I know about waiting to collect till age 70 letting benefits increase after FRA, and I know about file and suspend so a spouse can start collecting spousal benefits while other spouse keeps working and letting their benefit increase.
The thing is is it really better to wait allowing the benefit to grow, assuming the working spouse is still working, OR is it better to start collecting full benefit at FRA, and bank that money, even paying taxes on it until one stops working, say here age 70. you would still be getting any COLA that might be given during those years, so benefit could in fact increase, perhaps not 8% a year but still probably something.
and since no one knows how long they will live, if you work till 70 then die in a few months for instance, at least you have banked that money which is there for the spouse or family etc.
Now it is true that the non working spouse, in this case would then only get what the FRA benefit + COLA was but they would have saved or invested the other money in the mean time too.
So what are the general thoughts on this method vs. the first ones mentioned?
As I say we are assuming a non working, never worked, spouse and a highly paid working spouse.