I turn 66 on November 1, 2018 and my wife turns 66 on December 17, 2018. We are both still working and intend to continue working until we reach 70. What is the procedure for filing a RESTRICTED APPLICATION for Spousal Benefits? If we are able to begin collecting some Social Security in December 2018 (or January 2019) it will greatly improve our financial picture as it will allow us to accelerate (and thereby eliminate) the remaining debt that we currently have, including finishing off our mortgage, by our 70th birthdays.

Hi,

One of you would have to file for and start drawing your retirement benefits in order to enable the other of you to potentially qualify for spousal benefits. You couldn't both receive spousal benefits for the same month(s), and neither of you could draw spousal benefits unless the other one of you is drawing their retirement benefits.

Since you were born on November 1st, Social Security will consider you to reach full retirement age (FRA) in October. So, October is first month that you could potentially claim spousal benefits only based on a restricted application. But, you could only qualify if your wife is drawing her retirement benefits at that time.
Conversely, your wife could file a restricted application for spousal benefits only effective December 2018, but only if you're drawing your retirement benefits at that time.

You and your wife should strongly consider using our maximization software to compare your options and determine which filing strategy would be best in your case.

Best, Jerry