I will be 62 in January, 2018. I have two children, ages 12 & 11. My wife is 54 years old with little work record. Currently I am earning about 85K per year and I wish to continue working since I am in good health and enjoy my job. At age 62, Social Security payments will be $1,646 and at full retirement age $2,342.
Can I retire in order for the children to earn benefits and continue to work to full retirement age (66 4 months)?
From what I read, after the first $17K they would deduct from my earning but would re-calculate when I fully retire?

Hi,

The Social Security earnings test applies to all benefits payable from your record, not just your benefits. So, if you and your wife and children all file when you reach age 62, everyone's benefits will be withheld each year until $1 of benefits is withheld for each $2 that you earn in excess of the earnings test exempt amount for that year.

However, even if you earn $85K per year it's possible that at least some benefits could be paid to your family. Based on the benefit rates cited in your question, your family members' benefits would likely total around $1756 in addition to your reduced rate of $1646. The monthly total would then be about $3402, or roughly $40824 per calendar year. That's more than the amount that the earnings test would require withholding if you earn $85K, so filing at age 62 may still be something that you'd want to consider, depending on your personal preferences.

You should strongly consider using the maximization software available on this website to explore all of your filing options and determine your best overall strategy.

Best, Jerry