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lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29975
Experience:  Taxes, Immigration, Labor Relations
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I am 67 and currently am not taking social security benefits.

Customer Question

I am 67 and currently am not taking social security benefits. If I applied today I would receive $2609 At age 70 I would receive $3189. My wife doesn't turn 66 (FRAN) until this coming Sept 2016. She is currently not taking benefits either. At 65 she would get $1093 and at age 70 she would get $1504. With the recent law changes for file and suspend what should we do. I have until April 30,2016 to apply for benefits but ai don't want to reduce by maximimun payout at age 70. Your recommendation
Submitted: 1 year ago.
Category: Social Security
Expert:  lev-tax replied 1 year ago.
If you apply and suspend your social security benefits NOW - you will be able to keep your benefits grow till age 70 and start larger benefits at that age.That will allow your spouse to receive benefits based on YOUR working record - and her benefits would be 50% of yours.However if she starts NOW before her full retirement age - her benefits will be permanently reduced based on her age. But the advantage would be that she will receive benefits for longer period..
Expert:  lev-tax replied 1 year ago.
Another option will be opposite - your spouse will file and suspend - and that will allow YOUR to receive spousal benefits based on her working record. Your spousal benefits will be 50% of whatever she would be entitled - so that amount will be much less than your own benefits.HOWEVER - because you are at FRA - you may delay your own benefits at the same time and keep your benefits grow till age 70.That later strategy might be more beneficial based on your information..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you will all tax related issues.