Retirement
Hi Terry
My wife is 66 and I am 58. I know your advice is always to wait until 70 to retire but our age difference what do you recommend? We would like to spend some time together during retirement. My wife retire at 70 or start taking benefits and keep working? I retire at 62 or 65 to spend quality time together?
Thanks
Terry Says
Well, retirement and claiming SS are two different things! No problem if she wants to retire — but she should definitely wait til age 70 to take SS. Maybe use some IRA withdrawals or savings for those years. Every year she waits adds about 8% to her basic benefit– on which future inflation adjustments will be made.
Your claiming decision is a bit different, depending on your benefit. I truly suggest you spend $39 and go to www.MaximizeMySocialSecurity.com to maximize your claiming strategy based on both of your work records.
