Question: My husband is 64 and I’m 57. He was laid off and took Social Security early at age 62. I am planning to retire at 59 but wait until my full retirement age to start collecting spousal benefits. Then at age 70 I will switch to my own benefits, which at that point will be more than what my husband is receiving. Are we handling this optimally? Any pitfalls we should avoid? Thanks for your advice!
Answer: This sounds like a good plan. But there is one other option to consider: namely having your husband suspend his retirement benefit when he reaches full retirement age, which, in his case, is 66. Then, at 70, his benefit would restart at a 32 percent higher level after inflation. An advantage of this strategy, in addition to his receiving 32 percent higher real benefits for what may be 30 years (if he lives to 100), is that your widows benefit, should he die after reaching age 70, will be 32 percent higher. This may exceed your own age-70 retirement benefit.
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