Some Social Security questions have no good answers

Q: I will turn 60 in October (I was born in 1956), but my wife is turning 65 next May. (She was born in 1952.) I make considerably more than she did, and she has been retired for about 10 years now, but I will be working until at least 65 if not longer. How can we maximize our benefits? Most of the info I get has the older, usually male person, retiring earlier. — Ken Buttle, Tempe, Ariz.

A: So, some questions are easier to answer than others. “There really isn’t a clear-cut answer for cases like this,” says Joe Elsasser, the creator of SocialSecurityTiming.com. “This one is actually tricky.”

According to Elsasser, you don’t have the ability to file a restricted application, and due to the age gap between you and your wife, there probably isn’t much of a life expectancy difference.

“So, if she has not yet filed, and her benefit is considerably lower than his, she should go ahead and file,” says Elsasser. “His decision should be based on the longer of his or her life expectancy. If either is likely to live past life expectancy, then some delay past full retirement age likely makes sense, but it will be a function of interest rates, their tax situation and life expectancy five years from now.”

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.