Retirement Planning/Social Security


I am 63 and my wife will turn 62 in August.  If she begins collecting SS it will be about $780 per month.  I plan to wait until full retirement of 66 and will have monthly benefit of $2500.  At the time of my full retirement can she apply for a higher spousal rate and begin receiving 50% of my benefit.

The Financial QB
The Financial QB  
Thanks for your question. Hope I can help. Social Security planning is a crucial first step to maximizing your income at retirement. Folks that work at the Social Security administration cannot provide you information on the various payment scenarios available for married couples. There are roughly over 80 different types of combinations. So I would tell you to contact a financial advisor in your area that understands Social Security and can provide an analysis of the most optimal strategy for you and your wife. I have seen people leave $100,000 plus on the table because they picked the wrong strategy or listened to the Social Security administration.

In regards to your question, your wife would only be able to collect her benefit which will be adjusted due to her starting early at age 62. At the time you file (anytime at or after FRA) her benefit will increase to 1/2 of your PIA (if larger than her benefit) of course adjusted for her starting early.

Good Luck.  

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Richard E. Reyes, CFP


I can provide answers to questions relating to retirement especially relating to; income distribution, tax efficiency, long-term care insurance, life insurance, estate planning, asset protection, variable and fixed annuities, alternative investments and prudent portfolio design.


Through the years Richard has built a reputation as one of Central Florida's expert on retirement income distribution by providing sound, unbiased wealth coaching. We believe that Financial Planning is the problem and Wealth Coaching is the solution. The Wealth Coaching process gives you Peace of Mind, so you can stop worrying about your future. It helps you find happiness as it guides you in the TRUTH of investing, by teaching you how to make wise choices as you journey through your life’s stages. It is all about your relationships and what you value, not your net worth.

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B.S. University of Florida, Gainesville, FL
CFP Certificate, University of Central Florida, Orlando, FL

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