I will be 66 next month (9/25/195), my wife will be 61 in December, 12/30/1956. I am still working ($140k plus a year) so don't really need to claim SS now. What a good plan for us? I've read, but am really confused on so kind of Spouse Benefit trick, here i file for benefits and suspend them and claim my spouses benefits? Not sure what that's all about, but don't want to nor do something now and lose....Help??

Hi,

I assume that you meant to type your birthdate as 9/25/1951. Since you were born before January 2 1954, you would have the option to file just for spousal benefits at full retirement age (FRA) or later while letting your own benefit rate to grow until age 70. The catch is that your wife must be receiving her benefits in order for you to be eligible for spousal benefits.

So, your best option likely depends on whether or not your wife is insured for benefits on her own record, and how much she will be earning (if any) after reaching age 62. If she is insured and not working, one possible strategy would be for her to file for reduced benefits at age 62 so that you can get spousal benefits while waiting until age 70 to switch to your own record. However, I don't have nearly enough information to know if that is your best option.

You should strongly consider using the maximization software available on this website in order to explore all of your filing options to determine the best overall strategy for you and your wife.

Best, Jerry