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Date Add : 09-22-2010 

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Social Security Question:

I would like advice on maximizing my SS benefits

Social Security Answer:

Dear Carol

I would like advice on maximizing my SS benefits

Here is our information

My wife, Carol
is 65
born Jan 16, 1945
is not working
is a retired teacher as of June 2007
getting a pension of $47,000 a year
adjusted yearly at 60% of the inflation rate
Her SS Statement dated Oct 7, 2009
Shows estimated benefits of
66 years old $2116
70 years old $2822

Is 67
born July 25, 1943
is working
is self employed
earning a $45,000 to $75,000 a year
depending on how good/bad business is this year the lower range
His SS Statement dated April 5, 2007 ( I will get the latest numbers if you need them )
Shows estimated benefits of
66 years old $1291
70 years old $1744

We have
a house valued at $500,000 and no mortgage
$500,000 in money market funds and CDs
No debts
Carol’s teacher health benefits and Medicare
We do not need the SS income now, if we did get it we would put it with our other savings and earn almost nothing until we need it
We are both in good health and for financial planning purposes use age 100 for any calculations

Neither of us has are receiving Social Security
Carol is eligible for full benefits Jan 2011

We are not considering the “Restart Plan” (taking SS and paying it back) unless you think we should.

I would like to know what you think we should do now to maximize our SS income

Including whether we are eligible for and should apply for the spousal benefit


Ric and Carol

Support Replied ~ 09-19-2010 19:51:53

Dear Ric and Carol:
Sounds like you planned very well. I'm jealous.....

From the calculations that I get, your best bet is for each of you to wait until age 70 to file for your own benefits. If you do, you will have received $1,671,000 in SS benefits as of 2043.
This is an "at least" amount as I didn't put in any cost of living or increase of any kind.
For this calculation to work, you must each file for benefits as a spouse on the other. . So Ric files on Carol's account in 2011 when she is 66, and Carol
files on Ric's in 2013 when he is 70 and switches to his own account. It works this way because Carol was the high wage earner. If you want to check my calculations, go to and put in Carol's info first....If you have any questions, be sure to write again......Good Luck.....Carol

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DISCLAIMER - You should consult with your local Social Security Office before acting upon any information received as a response to your question on "Social Security Advisor".

"Social Security Advisor" is intended to provide accurate and authoritative information with regard to the subject matter covered. It is offered with the understanding that neither the publisher nor the author is engaged in rendering legal, accounting, investment or other professional advice or services.

Information obtained from, including e-mail responses from "Social Security Advisor" should be considered as general educational information. You must never rely upon the advice given here. Your individual situation may not fit the generalizations discussed. Only your local Social Security office can evaluate your individual situation and give you advice.

Social Security Questions and answers
In the news: Read Carols comments in this Social Security article

Thank you so much. The amount of infomation you provided on our call went a long way in helping to resolve the issues I had with the social security rep I was working with.
Tom F. 07-25-2019

Thank you so much. You provide a fantastic service and I really appreciate all your help. The next time I have a question regarding Social Security I will go to you first and save myself a lot of time.
Carol J. 07-13-2019

Thanks for the straight forward answers. It would have save a lot of time if I knew about this site months ago.
Emily D. 07-02-2019

Great talking with you and thanks for the help. Things now seem to be going in the right direction.
Chris H. 07-02-2019

Hello, thank you so much for responding to my inquiry, I really did not expect to get an answer from you so quickly. Brought the information you sent to my social security office an the issue, i have been dealing with for months, was resolved in an hour.
Veda M. 06-12-2019

Thank you so much for the reply.
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Thank you so much for returning my email so quickly.
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