It has been suggested that my wife file for SS benefits in a few months when she reaches age 62. I ask whether you agree. She is 9 yrs and 11 months younger than me, I had a substantially larger lifetime earnings records, I deferred taking SS benefits until age 70, we both have a defined benefit pension (hers is very modest), and we assume that we will each live to an average actuarial age based on our current ages (almost 72 male and almost 62 female). I am required to take substantial RMD's, we are in the 25% marginal tax bracket, and we do not need her SS benefit (approx. $1,000/mo. at age 62) to live comfortably. With these assumptions do you think she will be better off long term by beginning SS benefits at age 62 or age 70? Thank you.

Hi,

Your wife's best filing strategy ultimately depends largely on how long both of you live. An argument could certainly be made for starting her benefits at age 62, but an argument could also be made for waiting until full retirement age. And, if you don't need the extra money now, waiting to file in order to receive a higher monthly rate may provide more security in the future.

Your wife may want to strongly consider running the maximization software available on this website before deciding when to file. That way, she can run various what-if scenarios in order to compare her filing options and determine which she feels is best.

Best, Jerry