“I am two years older than my wife and the higher lifetime earner. Our Social Security plan is for me to delay my benefits but take spousal benefits when my wife reaches full retirement age (FRA) in three years, then switch to mine at age 70. Because my wife is 63 and wants to start her benefits, how will her start of benefits affect the spousal benefit I will receive? I think I will receive 50% of her FRA amount, but if she starts early, will it be 50% of that lower amount?”
Answer: Congratulations on discovering a great strategy for you both, says Andy Landis, president of Thinking Retirement in Seattle and author of Social Security: The Inside Story, 2014 Edition: An Expert Explains Your Rights and Benefits. If you file for your spousal…
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- I’m 67. I retired at 62 after 34 years and elected to begin taking my SS benefits. My wife is 65 and just retired after 21 years of work. She hasn’t taken her SS benefits yet. Is there a smart strategy (I hear about spousal strategies) to employ here, or did I eliminate strategic moves by having taken benefits at 62? I’ve tried to research this, but can’t seem to get a definitive answer. thanks for your consideration.
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