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Given That My Wife Is 10 Years Younger Than Me, Should I Wait Until Age 70 To Claim My SS?
I am 63 and my wife is 53. We both work with my earnings more than hers. Given her age should I try to hold off on SS till 70 (I plan to retire at 65/66)? And if so should she start taking SS at 62 when I'll be 72? Thanx in advance for your response.
Hi. Probably. Waiting until age 70 to start your benefits would assure your wife of receiving her highest possible survivor benefit rate. There isn't a particular 'best' age for your wife to start drawing her own benefits, though. That decision would largely be a matter of personal choice. If your wife starts drawing her own benefits prior to full retirement age (FRA), she'll be stuck with the resulting reduced benefit rate for as long as both of you are living. However, filing for her own benefits early wouldn't adversely affect your wife's potential survivor rate.
You and your wife may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your various options to help you determine the best overall strategy for maximizing your benefits.
Best, Jerry