible for spousal benefits, her spousal rate isn't reduced for age. Thus, Joy would then be paid her full excess spousal rate of $400 in addition to her own rate of $420 to give her a combined reduced benefit amount of $820.

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