When to file for your Social Security is a personal decision. I’ve always told people, “tell me when your going to die and I’ll tell you when to file”. There are multiple issues to consider as you structure your retirement portfolio. Spousal benefits is one of these choices.
You will be eligible to file for spousal benefits if your full retirement rate is less than half of your spouses. If your spouse has filed for benefits you are eligible to take your spousal benefits as early as age 62. Should you take it? One case scenario to be mindful of is longevity. Statistically speaking, men pass earlier than women. Is your spouse in good health? Are they genetically long lived? If you feel they will pass before you, I’d recommend taking the spousal benefit as soon as you are eligible. If they predecease you, depending on your age, your benefit will automatically increase to a widow/widower rate that is roughly the same benefit amount as that which your spouse currently receives. What this means to you? You will get the lower spousal rate while they are still alive and a higher rate later. This gives you more income over your lifetime than if you chose to delay filing.
Contact me for your personal recommendation.
Maryellen Eckert
SSA Specialist
