Social Security Questions? Ask a Social Security Expert
If the husband is receiving $3,057 then the 1/2 to the wife would be less than she currently can collect. I see no value to the strategy proposed. Not only that, the SSA will pay the wife ONLY the greater of her benefit (based solely on her earnings record) or 1/2 the husband's benefit. She cannot receive both.
Yes, I received your reply.I was away. The problem I see here is that the difference in benefits to be received from age 66 to age 70 would be $29,712. Since the full benefit collected would grow over those 4 years at 4% per year, it would grow by about $344 per month. Thus would take about 86 months to reach a break even point (a bit over 7 years). Thus you would be 77 when you reach a break even point. Only then would you begin to move ahead. If you expect to live significantly beyond age 77 then it starts to logical. However, it would be more logical to collect your own benefit at age 66 and put some or all of the difference away to earn for you. It will also be there in an emergency. $29,000 will grow over those 7 years.
To implement your strategy you simply go to any local Social Security Administration office and apply for the 1/2 benefit. Then, when age 70 rolls around, go again and apply for your own benefit. That is the easy part. Unfortunately, I see far too many people thinking an article is the cure all without carefully considering their circumstances and life expectancy. That is why I spent time on that.