Larry, I am 65, Wife is 56. I am self employed in the medicare sales arena. Got a 15 year old (Yup late)) my S.S. at F.R.A would be around 2000. I'm planning on working till I drop and debating taking S.S. at 70. Are there any benefits or losses to my wife taking hers at 62. I.E. When and if I die will she be stuck at that rate or will she get mine? Was thinking if I took it at 66 it would help with college some - but I do have some tucked away. Plan is she will join me in my business soon so we can travel a bit. advice?

Hi,

The benefit of your wife filing at age 62 would be that she would start collecting benefits sooner, but the downside is that she would then receive a reduced benefit rate for at least as long as both of you are living. However, even if your wife starts drawing at age 62, if you die before her and she is at least full retirement age (FRA) when she becomes entitled to widow's benefits she could be paid your full benefit rate as a survivor. She wouldn't get both your full benefit amount and her own amount, though, just the higher of the two.

If you wait until age 70 to start drawing, that will increase both your benefit rate and your wife's potential survivor rate by 32%. However, that would mean that your child who is currently age 15 would then be too old to receive any benefits from your record unless he or she is disabled. Filing at FRA would give you a lower benefit rate than you'd receive if you waited until age 70 (as well as lowering your wife's potential survivor rate), but it would allow your child to draw benefits until he or she is at least age 18. You may want to strongly consider using our software (https://maximizemysocialsecurity.com/puchase) to compare your various options so that you can decide which filing strategy would best support your family's needs.

Best, Jerry