Social Security for Younger Spouse
Hi Terry, I’m 72 and taking SS. My wife is 60. I was going to have her take SS at 62 to supplement our income. She does have an IRA Rollover. Would it be better for her to withdraw from her IRA for additional income which allows her SS to get to her FRA of 67 then she can stop withdrawing from her IRA until her Required Minimum Distributions? Thank you!
Terry Says
DEFINITELY SHE SHOULD WAIT UNTIL HER full retirement age — nearly 67 to take SS. It is a huge cut in benefits to take SS early – -and then future COLAs will be made on that lower base. Maybe she could work a few more years — instead of withdrawing from her IRA. After all, the odds are she will outlive you by a number of years, and she will NEED her own IRA and the largest Social Security benefits to take care of herself when you are gone. Don’t let her dig into her own retirement now so YOU can live better!!
(And please show this to her!)
