HI Larry - I turn 66 Sept 2016. I am still working. My husband is retired and taking SS since he was 62 - he is now 72. I "think" I understand your advice regarding maximizing our social security. I should file for spousal benefits and keep working until I am 70. My husband has been ill, and I cannot stop working. Does this mean I do NOT apply for deferral -? And should I run to the SS office first thing next week - my this IS confusing.
Thank you,
Pamela

Hi Pamela,

Yes, in all likelihood the best strategy for you is to file a restricted application for spousal benefits only effective with September 2016, then file for benefits on your own account when you reach age 70. Your own benefit rate will be 32% higher at age 70 than at age 66, whether or not you continue working. However, if you do continue to work, you may raise your eventual age 70 benefit rate even further.

You can file your restricted application for spousal benefits now, or up to 6 months after you reach age 66, but you'll probably want to file sooner rather than later in order to get the benefits started timely. Whenever you file, you want to elect September 2016 as your month of entitlement, assuming that your birthday is not September 1st, in which case Social Security would consider you to attain age 66 in August. You should also make sure your application contains a remark stating something like 'I wish to restrict the scope of this application to spousal benefits only.', or 'I wish to restrict retirement benefits on my own account from the scope of this application.' If you file by phone or in-person, review your application carefully to make sure that the Social Security representative handling your claim includes this remark.

Best, Jerry