Social Security Questions? Ask a Social Security Expert
Welcome to the site. I'm PDtax, and will be helping you today. Thanks for asking for me.
I'll be back online shortly, and will address your question then.
Note: A 2003 statement has my eligibility at $1825 age 70 and $1043 at age 62. I also worked from 2006-2010 and accumulated more credits during that time.
As you know, claiming a benefit at 62 normally hurts. It especially hurts when your husband is younger, and in trying to maximize your total benefits, could claim on your earnings (filing as a spouse first). If your benefit at full retirement was, say $1,600 per month, your monthly benefit at 62 would approximate $1,200 per month (you lose 25%, from http://www.ssa.gov/oact/quickcalc/earlyretire.html) and I assume you were born in 1952.
He can't file for benefits, even under your earnings, until he reaches age 62. At that point, his monthly benefit might be $400 per month (estimated).
Reverse it, and let's say you want to claim early on his earnings. At age 62, let's say his benefit would be the max of $2,533. Your spousal benefit would be half of that, or $1,262, less the timeliness discount of 30% or $379, leaving your Faasf benefit as $883 per month. He, of course, can't claim until he reaches 62. His early benefit on his own earnings would be $2,533 * .7 = $1,773 per month starting at age 62.
Then, at age 70, you could collect your benefit from your own earnings, and perhaps your benefit would grow to $2,000 or so per month. It also means your better health and longer life expectancy means you can draw on his benefits now, and save yours to grow when it's likely you will need it.
Please review this, and get back to me with any follow up questions you may have.
I attended a social security administration senior presentation recently, and they mentioned that the FAASF benefit can be maximized by $150K by starting early. The exact parameters were not spelled out sufficiently, which is why I was asking the question. Is there a planning site that helps plug in complicated what-if's? that seems to be the best way to really know if your situation would be helped, or hurt. I am especially unclear about HOW my husband's health and thus likelihood of his not living long might affect our decisions. I did request HIGH level of detail--so anything additional you can point me to would be appreciated. In general, I realize that both waiting until 70 produces the maximum output--assuming that you live to n-number of years. Zeroing in on complexity of payouts while guessing unknowns is what I am after. In our case, we are looking at purchasing rental properties with the early distribution. This can of course itself generate income--possibly long after social security is depleted.
The FAASF benefit is maximized by allowing the monied spouse benefit to grow until age 70. The chart is pretty readily available on the Web, an example is posted here: