Social Security strategy for 9-year age gap - Delaying until 70 to maximize survivor benefits for younger spouse?

You've got the right approach. Delaying until 70 will give you a 32% increase over your Full Retirement Age (FRA) benefit, and since your wife is 9 years younger, those survivor benefits will likely be paid for many years. One thing to check is whether your wife will qualify for her own SS retirement - if her benefit would be less than half of yours, she could get spousal benefits when she reaches her FRA. But the survivor benefit is 100% of your benefit (including the delayed retirement credits) if she's at her FRA when she claims it.

Have you considered that you might be LEAVING MONEY ON THE TABLE??? My financial advisor told me that the 'break-even' point for delaying SS is somewhere in your early 80s. If you pass away before that, you've essentially LOST money by waiting. And the government WANTS you to delay so they don't have to pay you as much over your lifetime! I took mine at 62 and have been enjoying the money for years while I'm healthy enough to use it!

i did something similar with my wife (7yr difference). the survivor benefit thing is HUGE if your wife outlives you by a lot. Just remember her survivor benefit is reduced if she claims it before her FRA. she can claim as early as 60 but gets less

Your strategy makes perfect sense given your specific circumstances. Just to add some additional points to consider: 1) If your wife's own benefit at her FRA would be less than half of your PIA (Primary Insurance Amount), she could claim a spousal benefit when she reaches her own FRA. 2) Survivor benefits can be claimed as early as age 60 with a reduction, or at her FRA for the full 100% of your benefit (including delayed retirement credits). 3) One often overlooked strategy: If she's collecting her own retirement benefit when you pass away, she can switch to the survivor benefit if it's higher (or vice versa). 4) Have you consulted the SSA benefit calculators on their website to run some specific numbers? That might help you visualize the difference in monthly payments under different scenarios.

I was in almost your exact situation 5 years ago - 8 year age gap with my wife, owned a business, delayed SS. I'm now 72, and it was DEFINITELY the right choice for us. One thing nobody mentioned yet - because of the SECURE Act, you also have to think about Required Minimum Distributions from your retirement accounts which kick in at 73 now. I'd recommend working with a financial planner who specializes in retirement income strategies to coordinate your business sale, Social Security timing, AND your RMDs to minimize taxes over the long term. It's complicated but worth figuring out.

My husband and I have 11 years between us and we did exactly what you're planning. He waited till 70 and passed away last year. I'm now getting his full benefit as a survivor which is $4,300/month instead of the $2,800 he would've gotten at 66. Best decision ever!!!

Just be careful with all this planning - the government can change the rules anytime they want! My sister-in-law had a whole strategy worked out and then they eliminated file-and-suspend which totally messed up her plans. Nothing is guaranteed with Social Security!

have you tried contacting SSA to discuss your specific situation? they can give you personalized advice based on both your earnings records

I was having the same problem reaching SSA about my benefit questions. I discovered a service called Claimyr that got me through to a live person at Social Security in about 20 minutes instead of waiting for hours. I used it to discuss my spousal benefit options and it saved me so much frustration. You can see how it works in their video demo at https://youtu.be/Z-BRbJw3puU or check their website claimyr.com. It was definitely worth it to get my specific questions answered by an actual SSA representative.

DO YOU REALIZE that the SSA has TRILLIONS in unfunded liabilities??? They're going to cut benefits for everyone eventually, so waiting until 70 might mean you get less than promised! Better to get what you can NOW!!!

One additional planning consideration: When you sell your business, will it be a lump sum or structured payout? If it's a lump sum, that year might have very high income and potentially cause more of your Social Security to be taxable if you're already collecting. Another reason delaying could be beneficial in your situation - you can coordinate the timing of the business sale and Social Security start to minimize overall taxation. Up to 85% of your SS benefits can be subject to income tax depending on your combined income.

As someone new to this community, I'm really impressed by the depth of knowledge shared here! Your strategy sounds very sound given your circumstances. One thing I'd add that I learned from my own research is to also consider the impact of Medicare premiums (IRMAA) when coordinating your business sale with Social Security timing. High income years can increase your Medicare Part B and D premiums for up to two years later. Since you're planning a lump sum business sale, delaying SS until after that transaction could help minimize both income taxes on SS benefits AND avoid higher Medicare premiums down the road. It's yet another piece of the puzzle that reinforces your approach of waiting until 70.