I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.
Yes, absolutely, because your wife is over 62 she can apply for her own benefits now and then when you apply for your own retirement benefits at age 70 she can apply for a spouse benefit at that time if it will put more money in her pocket.
She will not get the full 50% of your benefit because she took her own benefit before age 66, but she will get more. Here is how the calculation will go when she switches to a spouse benefit when you reach 70:
Let’s say the wife’s Primary Insurance Amount (PIA which is her eligibility at full retirement age 66) is $1,000. She files for her own benefit at 64 and receives a reduced retirement benefit of $875.
Her husband has a PIA of $2500. She is eligible to receive one-half of his PIA at her full retirement age. $2500 (his PIA); divided by two, that equals $1,250 (This is the full spouse’s rate). Social Security will subtract from the $1250 (the full spouse’s rate) – $1000 (her PIA) = $250.
Social Security will add that $250 to her reduced retirement benefit amount of $875 and her new benefit amount at full retirement age will be $1,125, which is less than the full spouse’s rate.
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I wish you and yours well in 2017,