I am retiring at 62. I read that I can apply for wife's benefits now and wait to apply for my own retirement at 70. Is that true?

The option to choose a wife's (or husband's) benefit first and then apply for your maximum retirement benefit at age 70 has been promoted on the internet and in newspaper articles for many years. This strategy can be very effective in maximizing lifetime income from Social Security benefits, but it may not be the best option for you.

Why not? Applying for a spouse's benefit first can preserve your right to claim your own maximum retirement benefit at age 70, but you and your husband have to meet certain requirements under the law to take advantage of this strategy:

1. Your husband has to apply and qualify for Social Security benefits before you can qualify for a wife's benefit, AND
2. You have to wait until your FRA to apply for the wife's benefit to take advantage of the higher retirement benefit on your own work record at age 70.

Assuming you meet these basic requirements, you should also consider:

• Will you and your husband have enough income from other sources from age 62 through 66 to pay your living expenses and
• Will your age 70 retirement benefit rate will be high enough to make this strategy worthwhile over your expected lifetime?

Whatever you decide, be sure to get the facts before you apply. If you change your mind later, you can withdraw your application but you will have to repay all benefits paid to you before Social Security will approve your request for a "do over."