I was born in 1953 (65 yo) and can claim my benefits on Feb 2019. I am the lower earner and will receive $1000/month.
My wife was born in 1964 (she is now 54 yo). She is the higher earner and at 67 she will receive $ 2000/month.
When she retires, will I be able to claim any benefits from her income that will increase my SS income.?
I do not know if you can answer my second question:
if I get any benefit from her higher income when she retires...is it worthwhile for me to start collecting SS now or is it better for me to wait until 70 yo? Thanks for your help.

Hi,

If you're already drawing your benefits when your wife starts drawing her benefits, you would only qualify for additional spousal benefits if your wife's full retirement age (FRA) rate, or primary insurance amount (PIA), is more than twice as much as your own PIA. So, based on the amounts mentioned in your question, it sounds unlikely that you would ever be able to draw much if anything in the way of spousal benefits. However, if your wife dies before you do you could potentially receive up to her full benefit rate as a widower. Widows and widowers generally receive the higher of their own benefit rate or their deceased spouse's full rate.

If your wife was already drawing Social Security retirement or disability benefits you could potentially file for spousal benefits only on your wife's record at FRA while allowing your own rate to grow until age 70, even if her PIA isn't more than twice as much as yours. Only people born prior to January 2 1954 are permitted to do that, but your wife is too young to draw retirement benefits before you turn age 70 so that strategy wouldn't work for you unless she becomes eligible for disability benefits before you file for your retirement benefits.

If you start drawing at FRA you'll receive your full PIA, and that's the amount (plus cost of living increases) that you'll continue to receive for the rest of your life unless you later qualify for higher spousal or survivor benefits. If you started drawing before FRA your benefit rate would be reduced for age, so you'd get even less than your PIA. Or, if you start drawing after FRA your benefit rate will be augmented by delayed retirement credits (DRC). DRCs add 2/3rds of 1% to your benefit rate for each month that you aren't paid benefits between FRA and age 70, so by waiting until age 70 to start drawing you could increase your benefit rate to 32% higher than your PIA.

The decision on when to start drawing your benefits is up to you, but you may want to use our software to fully explore and compare your options so that you'll have a better idea of the probable long term effects of your decision.

Best, Jerry