Ask Larry

Hi Larry,

I am planning on working full time (>40 hours/week) until I reach age 67 (October 2018). I am currently collecting a spousal benefit and my wife is 62 and is collecting her retirement benefit. If I apply for my full retirement benefits at age 67, and my wife files for her spousal benefit at the same time, is there a limit on the amount of income I can earn if I continue to work full time past age 67?

Thank you.

Regards,
George

Hi George,

No, but you still may want to strongly consider waiting until age 70 to switch to your own record. Your retirement benefit rate will continue to grow by 8% per year until then if you wait, and that higher rate could also potentially be passed on to your wife in the form of a widow's benefit should you die first.

You may want to consider using our maximization software in order to compare your options and determine your best overall filing strategy.

Best, Jerry