I'm 5 years older than my wife. I will get max SS, she won't, because she has been a stay at home mom and then worked at a "hobby" type job for a lot less than she could have earned.
We have a stream of payments that is well secured and will last until I'm almost 69 (I'm 61 now). We have some rental income that is not as secure in my mind, but we can sell the property if we lose the tenant.
My plan has been to partially FIRE next year and work a lot less for less income and then, depending on how it goes, either completely FIRE at the end of 2012 or do some part time stuff.
Here's my question: If I understand SS correctly, my wife can take hers when she turns 62 and then, when I take mine at whatever age, she would be able to get either half of what I get or what she is entitled to based on her earnings, whichever is greater. Is that right?
That makes a real good case for waiting until 70, except that SS might not be around in 9 years.
We have a stream of payments that is well secured and will last until I'm almost 69 (I'm 61 now). We have some rental income that is not as secure in my mind, but we can sell the property if we lose the tenant.
My plan has been to partially FIRE next year and work a lot less for less income and then, depending on how it goes, either completely FIRE at the end of 2012 or do some part time stuff.
Here's my question: If I understand SS correctly, my wife can take hers when she turns 62 and then, when I take mine at whatever age, she would be able to get either half of what I get or what she is entitled to based on her earnings, whichever is greater. Is that right?
That makes a real good case for waiting until 70, except that SS might not be around in 9 years.