Ask Larry

Spouse & I both waited until full retirement age of 66 to begin Social Security however I took a spousal benefit & let me own benefit mature. I will be 70 in November. If I start my own benefit in June & I already received my spousal benefit, will I receive the additional amount between the two benefits? My own benefit “gross” would be @ $2319 vs spousal gross of $1405. Should I claim earlier than June of this year to get the additional difference amount less what was already paid to me under the spousal benefit? I realize they would need to take the tax out of the new higher amount. But not sure how that all is computed? HELP

Hi,

Assuming that your own age 70 Social Security retirement benefit rate is higher than your spousal rate, your spousal benefits will terminate as soon as you start drawing your retirement benefits. If you switch to retirement benefits prior to age 70, your permanent benefit rate will be 2/3rds of 1% lower than your age 70 rate for each month that you start drawing prior to age 70. You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to help you decide when to switch to your own record.

Best, Jerry