Ask Larry

The best strategy for taking SS benefits for my wife - I will take my SS at the age of 70, next year, July 1. (born in 1949). My wife is 15 years younger than I (born in 1964), and she never worked. What will be her best strategy in taking SS benefits? 1) if I'm alive at her retirement age, 2) if I die before her retirement age? We are married more than 30 years.Thank you.

Hi,

If you're living, your wife would want to file for spousal benefits no later than her full retirement age (FRA) of 67. She could file as early as age 62, but her benefit rate would then be reduced by roughly 35% and she'd be stuck with the reduced rate for as long as both of you are living.

Regardless of when your wife starts drawing spousal benefits, though, if she's at least FRA when she becomes entitled as a widow she would receive your full benefit rate inclusive of the delayed retirement credits you'll earn by waiting until age 70 to file. She could be paid widow's benefits as early as age 60, but her benefit rate would then be reduced by 28.5%.

Best, Jerry