Q: My husband retired early at 62 and is receiving Social Security, but he also continues to work part time. He was born in 1950, as I was. I plan to file for spousal benefits when I reach full retirement age of 66 in December of this year and then let my own benefit grow until age 70. Will I still be allowed to do that? — Cathi Morris, Milford, Ohio
A: Yes, says William Reichenstein, a professor at Baylor University and a principal with Social Security Solutions. “Since you were at least 62 at end of 2015 and your spouse has already applied for his own retirement benefits you will be able to file a restricted application for spousal benefits when you reach 66 full retirement age (FRA), and you can switch to your own retirement benefits at 70 which will be 32% higher than your primary insurance amount.” Note: Under the Bipartisan Budget Act of 2015, that filing strategy, which could add up to tens of thousands of dollars in additional benefits, will no longer be open to anyone born on Jan. 2, 1954, or later.
Robert Powell is editor of Retirement Weekly, contributes regularly to USA TODAY, The Wall Street Journal and MarketWatch. Got questions about money? Email rpowell@allthingsretirement.com.
