How you can calculate your best Social Security strategy

Q: We have been reading your advice and are hoping you can clarify some information for us as we are confused about the changes in Social Security.  I will be 66 in March  2016. My husband will be 66 in August  2016. My husband was the higher earner. What is the best strategy for us to use in order to collect a portion of our Social Security and leave some to grow? Also, if we leave some of the money to grow, can we apply for that money at any time if we change our mind, or do we have to wait until age 70 to take the full benefit? — Mary Murphy, Saratoga Springs, N.Y.

A:  Congratulations on planning ahead.

That said, here’s what we know now. The Social Security Administration has not released detailed instructions yet, but it looks like, based on your birthdates, that you are eligible for file and suspend but your husband is not, says Andy Landis, author of Social Security: The Inside Story. And both of you are eligible for a restricted application for spousal-only payments.

So, here’s what Landis recommends: Run your numbers through an online calculator such as that found at Financial Engines’ website to find your best path. (Note that you’ll be able to “edit information” in step two to fine-tune your results.)

The net result: Landis guesses that Financial Engines’ calculator will suggest that you file and suspend now, and that your husband file spousal-only in August, and delay his own to 70.

“But every case is different so your best pathway could vary,” says Landis.

One last note: You can change your mind at any time, and file for the payment you suspended.

Robert Powell is editor of Retirement Weekly, contributes regularly to Paste BN, The Wall Street Journal and MarketWatch. Got questions about money? Email rpowell@allthingsretirement.com .