My wife has already retired from her job with the school system, and is drawing her pension. She turns 62 on her next birthday. She does not intend to ever return to the work force. Should she go ahead and start drawing her benefits now or wait? We can get a long without her benefit until I reach full retirement age in several years, but the additional income would be nice. Cheers, Tim

Hi Tim,

There isn't enough information in your question to enable me to give your wife any personalized advice regarding when to file for her benefits. What I can tell you is that the earlier your wife claims her benefits prior to age 70, the lower her monthly benefit rate will be. For example, a person filing at age 62 this year who is eligible for a reduced monthly benefit rate of $716 could get a monthly benefit rate as high as $1266 if they instead waited until age 70 to start drawing their benefits.

Members of a couple should also consider the possibility of spousal and survivor benefits when deciding when to apply for their benefits. If a member of a couple files for their benefits early, it could adversely affect the survivor rate that their spouse might be eligible for in the future. You and your wife should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully explore and compare all of your various options so that you can both choose the best possible strategy for maximizing your benefits.

Best, Jerry