My wife and I are both almost 66 (1952 baby boomers). She presently works F/T but will be retiring this year. I work part time.
Her 2017 income was $59,000, my 1099 income was $67,000.
We have a significant 401k savings ($800k) and intended to forego collecting SSI benefits until age 70.
Over the next year or so, her income will go to zero and mine will shrink as well.
Is that the best strategy ?

Thanks
Bill

Hi Bill,

I would need to know the amounts of your and your wife's potential benefit rates in order to be able to give you any advice. Since both you and your wife were born prior to 1954, you would have the option for one of you to file for your benefits at age 66 in order to permit the other one of you to be able to draw spousal benefits for 4 years before switching to their own record at age 70. But whether or not that is a good option in your case depends on numerous variables. You and your wife should strongly consider using our maximization software in order to explore and compare all of your options and determine your best overall filing strategy.

Best, Jerry