Should My Wife File At Age 62?

Mar 26 2017 - 7:30am

I just turned 62. My wife will turn 62 later this year. I have the larger SS benefit and plan to wait until at least FRA to file. While we do not need SS income to meet our needs, I'm reading that perhaps my wife should file @62 to maximize benefits, as there is little advantage to her waiting due to my larger check as a survivor benefit. This, of course, suggests that I don't make it to life expectancy. Here's a piece of what I read:

"...the ideal strategy for most couples is for the higher-earning spouse to delay as long as possible (which benefits them as long as either remain alive) but to start the lower-earning spouse’s benefits as early as possible, as delaying both is only beneficial in the less likely scenario that both of them remain alive into their 90s and beyond!"




I don't agree with the last part of the sentence that you quoted. Your wife would likely be better off waiting until full retirement age to start drawing her benefits if both of you live into your 80's, which is not an unlikely scenario at all. When to start drawing benefits really comes down to a personal decision, though. You should strongly consider running the maximization software available on this website so that you and your wife can compare all of your filing options and decide which you believe is best for the two of you.

Best, Jerry