No. of Recommendations: 0
I agree with the foregoing comments.

Another factor you'll have to consider is if either of you plan on continuting to work. If you begin benefits before your full retirement age of 66, the SS Administration limits the amount you may earn before they start reducing your SS benefits. For 2011, this amount is $14,160/yr ($1,180/month). Note: this is EARNED income or income you get for working for an employer or yourself, and does not include other forms of income such as from investments, pensions, interest, rents, etc. And if you do earn over this amount, your SS benefit will be reduced by $1 for every $2 of excess earnings. Thus, if you plan on continuing to work other than part time, you'll probably want to wait before beginning your SS benefits. But once you reach your full retirement age of 66, there is no earnings penalty and from that point on, you can earn as much as you'd like, without SS penalty.

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