Is Waiting until Age 70 our Best Option?

This is a typical family story we hear quite often – my wife and I have wonderful careers, we love our jobs, are in good health, and plan to both wait until age 70 to draw the maximum benefit on our Social Security.

Good choice/bad choice? In most cases, not a good decision.


Joseph is 68 years old and Betty is 66.6 months. Because of the Bi-Partisan Budget Act of 2015 changes to the law, and because they were both born before 1954, if one spouse files for their benefit, the other spouse is entitled to file a Restricted Application for Spousal Benefits. How will this make a difference? Joseph’s benefit amount is $2500 at FRA. Betty’s benefit is $1800 at FRA. If they both wait to file until age 70, their benefit amount through life expectancy (85 his/88 hers based on national averages) is $1,249,776.00.

If they utilize a Restricted Application, giving Betty an income of $1250 from age 66.6 – 70, she can still work without Earning Limitations, and Joseph will be drawing Full Benefit Amount for a combined income of $3750; he can still continue to work, their benefit amount through life expectancy will be $1,287,276.00. A difference of $37,500. And the Survivor Benefit remains the highest available.

And, this is only one way to figure this scenario. Here is another:

Betty could have filed for her benefit and Joseph file a Restricted Application from her benefit. This would have allowed $2700 in income that would not have been realized waiting until age 70, their benefit amount through life expenctancy would be $1 263,024.00 , they both could have continued working, and the Survivor Benefit would have remained the highest available.

Why would they choose the lower income route? Maybe because of taxes or other financial situations. That, my folks, is the beauty of a PLAN and having choices. We could write about case after case where people were afforded the beauty of an income stream, improving their benefit amount through life expectancy, and increasing their Survivor Benefit; simply because of professional review.

Social Security has so many options that people are not aware of. You can email us at or for more information. Our website is We have the experience and knowledge necessary to make an educated decision about these benefits.

Posted on by Pillars LLC

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