Please exercise some patience this morning - I would much appreciate it. You must understand that when I don't get an immediate response from you, I understand that you have left briefly to attend other business, and so I must do the same, as I am at work and can not just sit and wait. Disabled clients await. However, I do want to help you.
OK, that said:
You stated You are collecting 1117 which you started only 3 months early, so you were nearly 66. To simplify it, we will round that to be your primary insurance amount. However, that does not jive with 4 dependents collecting 272 each, as you noted above, as that would mean your family max is well over 200%, and the maximum by law is 180% for very high earners.
And you state that you as a family are getting 2205, with 1117 being yours - that leaves 1088 for the family or the 272 you indicate. But that would mean perhaps that you did not start collecting at / near your FRA, but earlier, such as at age 62. Did you mean 62+3 months? Rather than only 3 months early?
Here is the scoop on what will happen if your wife works - first, she has a 15720 earnings limit - after that she must pay back $1 for every $2 earned. BUT, this is NOT a reason for her to stop earning or keep it reduced! This is because if she can no longer collect dependent benefit, for any reason, including no longer having a child under 16 in her care, or because she earns to much, the portion that SHE would have gotten goes back into the family pot to be shared by the 3 kids - so your family SS income will not be reduced at all. AND, even when Mom and 1 child age out or are no longer eligible, leaving only 2 kid dependents, those 2 kids will share the pot by collecting more. This is because they will increase their take until it hits 50% of your PIA, subject to the family max, of course. At worst, when only one kid is left, he will get his 50% max, and that may, combined with yours, be less than your total amount now, but until that time, no, you will keep getting the same.
is about 25% less than your full SS. That means your primary insurance amount is 1490, roughly.