Maximizing Your Social Security Benefits For Couples
When it comes to planning for retirement, maximizing your Social Security benefits is crucial for ensuring a comfortable lifestyle. As a couple, coordinating your claiming strategies can make a big difference in the amount of benefits you receive.
In this article, we’ll provide tips for couples on how to maximize their Social Security benefits.
The Best Way To Maximize Your Social Security
Eligibility for spousal benefits
A married person can claim spousal benefits of up to 50% of their spouse’s benefit, as long as they are at least 62 years old and the spouse has already filed for their benefits.
It’s important to note that if both spouses are eligible for benefits, they will each receive the larger of the two benefit amounts.
Claiming strategies for married couples
One strategy for married couples is to coordinate their claiming ages in order to maximize their combined benefits. For example, if one spouse has a significantly higher earning history, they may want to delay claiming their benefits until reaching their full retirement age or even age 70, while the other spouse claims their benefits earlier.
This can result in one spouse receiving a larger benefit amount, while the other spouse receives a smaller but more immediate benefit.
It’s important for couples to consider survivor benefits in their claiming strategy as well. A surviving spouse can receive the higher of their own benefit or a survivor benefit, which is equal to the deceased spouse’s benefit.
Understanding how survivor benefits are calculated and how different claiming strategies may affect them can be helpful in the decision-making process.
When planning for Social Security benefits, it’s important to also consider other retirement income sources, such as pensions and savings.
Additionally, it’s important to be aware of how taxes may apply to a portion of your Social Security benefits if you have other income sources.
Start Today Maximizing Your Social Security
Maximizing your Social Security benefits as a couple requires careful planning and understanding of the various options available. Coordinating your claiming strategies with your spouse can make a big difference in the amount of benefits you receive.
It is recommended to consult with a financial advisor and use online resources such as the Social Security Administration’s website for more information. Keep in mind that planning ahead is key for ensuring a comfortable retirement for both you and your partner.