I am 63, my wife is 56, she has a higher salary and will collect more SS when available to her. I am presently working part-time. We are able to live off her income and still save. My IRA (former 401-K) is good, her 403-B is good and growing. We are both covered under her medical plan. When should I bring to collect my social security benefits?

Hi,

Deciding when to apply is ultimately a personal decision, but it may be best to wait until age 70 to start drawing if you can afford to do so. Your monthly benefit rate would be 65% higher if you start drawing at age 70 rather than age 63. So for example, if your monthly benefit rate at age 63 was $1600, it would be $2640 if you waited until age 70 to start drawing.

You may want to consider running the maximization software available on this website. The software permits you to enter your own assumptions with regard to lifespan, inflation and future earnings, and will tell you the best time to file based on those assumptions.

Best, Jerry