Q. My wife, who never worked, reached full retirement age for Social Security last month. I will reach it in November, but won’t retire for a few years. Should I wait to apply for benefits? M.M., N. Yarmouth, Maine
A. You and your wife might benefit from a unique strategy. By claiming your Social Security benefit in November, your wife can begin to collect spousal benefit. Then, by suspending benefits, you’ll earn delayed retirement credit that will increase your eventual benefit by about 8% each year until age 70. Waiting to collect also increases the survivor benefit for your wife if you predecease her.
Tip: For details on suspending Social Security benefits, visit www.socialsecurity.gov/retire2/suspend.htm.