Appointment with SS office coming up and I want to be prepared

[Tom52]

DW and I have been planning to begin SS at FRA of 66 for both of us. I will be 66 December this year. DW will be 66 in March 2020. We were talking today with a Vanguard CFP and their advice concerning SS was for DW to start her SS immediately and for me to file for 50% spousal benefit and suspend my SS until age 70. The Vanguard CFP said we would be way ahead $ wise and it would be advantageous to DW as longevity insurance.

I contacted the SSA and made an appointment which is not until Nov. 14, to visit and discuss options available to us. The SSA person we talked with today said that yes, I could do what was recommended by the Vanguard CFP but we were also told by the SSA that DW could also file and suspend her SS to age 70. So I am a bit confused about these possibilities.

I remember at one time there was a website where you could plug in information and it gave you the best options to maximize SS. Does anyone have a link to that site? I am curious, if by plugging in details does it give you the data showing at what age the file and suspend scenario becomes more advantageous than the scenario where we both start at FRA?

As a FYI my SS at FRA will be $2,675 monthly and DWs will be $1,910 monthly. The SSA website shows that if DW starts at age 64 (now) her SS will drop to $1,725 monthly.

Part of our consideration is that we are planning to purchase a second home in 2019 and we will need some income to make mortgage payments and pay associated costs with a second property.

 

[jebmke]

I found this tool helpful.



https://opensocialsecurity.com/


I believe that your spouse cannot file and suspend, but I am certainly not an expert. I think she can file early for the lower amount and you can file to collect spousal when you reach FRA.


We are planning the same strategy (my FRA is Jan, 2019 - spouse's FRA is Sept, 2019). She will file soon (this month, I hope).

 

[Floridatennisplayer]

Didn’t file and suspend end a few years ago?

 

[Independent]

It's possible that "restricted application" still works for her, if she was born in 1953. https://www.aarp.org/retirement/soc...-security-final-word-on-file-and-suspend.html

 

[Independent]

As a FYI my SS at FRA will be $2,675 monthly and DWs will be $1,910 monthly. The SSA website shows that if DW starts at age 64 (now) her SS will drop to $1,725 monthly.

Part of our consideration is that we are planning to purchase a second home in 2019 and we will need some income to make mortgage payments and pay associated costs with a second property.

Even without "file and suspend" or "restricted application", it may make sense for her to start earlier and you later. Your benefit at age 70 will be $3,465. If you start at 70 and then die before her, she gets a survivor benefit equal to the benefit you had been getting.

I'm not sure if you need "income" for mortgage costs. You need money, but that could be withdrawals from retirement accounts.

 

[Tom52]

I found this tool helpful.



https://opensocialsecurity.com/


I believe that your spouse cannot file and suspend, but I am certainly not an expert. I think she can file early for the lower amount and you can file to collect spousal when you reach FRA.


We are planning the same strategy (my FRA is Jan, 2019 - spouse's FRA is Sept, 2019). She will file soon (this month, I hope).

Thanks jebmke, that is exactly what I was looking for. I ran some scenarios and it appears we will go with the same strategy as you.