I'll be 63 in November and working on a contract for at least the next year. My wife is 37 and takes care of our two children, 10 and 7. It will be difficult for her to earn much after I retire. If I retire at age 64 is it better to start to collect SS benefits for myself and additional SS benefits for my young children before they turn 18 or should I wait until I reach 66 or 70 in order to provide higher long-term benefits for my wife after I die? My mother died in her mid 80s and my father is still alive at 91. If I do retire next year, either by choice or because I'm not able to find work, I have other sources of income available, such as a small U.S. Government Civil Service annuity and savings that could carry us until I reach 66 or even 70.

Dale,
It's impossible to say what your best strategy is without all of your specific data, including you and your wife's maximum, not average expected, age at death. Your case is pretty complex because of child's benefits, child-in-care spouse's benefits, widow's benefits, which due to your age difference may be for a long period of time, and the fact that you will be subject to the WEP. You should consider running our software, MaximizeMySocialSecurity, which can determine the filing strategy that gives you the maximum lifetime Social Security benefits and it will also allow you to explore alternative "What-If" I do this instead strategies.

Thanks,
Mike