I have a decent nest egg and have an annuity with a guaranteed income rider that should pay me $1,000 per month in a few years (I'm 62). My wife is 61 and receives Native American Benefits. I had been thinking of claiming SS early because of the "break even". However, after reading the book I am re-thinking. My question-does the software account for the misc. income streams I've described and will it help indicate if the Native American benefits (some of which are non-taxable) would "fail" an earnings test.
I'm not familiar with 'Native American Benefits', but as long as it's not remuneration for some type of work it wouldn't count as earnings for purposes of the Social Security earnings test (https://www.ssa.gov/planners/retire/whileworking.html). And, even if your wife did have earned income it wouldn't prevent you from drawing your Social Security retirement benefits.
Before filing for reduced benefits, though, be sure to read the following article that Larry wrote regarding that subject: https://www.pbs.org/newshour/economy/take-social-security-benefits-early.... Furthermore, you should be aware that filing for reduced Social Security benefits will not only produce a lower monthly benefit for you for life, it would also limit the survivor benefit rate that your wife could receive from your record if you die before her.
Our maximization software is designed to determine your optimal strategy for claiming Social Security benefits only, but it does account for earnings test considerations. However, it sounds like you may want to consider using our Maxifi software, which is a full featured financial planning tool. For specific information on our Maxifi software, click on the following link: https://maxifiplanner.com/retirement-planning-maxifi.