Question: I am age 66 and I am not sure I should take my Social Security now. My wife is age 55 and we file jointly. I earn over $150,000 a year and she earns $50,000 a year. I own my own successful business. Should I wait until age 70? Will I lose my Social Security benefit to taxes?
Answer: The best option is surely for you to wait until you are 70 to collect your retirement benefit and for your wife to file for just her spousal benefit when she reaches full retirement age and for her own retirement benefit at age 70.
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