When Should I Take My Retirement Benefit Give My Wife Is Four Years Younger?

Sep 6 2016 - 8:30am

Hi Larry,
I have 2 brief issues concerning ss. I will turn 66 early June, 2017. I still work part-time. Just looking for an opinion of taking sometime from Jan-March or waiting it out until beginning of June.
Also , my wife turns 62 shortly 9/26/16. Your thoughts on waiting until 1/2017. She does not work (has all credits).
Thanks, Brian

Brian, You will probably do far better waiting until 70 to take your retirement benefit when it start at a roughly one third higher level, adjusted for inflation. Your wife could take her retirement benefit when you hit 66 and then you could file just for a spousal benefit which will equal half of her full retirement benefit. Then when she reaches full retirement, she could suspend her retirement benefit and restart it at 70. You'll need to run our software at www.maximizemysocialsecurity.com to determine if this is really the best plan. best, Larry