Ask Rusty – Is Waiting until 70 Still the Best Plan to Maximize Social Security?

Dear Rusty: My wife started her Social Security at 62 in March 2017 and I filed a Restricted Application to collect a spouse benefit from her shortly thereafter. Our plan is for me to file for my own Social Security later this year when I turn 70. Then my wife will file for her spousal benefit from me. Our life expectancy is 93 & 96. Is this still the best plan for maximum payments? Signed: Planning Ahead

Dear Planning: Yes indeed. You’ve chosen an excellent strategy, and one which is no longer available to younger beneficiaries. The Restricted Application option you chose, to get only spouse benefits and let your own increase, was eliminated for anyone born after January 1, 1954.

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