Ask Larry

I turn 62 next month and I'm not working now and probably wont go back into the workplace.. My wife is one year younger than me and is still working. Her earnings over the years has been much higher than mine. Can I claim spousal benefit right away? Should I? If not, can I claim my own now and claim hers at another time? She will be earning $100,000+ per year while she continues to work. We both have various IRA, 401K , etc.
Thank You

Hi,

You can't receive spousal benefits until your wife starts drawing her benefits. You could start drawing your own reduced retirement benefits at age 62 and then potentially become eligible for an additional spousal benefit when your wife starts drawing her benefits. But, you will only be eligible for the additional spousal benefit if your wife's full retirement age benefit rate (PIA) is more than twice as much as your own PIA.

You should strongly consider using the maximization software available on this website to explore all of your filing options and determine the best overall strategy for you and your wife.

Best, Jerry