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Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16547
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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Can I file for SS benefits and defer them until Im age 70

This answer was rated:

Can I file for SS benefits and defer them until I'm age 70 so that they increase, and
have my wife file for spousal benefits at the same time. The reason I ask is that we
want to increase our benefits by delaying until age 70. We are both age 66 which is our
"full retirement" age.
thanks
don

Megan C :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

Megan C :

How are you today?

Megan C :

Yes, what you are referring to is called "file and suspend" and it is an available option for you

Megan C :

Your wife's benefit would grow to its max at age 70, while your own benefit would also grow

Customer:

Is this a good strategy or should one of us just apply for our benefit? We're trying to maximize our benefits for later age.

Megan C :

It's a good strategy if you are in good health.

Megan C :

If you are expected to live a long life, then it makes sense to defer benefits. You would come out ahead in the long run

Megan C :

If you are not in good health, and not expected to live as long, then you would not come out ahead. You would receive more per month, yes but total dollars the government would come out ahead

Customer:

Yes, my wife's health is excellent and both of her parents lived into their 90's. My health is currently good and all problems are curable, but heart problems run in my family. My thinking is to maximize my benefit, which is the larger of the two, so that my wife will get the largest benefit after I die.

Megan C :

Yes, then filing and suspending until age 70 would be the best way to go in your route

Customer:

Ok, this is what I'll do. I'll file, and suspend, and my wife will then file for spousal benefits.

Megan C :

Yes, that sounds good. Is there anything else I can help you with today?

Customer:

No, thanks

Megan C :

Okay great. If you would please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

Megan C and other Social Security Specialists are ready to help you
Thanks, Don for your positive rating. Please come back and visit me any time you have a question that needs answered. It was a pleasure working with you today.