Yes, there is a lot of information on this subject!

I'll just tell you what we planned (as of this moment).  We're both the same age.  I retired last year at age 59; my wife was to also retire then, but has yet to since she is not "emotionally ready".

Our plan is for her to file at 62 (her age 62 benefit is roughly half mine if I would file at 62).  I will not file, but wait till she turns 66 (her full retirement age).  At that time, I will file against her SS, thus receiving a 50% benefit check from "her account".

At age 70, I will file (and drop my claim against her).

Result?  Assuming we both live to 70 and I pass first, she will get my full age 70 benefit, which will be approximately 3x her age 62 benefit.  And from age 66 to age 70, I'll get some "free money" (OK, not free - but that's what I call it since it dosen't infringe on her, or my future SS claim).

You will read much on this subject (including "draw early / pay back later and refile").  It all depends what works for you, and of course that's all that really matters.  It's your life, your money, your decision.

- Ron

Your question was:

“should my wife collect at age 63 or continue to age 66? “

Here is what I see.

You have already decided to retire 3 or 4 years from now at age 66.

Your wife will be 63 and could retire, apply for SS benefits, which would be the highest of her benefits based on her earnings or her spousal benefits, both reduced by about 15% due to early retirement.

Seems to me the decision is going to depend on how well your wife likes her job while you are retired and how much money you need in retirement.

My wife waited until her full retirement age to apply for her spousal benefits because we did not need the additional money.

We now have Our Money and Her Money.

You have some time to make a decision.

PS: Poster B mentioned the IDR forum. I have 6 other lengthy IDR conversations from the past (2003 thru 2006) that cover a lot of questions concerning SS, when to apply and impact on taxes. I will post the dates and old conversation numbers if there is an interest.

Rossby

Hank, I don't see the additional $55 per month as even being an issue.   Your talking about less then $2 per day of additional income.

How would it impact you financially if she continued to work vs SS during the 3 year period you are questioning?

Does she want to retire or continue working part time?

Do you really want to wait 3 years, after you retire, for her to retire? 

These IMO are some of the questions you need to ask yourself? 

Bw MaxxC 

Ron

You wrote:"Our plan is for her to file at 62 (her age 62 benefit is roughly half mine if I would file at 62).  I will not file, but wait till she turns 66 (her full retirement age).  At that time, I will file against her SS, thus receiving a 50% benefit check from "her account"."

You better double check this strategy.  I don't think you can file against your wife's account if you are eligible to receive your own benefits.  I think you have to file under your own first.  If your 50% spousal benefit is greater than your stand alone benefit, SS will then add the difference to your existing benefits.  I may be wrong but it's worth a double check before you count on this strategy.

Larry

I didn't understand this either.

If my husband filed under my benefit amount prior to his full retirement age, doesn't he have to pay back what he collected under MY benefit amount when he files for himself? This doesn't make sense. 

"Hank, I don't see the additional $55 per month as even being an issue.   Your talking about less then $2 per day of additional income."

Work an additional 3 years, and by then, she still won't be able to buy a cup of coffee at  Starbucks.

Doesn't seem worth it,  at least not to me.

Regards,

Dave 

Here's a published article on this method of filing under your spouses SS while delaying yours:

 http://indexuniverse.com/sections/features/12/4082-optimize-social-security-benefits-for-retirement.html

Go to the last heading ("Team Play") which discusses this option.

- Ron