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IMHO, you would be much better off waiting until 66 or after to start your benefits because:

a) That 8% annual benefit increase is quite good. I like the bird in the hand vs two in the bush.

b) You are permanently capping the amount your wife will get.

c) Sounds like your professional income is pretty good which means you are going to be paying tax on as much as 85% of your benefits. You will have to factor that into the return you want to get to beat the government's 8% plus the tax you will pay.

d) Since you are under the full retirement age, you could also run into the problem of making too much and the government will reduce your benefits:

I suggest you visit your social security office and have a chat with them.

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