This alternative plan has the husband work until age 70. It should be compared to the Base Plan. This alternative plan illustrates a common what-if scenario question: When can I retire? What if I work longer (or retire early)? Again, we see illustrated here the advantage of allowing MaxiFi to discover annual spending as opposed to having the user specify annual spending ("income needed") because the consequences of a decision like this are revealed as a change in living standard or spending, not in probability of the model's success.
By selecting the name of the spouse, the retirement age variable can be changed. This variable can be used in the current/future earnings setting as well as in the retirement contributions settings. By changing the age as shown below, it thus also changes this variable in earnings and retirement contributions to align these variables.
As we see below, there is a significant advantage to working through to age 70. Not only do lifetime labor earnings go up but so does the Social Security benefit. Of course lifetime taxes and other factors mitigate this advantage, on the whole, there is $13,682 more to spend each year, adjusted for inflation, for all of the years in the plan.
