Maximizing Social Security Benefits for Married Couples
Strategies for Married Couples to Maximize Social Security Benefits
Spouses can work together to get the most from Social Security. If you're married, it's not a given that both you and your spouse will be eligible for Social Security. It may be that only one of you is entitled to benefits because the other stayed out of the workforce to raise children.
1. Have both spouses claim benefits at full retirement age
Full retirement age (FRA) is crucial for maximizing your monthly benefit. Claiming at FRA ensures you receive your full payment without reductions. Opting for early retirement may lead to lower benefits.
- Claim benefits at FRA to receive full payments
- Avoid early retirement to maintain financial stability
2. Have both spouses delay Social Security
Delaying benefits can increase your monthly payments, especially if you wait until age 70. This strategy can provide a significant income boost for your retirement years.
- Delay both spouses' claims for higher monthly income
- Consider postponing retirement to maximize Social Security benefits
3. Have one spouse delay Social Security while the other files at FRA
Strategically choosing which spouse delays benefits can optimize your household income. By evaluating each partner's benefit amount, you can make informed decisions for a more secure future.
- Coordinate benefit delays based on financial circumstances
- Select the higher earner to delay for larger monthly income
Married couples with dual eligibility for Social Security have various approaches to enhance their benefits. By planning and discussing the best filing options, you can secure a stable financial future for your retirement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.