Ask Larry

I am 71 receiving maximum benefit since age 70.my wife is 9.5 years younger,will be 62 in August.spousal benefits at her fra are higher than her benefits.should she take spousal benefit at 62 or wait till fra.i think break even would be when she's 74 and I'm 83..
I'm in good health so if I expect to live longer than 83 she should wait.she will get my max benefit when I die ,correct?

Hi,

That's entirely a personal decision. If your wife does file at age 62, she'll be forced to file for both her own retirement benefits as well as spousal benefits. What she would then receive is a reduced combined benefit rate that will be between roughly 26% to 31% lower than her full retirement age (FRA) rate. Regardless of when she files for her retirement & spousal benefits, though, if you die before her and she is at least FRA at the time of your death her combined benefit rate would be increased to your full rate.

You and your wife may want to consider using our maximization software to compare your wife's options and help her make her decision.

Best, Jerry