Retiring as a couple is an exciting chapter of life. But did you know that the way you plan your retirement together can actually increase the amount you get from Social Security? Many couples don’t realize there are strategies that can help maximize these benefits and make their retirement income last longer.
In this article, we’ll explain how couples can approach Social Security in a smart way to boost their monthly checks. Whether you’re both retiring at the same time or planning to stagger your benefits, these tips will help you get the most out of your Social Security payments.
Understanding Social Security Benefits for Couples
Social Security isn’t just about the amount each individual earns. When you’re married, the Social Security system offers several benefits designed to support couples. This includes spousal benefits and survivor benefits, which can sometimes increase the total household income from Social Security.
If one spouse earned significantly more than the other during their working years, the lower-earning spouse may be eligible to receive a benefit based on the higher earner’s record. This can help even out income and make retirement more comfortable.
Timing is Key: When Should Each Spouse Claim?
One of the most important factors in maximizing Social Security benefits is timing. You can start claiming benefits as early as age 62, but the amount you get will be less than your full retirement benefit. If you delay claiming benefits until your full retirement age (usually between 66 and 67) or even up to age 70, your monthly payment will be higher.
For couples, it can make sense for the lower-earning spouse to claim benefits earlier while the higher-earning spouse delays. This strategy lets you collect some benefits now while allowing the other spouse’s benefit to grow. The longer you wait to claim, the larger the payment becomes, up to age 70.
Consider the “File and Suspend” Strategy
Though some Social Security rules have changed in recent years, certain filing strategies still help couples get more from the system. For example, the “file and suspend” strategy lets one spouse file for benefits but suspend collecting them, allowing the other spouse to claim spousal benefits earlier.
This approach is only available in limited cases now, so it’s important to check current Social Security rules or talk to a financial advisor to see if this applies to your situation.
Survivor Benefits Can Make a Big Difference
Another benefit for married couples is the survivor benefit. If one spouse passes away, the surviving spouse may be eligible to receive the higher Social Security benefit amount of their deceased spouse. This can provide vital financial support in difficult times.
To maximize survivor benefits, couples can plan when and how they claim their benefits to increase the higher earner’s monthly amount before passing.
How to Apply for Social Security Benefits as a Couple
Applying for Social Security benefits is simple but requires some planning. Both spouses should create accounts on the Social Security Administration (SSA) website. You can use the SSA’s online calculators to estimate your benefits based on different claiming ages and strategies.
The SSA website (https://www.ssa.gov) also offers detailed information on spousal and survivor benefits, eligibility rules, and how to apply online or by phone.
Why Early Planning Matters
The key to maximizing Social Security as a couple is early planning. Discuss your options well before you reach retirement age. This way, you can choose the claiming strategy that works best for your financial needs and life goals.
Delaying benefits might not work for everyone, especially if health or other factors come into play. But understanding your choices helps you avoid costly mistakes and get the best financial outcome from Social Security.
Summary
Retiring together gives you a unique opportunity to increase your combined Social Security benefits. By understanding spousal and survivor benefits, timing your claims carefully, and using smart strategies, couples can boost their retirement income. Visit the official Social Security website for personalized estimates and get advice from a trusted financial planner to make the best plan for your retirement.
