As you approach retirement, the decision of when to claim Social Security becomes crucial, especially when considering the financial future of your spouse.
Currently, you have a pension of $140,000, which provides a solid foundation for your retirement income. However, it's important to consider how your Social Security benefits will impact your wife's financial security.
If you choose to wait until age 70 to claim Social Security, your benefits will increase, which means your wife will receive a higher amount should anything happen to you. This could make a significant difference in her quality of life.
Ultimately, the choice to delay claiming Social Security should weigh the immediate financial needs against the long-term benefits for your spouse.