Larry, I saw an article that said a couple can increase their Social Security benefits if the wife applies individually at age 62 and the husband at age 66. Is this correct? Lorinda
Lorinda, It really depends. Some couples benefit by having the higher-earning spouse delay application of benefits. This is due to the interplay between the reduction of benefits for early retirement and the full benefits available to a surviving spouse upon the death of a higher-earning spouse. But several other factors should be considered, including the respective ages of the spouses and the amounts involved.
We do have programs available to determine if this is in your best interest. Let us know if you are interested in us running a calculation for you and we will tell you what we need. We are always up front about costs. The cost to do this calculation and then meet with you in person or via phone and computer is $275.00.
Remember, everyone's situation is different. If you would like to research this yourself you might check out the Social Security website, http://www.ssa.gov/.
Larry Kopsa CPA
