Barron’s turned to Moneta Advisor Geneen Von Kloha to answer their reader’s questions about social security. Her answers were published in a mailbag article titled, “Let Social Security Max Out if You Can. Even in a Down Market.”
Here is the question posed by the Barron’s reader:
Q: My wife will retire this year at 67 and is two years older than me. I plan to work until 70 to maximize my Social Security benefits. Is my wife eligible to claim a spousal benefit against me, the higher earner, until I retire? I’ve never read that an older wife can claim against a younger spouse.
Here is an excerpt from Von Kloha’s answer:
Since you’re the higher earner, delaying retirement until age 70 is generally a good idea, said Geneen Von Kloha, advisor at wealth manager Moneta Group. Your monthly check will be higher, and if you die before your wife, her survivor’s benefit would be higher. She would receive either the survivor’s benefit or her own Social Security benefit, whichever amounts to more.
You can read Von Kloha’s full answer and the rest of the mailbag article by clicking here.
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