Should I File & Suspend Benefits Now?

Category: 
Jul 5 2016 - 4:30pm

I am 67 years old and I retired on June 17. I would like to start receiving SS benefits next January ( after I turn 68 in November this year).
My wife turned 64 in April and would like to start her spousal benefits when she turns 66, to maximize her benefit.
Should we both file for and suspend benefits now, with mine to begin January 2017 and my wife's spousal benefits to begin in May 2018?

Thank you.

Hi,

No, there is no reason for either you or your wife to file and suspend, given the facts as you describe them. If you want to start drawing in January 2017, you can simply file your application then or shortly before that. Your wife can then file for spousal benefits shortly before turning 66.

You say that your wife plans to start spousal benefits at age 66 in order to maximize her benefit. Hopefully, that means that you have run the maximization software available on this website. As I'm sure you know, the best strategy for both you and your wife depends on a number of variables. If you haven't already done so, you may wish to consider running the software in order to sort out all of your options.

Best, Jerry