I am 66 and my wife is 62. I retired on a pension in 2012 and my wife is still working but plans to retire on a pension in two more years. I have followed your advice and plan on not applying for social security benefits until age 70 but I am getting nervous about the viability of social security and legislative pressure to reduce or modify benefits, especially given the latest news that the federal deficit is projected to surpass $1 trillion by 2020. Do you feel the file-at-70 strategy is still sound?

Hi,

I expect that future Congresses will come up with the funds necessary to fully pay for promised Social Security benefits. Therefore, we don't recommend starting benefits early unless there is a reason to other than concerns about Social Security's funding.

The best filing strategy varies based on each person's individual set of circumstances, so I'm unable to offer you any specific advice about your best strategy without a lot of additional information. You and your wife should strongly consider using our maximization software to explore and compare your various options and determine your best filing strategy.

Best, Jerry