I’m 60, my wife is 48. She earns much more than me. She plans on working for at least another 10 years. Me, not sure. I assume that I should wait until age 70 to begin receiving my full ss benefits. My goal is to collect the highest benefits possible, naturally. Am I correct?
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Yes, if you wait until age 70 to start drawing your benefits your monthly retirement benefit rate will be roughly 26-28% higher than if you start drawing at full retirement age. You could potentially increase your future benefit rate even further with additional earnings, but only if you earn more in a year than in one or more of your previous highest 35 years of wage-indexed earnings (https://www.ssa.gov/pubs/EN-05-10070.pdf).