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How Should I File with a Younger Wife and Children?
Hi, we are now living on one to two paychecks agead. I will be 62 in october. My wife is 42 and we have a 7 yr old with celiac and a 5 yr old. I'm looking at taking my SS at 62 just so we can break even a bit. The SS calculator says $1420/month for my SS. Any suggestions Thanks, David
David, your best strategy might be to delay filing either till your full retirement age (FRA) or until 70. Or your maximized strategy might be to file early at 62 to allow childrens benefits and a child-in-care spousal benefit for your wife and then suspend at FRA to recoup most of your early filing reductions. Our software can determine your maximized strategy and also let you try our other strategies to see how they compare. Thanks, John
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July 12, 2016