Should I File For Spousal Benefits?

Category: 
Mar 16 2019 - 3:46pm

I am 64 and still working as a high earner I do not intend to draw my ss until 70. My husband is past 70. Should I file for spousal benefits and if so is there any disadvantage.

Hi,

It doesn't sound like you should. Assuming you were born after January 1 1954, you'd be deemed to also be filing for your own Social Security retirement benefits whenever you filed for Social Security spousal benefits. You would then receive essentially just the higher of the two benefit rates, and your rate would be reduced for age if you filed prior to your full retirement age (FRA). Furthermore, there is an earnings test that could cause some or all of your benefits to be withheld if you file prior to FRA (https://www.ssa.gov/planners/retire/whileworking.html).

Your optimal strategy for claiming benefits depends on a number of factors, so you should strongly consider using our software to explore and compare your options.

Best, Jerry