Start date of Social Security - Timing is everything"

Start date of Social Security - Timing is everything

We had been working with Mike and Carol for five years.  Mike (the higher earner) recently retired, however, had not started taking Social Security.  While conducting an in-depth review and discussing strategy, we uncovered that Carol was planning to retire in about six months.  Their original plan was to take Carol’s Social Security at her retirement and allow Mike’s to continue to increase until he reached his full retirement age. We created a strategy where Mike would make a special filing for Social Security at the time his wife files her full application.  This strategy allowed Mike to collect half of Carol’s Social Security and allowed his to continue to defer and maximize his benefit by waiting to claim his at age 67.