My husband and I both work together and are paid as 1099 workers. We have the employer just split our earnings and they go into separate accounts so that we both have documented income. We receive separate 1099's. We pay our taxes, have our own health insurance with a HSA. We are approaching retirement age and like so many we aren't ready. My husband will be 62 this year and I'll be 56. I am studying the social security situation and trying to learn what would be the most advantage situation for us. These are my thoughts and questions:
Would it be better to have all of the income showing as paid to my husband to bolster his retirement benefit for the remaining working years that we have? The employer doesn't care- infact that was the way he wanted to pay at first put we made him change it.
If we did that then would he be able to apply at full retirement age and suspend so that I can apply for spousal benefits? We would simply save that money or invest for later and keep working. We were both looking at working until 70 because we believe we won't be able to afford to do anything else. We wouldn't want to incur any more taxes that's for sure, we pay enough already.
Any suggestions would be helpful. We are both healthy, work a job that we love with a very good income. We can honestly see ourselves working another 10 years as long as we can keep licensure together. We are near to having the mortgage paid, but due to a myriad of setbacks over the years (I won't bore you) there is just not anything for retirement. So it's not a great situation but I don't think it's quite hopeless yet.