Financial Engines boils couple's Social Security options down to 2

Robert Powell | Special for Paste BN

Q: I turned 66 on May 20. My wife turned 67 on April 20. Neither of us has started receiving Social Security. Our plan was for me to start Social Security at 66. My wife was going to file and suspend and receive half of my Social Security, then at 70 start receiving her full benefit. Under new rules that is gone. Because my wife and I were born prior to January 1954 I read that we can still file a restricted application . What options do we have? — Charles Ganglia, New Orleans.

A: Financial Engines, which has an online Social Security planner on its website, ran your numbers and here’s what they had to say.

Below are two possible scenarios. In both cases it appears that your wife should file for her benefits now. And, under some cases, it might be beneficial for her to suspend them. In May 2016, you, Charles, can file a restricted application.

By the way, readers can access the Financial Engines’ planner at no charge at corp.financialengines.com/individuals/retirement-readiness.html. Mike Jurs, director of public relations and social media at Financial Engines says the planner is up-to-date and reflects the new regulations that went into effect on May 1.

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 .