Dear Liz: My wife started collecting Social Security when she retired six years ago. I am waiting for my application to receive maximum social security payments at 70 in 2025. If I apply today, my current benefits will be significantly higher than hers, and even higher if I wait. If I die without claiming before age 70 and the maximum benefit amount is reached, what are my options for her survivor benefits? Is it based on full retirement age or can I delay applying until I turn 70 in 2025?
answer: Your wife will receive survivor benefits equal to those she earned on the date of your death. If you die by 2025, she won’t increase survivor benefits by deferring until 2025. On the other hand, she’s already reached full retirement age, so start early. does not reduce profits.
You are maxing out both your own benefit and the only Social Security check you will receive after one person dies, so you are making a smart move by delaying. You don’t have to. new research Virtually all American workers between the ages of 45 and 62 should wait to start Social Security after age 65, according to a study by economists at Boston University and the Federal Reserve. More than 90% should wait until age 70.
Liz Weston is a certified financial planner and personal finance columnist. nerd wallet. Questions can be directed to 3940 Laurel Canyon, No. 238, Studio City, CA 91604 or by using the “Contact Us” form below. asklizweston.com.
