Spouse A is in their mid-sixties and was the lower earner by far. Spouse B is five years younger. They recently became unemployed. Is there a rule of thumb or some other method, that will help them figure out which spouse should "retire" and start taking Social Security benefits first, and at what age? The alternative to taking Social Security payments would be to draw down faster from their Roth IRAs.
(Background for those who aren't familiar with the Social Security system in the US: you can retire starting at age 62, at a lower monthly payment rate, or you can postpone filing for benefits, and receive a higher payment for the rest of your life. The payment rate maxes out at age 70.)
The total value of their retirement investments is approximately $100K (front load mutual funds in Roth IRAs, and TIAA investments).
I found a paper that puts into words my vague intuitive idea that it would be less desirable to draw down the retirement investment:
[We predicted that] if the rate of return on alternative investments is high, claiming should be early so that high-yield money does not have to be used to finance consumption. Source: "The Effects of Subjective Survival on Retirement and Social Security Claiming"