My wife turns 66 soon and will apply for her Social Security. I’m 67 and waiting until I’m 70 so that both me and my wife can claim my higher Social Security amount. I recently found out that I can claim a restricted application for a spousal benefit to collect half of my wife’s Social Security. This will allow me to collect half of hers while my Social Security will still increase until i’m 70. Then when I reach 70 both my wife and I can claim on my increased Social Security. Does anybody know of a problem with this plan? Is this the best way to maximize our retirement income stream?
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Double check, but I think this works. You used to be able to “file and suspend”, a strategy where one spouse delayed taking their benefits for the reason you cite (get more later), but allowing the other spouse to start taking half in the meanwhile. Perhaps you’re old enough to still do this, the rule change was fairly recent. Anyway, once one person is ready to actually take their benefits, I don’t think there’s a problem with the other claiming on their spouses record and then more later on their own.
Thanks, I was planning to “File & Suspend” but I think this “Restricted Application” will work to be about the same. Just reverse of what I originally planned. I had planned to “File & Suspend” then have my wife start taking half of what I filed for and wait myself until I am 70. With this method my wife will file for hers and I will file for half of hers until i reach 70 then both of us will start drawing on my increased account. Barring any roadblocks put up in the next three years.