Ghost of Igloi wrote:
Yes I will continue to work another 2 years. Wife will get the maximum spousal benefit as long as she waits for her FRA. I continue to pay all the payroll taxes as well as the additional Social Security income. My break even point for wait or not wait was 82-84 years of age depending upon the discount rate. I am foregoing a company pension as long as I work so the thought process was to take a balanced approach. Work longer and fewer hours while continuing to add to 401k. Besides I have a lot of energy for a soon to be 68 year old.
Wouldn’t her maximum spousal benefit have happened if you waited to 70 to collect?
No, her spousal benefit is based on my PIA (Primary Insurance Amount) at my FRA (Full Retirement Age). She just has to wait until her FRA.