Ask Larry

Hi, my wife and I keep our financial affairs completely separate, file separate tax returns and are not each other's beneficiaries in any way. I took Social Security at age 62 1/2 in 2009 with an initial monthly benefit of $1745. My monthly payment is now down to $1355. I will turn 70 this August. I have been told that if I return all my Social Security payments up to age 70, with no added interest or penalties, I can restart with maximum age 70 benefits. Question: is this correct? And without asking for personal advice, under what circumstances would this strategy make sense?
Thanks, Sebastiano

Hi Sebastiano, it's too late for you to withdraw your retirement benefit application and repay benefits received. You can only do so within 12 months of beginning your retirement benefit. You might want to look into a spousal benefit, either for yourself or for your wife. Our software will consider spousal benefits, as well as widow(er)'s benefits, when determining how to maximize your lifetime household benefits. Thanks, John