Race Day Live When you’re married, retirement brings some extra benefits. You get the company of your partner during a phase where social connections matter more, and if both of you have savings, you can combine them to manage expenses like housing and travel better.
Another big plus is that both of you may qualify for Social Security benefits, giving you extra income and flexibility.
With Social Security, you have choices about when to claim benefits. You can start as early as age 62, but doing so reduces your monthly payments.
If you wait past your full retirement age (which depends on your birth year), your benefits increase, but only until you turn 70. After that, they stop growing.
If you’re married, it’s important to coordinate your Social Security filing strategy with your spouse. Should you claim benefits at the same time? The answer depends on your situation.
Let’s explore some common strategies to help you decide.
1. Claim Early to Get Money Sooner
If you and your spouse have saved a decent amount, you might decide to start claiming Social Security as soon as you’re eligible—at age 62. If you’re the same age, this means you’d both file for benefits simultaneously.
The advantage? You’ll have access to your benefits earlier, allowing you to leave your savings untouched for longer. This could be especially beneficial if your savings are in a Roth IRA or 401(k), as they could continue to grow tax-free.
The downside? Both of your Social Security checks will be reduced for life. If your savings aren’t strong enough to sustain you, this approach may not work well.
2. Claim Together at Full Retirement Age
Another option is for both of you to wait until your full retirement age to file for benefits. This guarantees you the full amount you’re entitled to, providing a higher combined income for the rest of your lives.
However, if your savings aren’t as robust as you’d like, it might be smarter for one of you to delay benefits even further. By waiting, the delayed benefits can grow larger, giving you more financial security down the line.
3. Stagger Claims for More Flexibility
One popular strategy for married couples is staggering their Social Security claims. Typically, the spouse with the smaller benefit claims first, while the spouse with the larger benefit delays their filing.
This approach has two benefits:
- It provides some income sooner, reducing the need to dip into your savings.
- The delayed benefits grow larger, ensuring higher payments later.
The higher earner is usually the one who delays filing because their benefit increases more significantly over time.
However, this isn’t a fixed rule. You could also claim the larger benefit first for more immediate income and delay the smaller one to maximize its growth potential.
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Consider Your Options
Every couple’s financial situation is unique, so there’s no one-size-fits-all answer. It’s important to evaluate different strategies and how they align with your savings and retirement goals.
Running the numbers or using online calculators can give you a clearer picture of what works best.
Additionally, consulting a financial advisor can be a smart move. They can provide expert guidance tailored to your specific needs, helping you make a more informed decision about when to claim Social Security.
Final Thoughts
Social Security offers plenty of flexibility, but choosing the right claiming strategy as a married couple is key to maximizing your benefits.
Whether you file early, wait until full retirement age, or stagger your claims, the goal is to balance your income needs with long-term financial security.
By carefully planning and seeking advice, you can set yourself up for a more comfortable retirement.
Disclaimer- Our team has thoroughly fact-checked this article to ensure its accuracy and maintain its credibility. We are committed to providing honest and reliable content for our readers.
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