Optimizing SS benefit for one primary wage earner and spouse.
Info:
1. I am the sole wage earner, born March 1961 (61 now). My wife has not worked so will only be eligible for spousal benefits. She was born Oct 1962 (59 now).
2. My income history will qualify me for the maximum amount of benefit.
3. We won't "need" the SS benefit so we plan to maximize (or rather "optimize") the long term benefits.
4. We are both healthy so have average (more likely above average) life expectancies.
5. My current plan is to start taking both of our benefits when my wife turns 67 in Oct 2029. My thinking is that both of our benefits will be increasing until then (worth the wait). At that point my wife will have reached the maximum. I will be at 68 7/12 years old. I will only be missing out on 1 5/12 years of my possible increase to age 70. Our thinking is that we will have received most of the benefit of waiting (while both of our benefits are growing) and from that point on there is only a small potential growth of one of our benefits (mine) at 2/3 the previous growth rate of the two combined .
Pretty reasonable plan, right???
Thanks!!!
