I'm 62 now, my birthday is November 2021. I have a younger wife we have 2 kids together, one will reach age 16 in November 2021 other just turned 15 July 2021. My job for the last 7 years has been in real estate, we have an S corporation as of 2020 I'm now paid a modest paycheck W-2. My wife is a licensed realtor and also has a full-time job that pays well.The question, I'm thinking about retiring or throttling back my real estate business. Should I wait or take SS benefits now while my kids are under 18. My SS benefits if I take now would be $1763 a month wait year 66.9months will be $2323 a month. My wife will continue to work and increase her work in our real estate business.

Hi. Taking your benefits at age 62 could allow your children to collect child benefits, but the downside is that your monthly benefit rate would then be reduced for as long as you live. And, if your benefit rate would be higher than your wife's benefit rate, starting your benefits early would lower the benefit rate that she could potentially be paid as a survivor.

It sounds like you and your wife should strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze all of your options so that you can evaluate which filing strategy would be the most likely to maximize benefits for your family in the long run.

Best, Jerry