What Is Our Best Strategy?

Oct 23 2019 - 9:42am

I am 66 and my wife is 65 (Born August 1954). I am still working, but plan on retiring at 67. My wife is now retired. Another program suggested that she take her social security benefit now and that I file a restricted application and take a spousal benefit until I turn age 70.

Thoughts on this approach versus both taking benefits when I am 67 and she is 66, or both waiting until we are 70?


Having your wife file for her benefits now so that you can draw spousal benefits is definitely a strategy that you should consider. However, which of the 3 strategies you mention would likely work out better in your case depends largely on your and your wife's comparative benefit rates. By the way, the reason that you could potentially file for spousal benefits without also filing for your own benefits is because you were born prior to January 2 1954 (https://www.ssa.gov/planners/retire/deemedfaq.html).

You and your wife should strongly consider using our software ( https://maximizemysocialsecurity.com/purchase) to determine the best way for you to maximize your Social Security benefits.

Best, Jerry