Social Security Question

[savory]

I am guessing this question has been answered but I could not find it. I apologize upfront.

My wife is 65 and I am 64. My full SS retirement benefit will be much higher than hers. We are planning for her to apply at 66, when I believe she will receive 50% of my FRA, until I apply at age 70. I understand when I apply, her SS will revert to her FRA amount.

Here are my questions:

1. Is my understanding correct?
2. Is there anything we need to do now (since my wife turned 65) in order not to miss this opportunity?
3. If no to #2, our plan is to apply for this program, 3 months before my DW 66 birthday? Is that the right approach?
4. Please feel free to provide any other information you feel would be helpful

Thanks

 

[ronin]

Your wife cannot receive spousal benefits until you file for your own benefit. So no to #1. If she files at 66 she will receive a benefit based on her record only, until you file at 70.

 

[latexman]

Recommend you try out SSAnalyze - Bedrock Capital Management

 

[savory]

Recommend you try out SSAnalyze - Bedrock Capital Management

Thanks, very helpful

 

[DrRoy]

I believe that to do what you want you have to file and suspend. Then your wife can take her spousal benefit, and you wait for yours. You need to move quickly though. This option is being closed soon.

 

[pb4uski]

+1