GPO lifted, should I start benefits at FRA instead of 70 to get the higher spousal benefit?
My husband now qualifies for a spousal benefit with GPO removed. I plan to wait until 70 to start my benefits, but now should I start at 67 so he can get the better spousal benefit 3 years earlier? Any drawbacks?
Terry Says
That’s a very specific question, and to do the math you should run the scenarios at MaximizeMySocialSecurity.com. It costs #49 — but it is worth it.
The real question is whether your higher lifetime benefit (8% higher for every year you wait til 70 — and that higher base for future inflation adjustments) is a better deal than him getting half your age 67 full retirement benefit for an extra 3 years! (He doesn’t get a higher benefit than half of your FRA benefit — even if you wait til 70).
I’m just guessing, but since you will actuarially live longer, you’d want to lock in the larger benefit for your lifetime! But you can ask the program for specifics.
