Hey Larry,
I am 69 now. Because I have a small pension, I have been collecting Social Security since age 62. My wife, now 67, retired and started collecting the "restricted benefit" at age 66. Assuming all goes as planned, she will increase her monthly payment by almost $500 when she finally starts collecting from her own account at age 70.
As her Social Security will be much more than mine is now, we know she will be secure after I pass. But if she precedes me, what will happen? Would I get her Social Security amount, which is already much more than mine? Or is my rate, reduced by early retirement, fixed for life?

Hi,

If your wife dies before you, as her widower you would be eligible for the higher of your wife's full benefit rate or your benefit rate. The fact that you took your Social Security retirement benefits early would not reduce the amount of your potential widower's rate on your wife's account.

By the way, your widower's rate would be based on your wife's full rate inclusive of any delayed retirement credits (DRC) that she earns by waiting until age 70 to start drawing her own benefits. So, if she dies after starting her benefits at age 70 you would be eligible for her full age 70 rate as a widower. You would not get both that amount and your own benefit rate, though, just the higher of the two.

One caveat since you mention that you have a small pension, though. If you receive a pension based on your work for a governmental agency in the U.S. (e.g. federal, state, local) where your earnings were exempt from Social Security taxes, then any widower's benefits that you would otherwise qualify for would likely be offset by 2/3rds of the amount of your government pension (https://www.ssa.gov/pubs/EN-05-10007.pdf).

Best, Jerry