Ask the Expert: Maximize your Social Security

I'm 67 and my wife is 61. At 62, she intends to take her Social Security benefit. Can I apply for a spousal benefit at that time, and then switch to my own larger benefit at 70? And most important, when I pass on, will she be able to switch to my bigger benefit?

This is a good plan to maximize your Social Security. The longer you're likely to live, the more sense that makes - and you'll probably live a long time. The average 65-year-old couple faces an 81 percent chance that one or both of them will live to be 85, and a 58 percent chance that one or both will live to be 90.

Your wife's benefit will be reduced because she's taking it at 62. But because you'll be older than 66 at that time, you can claim a spousal benefit based on her record without simultaneously applying for your own benefit. (If you were younger than 66, you'd have to file for both and you'd get the larger of the two.) As it is, you'll be able to collect a spousal benefit but postpone taking your own. The big plus: Your benefit gains an extra 8 percent each year you delay taking it between 66 and 70.

When you die, your wife will receive the larger of two amounts - her own benefit or her survivor benefit. The size of the survivor benefit will depend on her age at your death. If she's 66 or older, her survivor benefit is 100 percent of your benefit. If she's younger than 66, her survivor benefit will be discounted. The closer she is to 66, the smaller the discount.

The bottom line: Careful planning can help you maximize your Social Security income in retirement.

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