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When to start benefits.... Going on 66 but with a younger wife and 2 year old (spouse/dependent)

Hi All.  I'm trying to find a calculator or someone with knowledge to help with this math problem.  Lol. 

 

Husband turns 66 in November.  I am 51.  We have a 2 year old. 

 

I've been reading about dependent benefits until a child is 18 and spousal benefits for caring for the child until the child is 16.   We are trying to decide if husband should retire this year at 66 so we can start getting the family benefit or if it makes sense for him to work till 70 so he can claim higher amounts and thus I'll have a higher amount too since I'm a younger spouse. 

 

His statement says benefits are:

at 66, $2,674/month

at 70 $3,530 a month

 

Total Family benefits cannot be more than $4,681.

 

I believe the child is entitled to 50% of the retiree benefit, as is the spouse caring for the child, up to some maximum figure.  Is this the figure they use on the statement or does something else calcuate the max? I've seen references to maximum family benefit is from 150% to 180% of PIA.

 

I've looked at lots of calculators but none really seem to take into account the scenario of a retiree with a toddler and younger wife. 

 

It's all hurting my brain and we want to make the right decision obviously to maximize payouts.

 

Thanks for any info or referrals.

 

Deanne

 

 

Contributor

Anyone have any tools to help figure this out?  I was reading about the Maximize My Social Security calculator and household planner for $40/year. Anyone tried that?  Is it any good? 

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