Ask Bob: Restricted Application for Social Security Spousal Benefits
Question: I would like your opinion on whether my wife should file a restricted application for Social Security spousal benefits. I am 68 and have been collecting my monthly Social Security benefit of $2,338 since May of 2016. My wife, born March 1, 1953, turned 66 this year. She has her own wage earnings on record and her estimated Social Security benefit at age 66 is $1,757.
As I read, she is of an age where she could file a restricted application. Is my consideration this simple? She files a restricted application for spousal benefits at her full retirement age (FRA) of 66 and receives half of my benefit ($2,338 x 50% = $1,169) per month to as late as age 70 when she changes over to her own retirement benefit which will have grown by 32%.