Love your articles, I read the every time I have a chance.
I worked for 26 years for the same employer and was able to retire at 58, in 2018. My husband stopped working at 58 also, he cashed out his 401k.
He plans on filing for SSA at 62, we know he's going to get penalized for filing early and I plan to wait until I turn 70. I guess my question is, how is this going to affect the benefit amount he gets, and will I have to apply for spousal benefits when he does?
I was the higher earner at 72K yearly when I retired.
No, you won't be required to file for spousal benefits when your husband files for his benefits, assuming that you haven't already filed for your own benefits at that time. Whenever you file for either your own Social Security retirement benefits or spousal benefits, you'll be deemed to be filing for both of those benefits. But, you could only be paid essentially the higher of the 2 benefit rates and your benefit rate would be reduced for age if you start drawing prior to your full retirement age (FRA).
The best filing strategy for you and your husband depends in part on your comparative benefit rates. You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully explore and compare all of your various options so that you can determine the best way to maximize your benefits.