This year I will be 65 years old. I am planning to continue to work. My wife has never worked. She is not in great health.
If I get my Social Security at 68 years and continue to work will my Social Security payout increase? My mutual fund's value around $500K by 72 years at 6% do you for an average can live comfortably? Thank you.

Hi,

Your monthly Social Security retirement benefit rate would get progressively higher for each month that you delay starting your benefits until age 70. Your rate would increase by at least 2/3rds of 1% for each month that you delay starting benefits between your full retirement age (FRA) and age 70 due to delayed retirement credits (DRC). And, if you continue working your additional earning could further increase your rate if your yearly earnings are among your highest 35 years of wage-indexed earnings. Increases resulting from additional earnings can occur following any year with higher earnings, regardless of your age at the time you produce the earnings and whether or not you're already drawing benefits.

Another factor to consider is that if you were to die before your wife, waiting until age 70 to start your benefits would provide her with her highest potential survivor rate possible. However, your wife could not be paid spousal benefits at least until you start drawing your benefits. So, depending on her age she might be able to draw spousal benefits sooner if you start drawing your benefits prior to age 70. You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to compare the options available to you and your wife so that you can determine the best strategy for maximizing your benefits.

Best, Jerry