by KYW's Salil Gutt

The most frequently asked question about social security is when to start receiving retirement benefits. Here's a smart idea for couples to consider particularly if both have been working over their lifetimes. It factors in the impact of increasing life expectancies and the desire to work even part time in retirement.

The higher wage earner over the years should wait until full retirement age to start collecting benefits. This can range anywhere from ages 65 to 67 depending on date of birth.  However, once the higher earning spouse reaches full retirement  ge, the lower earning spouse should opt for benefits based on spousal benefits. He or she will get 50% of the spouses retirement benefit.

The lower earning spouse should then wait to age 70 and then start receiving benefits based on their earning history rather than the 50% spousal benefits.

Delaying collecting on your own social security benefits beyond full retirement age boosts your monthly payout by 8% per year. So you could get up to 24% to 32% in increased monthly benefits. You are eligible to get the higher of spousal or your own benefits.