When will my wife be able to file for Spousal Benefits?
My wife is 66 years old (DOB: 01-01-1950 ) and has been receiving Social Security benefits since January 2015 at a steady $1,055.00 per month.
I will be 62 (DOB: 10-22-1954 ) in October 2016.
I am eligible for benefits and/or I will file for Social Security Benefits in October of 2016.
Q: When will my wife be able to file for Spousal Benefits? Will she have to wait till October?
Q: When she receives Spousal Benefits starting in October will they be based on my FRA benefits as of my 66th birthday? (October benefit is about $1,960 and my age 66 benefit is about $2,600).
The decision concerning whether or not to delay starting your benefit should take your entire life situation into account. This includes your health, family longevity, and current cash flow needs—as well as whether you’re currently working and if so, when you plan to retire.
If you elect to start receiving Social Security benefits in October on your 62nd birthday, your wife can switch to start receiving spousal benefits. She is able to receive half of your full retirement benefit in October 2016.
If you are interested in maximizing your benefit and expect to live into your late 80s and 90s, you might consider waiting to start your benefits until age 66 or age 70. If you were to wait until your full retirement age at age 66 to start receiving your benefit and your wife were to wait to start receiving spousal benefits at that time, you will collect approximately $21,000 more in benefits over your expected lifetime (if you live to age 85 and your wife to age 90).
Based on the same longevity I cited above: If you waited until age 70 to start receiving benefits, you would receive $3,276 a month—and you would receive approximately $68,000 more in benefits over your expected lifetime compared to starting to receive benefits at age 62.