With married couples, the one with the higher benefit should generally wait until age 70 to start benefits (note that benefits do not increase past age 70) because the surviving spouse is eligible for that higher benefit too.
Exceptions to this rule for maximizing this government "longevity insurance" would be:
(1) shorter life expectancy due to known illness
(2) need the lower benefit now to meet income needs
(3) desire to minimize withdrawals from current investable assets so they can grow
(4) convinced that you better get it now before the benefit runs out (wrong reason, I do not believe this and will write more about this at a later date)
(5) plan to take it at age 62, pay it all back at age 70 and then get the higher benefit (if you die before age 70, then spouse is limited to lower benefit, too)
By the way, the spousal benefit (receiving income off of other spouse's record) does not increase after full retirement age (FRA), so there is no reason to wait past FRA if eligible.
You are eligible to do this off a divorced spouse's record (once they file) also if you had been married to that ex-spouse for at least 10 years prior to divorce. But, you cannot be remarried when filing for benefits or remarry while receiving those ex-spouse benefits.
Widows and widowers can remarry after age 60 and benefits have begun off of their deceased spouse's record.
Again, it is worth repeating that if you start your benefit at age 62, then die, your surviving spouse is limited to your lower benefit (unless their own record allows them a higher benefit).
An Introduction
Hi. Welcome to BourGroup and my blog. Phil
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.