I am 64 and 1 month old and my FRA benefit is $3,391 (at age 66 & 8 months), my spouse is now 66 and 2 months old and will hit FRA in Oct, 2022, and maximum benefit will be 50% of the higher earner spouse or $1,695 per month.

I always thought that I would wait until I hit age 70 to maximize benefits and to use social security as a great insurance product to ensure against running out of money should we live until our 90’s or more. However, now that I know that my spouse will reach maximum spousal payout this October, 2022 at FRA (even if I am not yet FRA), ONLY IF I start collecting this October, 2022, it appears that when I run the numbers I should begin to collect in Oct 2022 so as not to give up any months of the lower earning spouse getting her maximum spousal benefit.

Do you agree better for both to start collecting this October, 2022? When do I need to apply by to get an October benefit? When does the spouse need to apply to be able to get benefit retroactive to October, 2022?

Thanks so much for your thoughts and ideas.