Oh, that had to hurt!
If you ever listen to public radio, Joy Cardine has a program called On Your Money. It's a financial adviser who takes calls from listeners. She's retiring soon, so I'm not sure if that show will be continued.
If both of you retire at 62 and got about $1200. each per month, that's $115,000 each by the time you turn 70, or $230,000. combined. You can adjust that figure based on real estimates. I'm not sure what the difference is between your SS benefit at 62 and 70, but I'm sure it's not double. If it were double, you'd have to collect for 8 years to recover your losses. If it's 25% more, it would take 16 years to recover what you lost. I know it's not rocket science, but it's food for thought. Also, you can earn as much as you want once you're 65.
My Dad died one month before he turned 62. I wasn't going to take any chances.
