My wife is 61 and earns $50,000. I’m 65 and earn $400,000 and will work until 71. Should my wife take her Social Security next year, and get mine when I retire?
I’m 65 and my wife is 61. I’m working and plan to retire at 71. My question is should my wife take her Social Security benefits next year and then get 50% of mine added to hers when I retire? Or wait? She makes about $50,000 and I make 8x that amount. Thanks.As with many Social Security questions I get, experts say the answer is likely this: wait.
The Social Security Administration says: “If you qualify and apply for your own retirement benefits and for benefits as a spouse, we always pay your own benefits first. If your benefits as a spouse are higher than your own retirement benefits, you will get a combination of benefits equaling the higher spouse benefit.”
As for when you should start to receive your benefits, “The longer you wait to begin collecting, the higher the benefit will be for both of you,” explains Kimberly Foss, president and founder of Empyrion Wealth Management . He provides three scenarios to showcase what he means, noting that the assumptions for these scenarios are that the husband is getting $2,960 monthly from Social Security and the wife $1,492 from her annual salary of $50,000, and the husband dies at 85 and the wife at 90.
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