Ask Larry

Larry, I am 67 and my wife is 58. I am retired and started taking Social Security at my FRA of 66. Based upon my work record, I get near the maximum payout. My wife is planning to work until Age 62. Based upon her work record, she will be eligible for a near maximum payout as well. My thought is that she should start collecting right away at age 62, acknowledging the reduced benefit with this thought: If I pass anywhere near my "actuarial life" ( somewhere around 84), she would then get 100% of my SS income - in the meantime, we collect 100% of mine and 65-70% of her maximum. Is this correct, and does this make sense to you ? Thanks

Hi,

Yes, it sounds like your basic understanding of the rules is correct, and I see the logic in your plan. I don't have enough details to know if what you propose is the best possible plan for you and your wife, though. You and your wife may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully explore and compare all of your options so that you can determine the best possible way to maximize your benefits.

Best, Jerry