If you are married, figuring out when you and your spouse will each take Social Security retirement benefits can be a complex decision with more than a few unintended consequences. Here are three questions that can help you make the best decisions for your Social Security benefits individually and as a couple.
Resources mentioned in this video:
My video: Calculating Social Security Spousal Benefits with Dual Entitlement
Spouse’s Guide to Social Security Survivor Benefits
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See Disclosures Below
⭐⚠️⭐Please read this⭐⚠️⭐
I am an actual practicing financial planner, but I’m not YOUR financial planner. Don’t take what I say as specific advice for your situation. Please consult with your own tax, legal and financial advisors.
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⚠️I am not an attorney or SSDI advocate. Furthermore, since I don’t really know you, I can’t give you advice. Please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors.
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Navigating Social Security For Couples
Social Security is a valuable program that provides financial security to retired and disabled individuals in the United States. As a couple, understanding how Social Security works and making informed decisions can greatly impact your retirement planning. Here are some important factors to consider when navigating Social Security as a couple.
Understanding Spousal Benefits:
One of the benefits of Social Security for couples is the ability to receive spousal benefits. If one spouse has a higher lifetime earnings record, the other spouse may be eligible to receive up to 50% of their partner’s benefits. This can be especially beneficial for couples where one spouse had lower or no income during their working years.
To qualify for spousal benefits, the spouse who wants to apply must be at least 62 years old and married to the higher-earning spouse for at least one year. It is also crucial to note that the higher-earning spouse must have already filed for their Social Security benefits to enable the other spouse to claim spousal benefits.
Timing is Key:
Another critical aspect of maximizing Social Security benefits as a couple is determining the optimal time to start claiming benefits. The timing can have a significant impact on the amount of monthly benefits received.
Generally, individuals become eligible for full Social Security benefits at their full retirement age (FRA), which is typically between 66 and 67 depending on the year of birth. However, benefits can be claimed as early as age 62, albeit at a reduced rate. On the other hand, delaying benefits beyond the FRA can result in an increase in monthly payments by a certain percentage, typically until age 70.
As a couple, it is essential to consider both spouses’ ages, health, and expected lifespan when deciding on the best time to claim Social Security benefits. For example, if one spouse is in good health and is likely to live longer, it might make sense to delay benefits to receive a higher monthly payment throughout retirement.
The concept of “file and suspend” can also be useful when planning Social Security as a couple. This strategy allows one spouse to file for benefits at FRA and then suspend them immediately, which enables the other spouse to claim spousal benefits, while the suspended benefits accrue delayed retirement credits.
Coordinating Benefits:
Coordinating and strategizing Social Security benefits with your partner is crucial to maximize your joint cumulative benefits. This involves understanding the benefits you and your spouse are eligible for and choosing the most appropriate filing strategy.
For example, both spouses may be entitled to their own retirement benefits based on their work record. In this case, each individual might consider maximizing their own benefits by filing for their individual benefits at different times while considering factors like health, age, and financial needs.
Additionally, survivor benefits must be taken into account by couples when planning their Social Security strategy. If one spouse passes away, the surviving spouse is usually entitled to the higher of the two spouses’ benefits. Therefore, it is essential to consider how the timing of benefits might affect the surviving spouse’s financial stability in the event of the other’s death.
Seek Professional Advice:
Navigating the complexities of Social Security can be challenging, particularly when factoring in the unique circumstances of a couple’s individual situation. Seeking advice from a financial advisor or a Social Security specialist can help couples fully understand their options and make informed decisions.
These professionals can offer personalized guidance by considering factors such as current financial situation, expected retirement age, medical conditions, and long-term financial goals. They can run different scenarios to determine the most effective filing strategy for maximizing lifetime benefits as a couple.
In conclusion, navigating Social Security as a couple requires careful consideration, planning, and coordination. Understanding the rules and various options available, such as spousal benefits, timing, and survivor benefits, is crucial to maximize your financial security during retirement. Seeking professional advice can provide further clarity and help you make the most optimal decisions for your specific circumstances.
Get a customized Social Security filing plan. Start with a complimentary consultation with my team of Registered Social Security Analysts https://www.devincarroll.com/consult-with-RSSA
I have a question about survivor benefits and WEP. I'm a state employee and my SS benefit will be affected by WEP. I've recalculated my FRA and delayed estimates to reflect what I would get from SS at those times (FRA and delayed). Basically my WEP reduction will reduce my SS benefit $557 per month. My wife and I have decided to wait to pull her SS benefit till she's 70 to get the maximum. She's actually 5.5 years older than I am. She'll already be pulling her max payment by the time I retire 4 months later. I'll then wait 2 years to pull my SS benefit when I turn 67. My question is this, If my SS benefit is $1000 a month (WEP reduced) at FRA and I'm receiving that payment and her payment is $1700 and she passes before me – what do I get for survivor benefit? If I'm understanding this correctly I can only get 100% of her FRA benefit which would be $1200, not the delayed benefit from her waiting till 70 to draw – correct? Does WEP play a part in any of that? TIA.
Thanks for the video, very helpful. Here is a clarifying question: I plan on waiting until my 100% FRA at age 67 to start collecting, my wife who also qualifies for SS under her income, but at 25% less than mine, wants to start collecting her SS at age 64. My question is will her decision to start collecting at age 64 will negatively impact what she will receive at my passing. I want her to switch from her SS to my at 100%, does she need to wait until she is also 67 of age for that the 100% survival benefit? Thanks in advance for tackling my question.
Hi Devin, Thank you for your efforts in imparting retirement/financial info to us, which we find tremendously helpful. I have a question. My wife is already receiving her monthly SS benefit. I’m waiting for my FRA that will start this Dec. 2022 to apply. Can I take advantage and apply for spousal benefits while waiting to start my own FRA SS benefits?
I have a question about the calculation of benefit?
I paid into Social Security 1974
Then two years 1975/1976
I paid in nothing
Then 1977-1995 i paid in
1996,1997, and 1998 again i did not as i was tax exempt working overseas
Then 1999 till present including
2022 i paying into still.
1 am 62, born Nov27, 1959 i am tentatively planning to retire now Dec 31, 2022
My question is how are those 35 years that count towards earnings going to be calculated?
Hi Devin, question on my situation. My wife is on Disability getting 1800.00 I am at FRA in March 23 and will get 2400.00. We were both born in 1956 so out FRA is 66 and 4 months. If I keep working can my wife get any additional money claiming spousal benefits?
I belive you made a bobo
When the divorce goes through before i retire, i am not too concerned about her?
My wife and my benefits are almost the same.
We are waiting for age 70 to file for SS, she reached FRA in November 2021 and me on December. The difference in the benefits between us according to the SSA calculator is about $150. Can each of us get the benefits from our own work record? No spousal benefits?
Hello sir. I live in Texas. I purchased your book via Amazon. The book just arrived and I just started reading. My question, if I taken non-attorney Appointed Representative Service license , May I refuse to get pay? I just want to help out my ethnicity in USA. I just think about helping out like friends to friends, they might don’t think I can help.
My wife and I retired early at 59 and 56.5. I have a pension and medical for both of us. Her income and SS benefit are only a little less than mine. So I took mine at 62 so we were not pulling as much from our IRA's. We are letting her SS grow and won't pull any till she's 70. Of course that is when MRD's start for me. I need to do more Roth conversions over the next few years.
I didn’t think the spousal benefit went up past full retirement age. You show the husband getting $3100 at age 70 and his wife waiting until 70 and getting $1550. But the spousal benefit would be based on the higher earners FRA benefit of $2400. And waiting past FRA for the wife would not increase it. So she would only get $1200 plus any COLAs.
You can tell in your videos your about your viewers. Not coming out with 3 or 4 useless videos like another channel I know. That channel B to B is about him making $$$ not viewers.
My thing is, my wife is 12 years younger than I am. Now I'm paying taxes on my Social Security.
I plan to early retire at 62 in a few months. Birthday is Sept 1st. My wife's earnings were much higher than mine. She early retires just a few months after me. Her 62nd Birthday is January 12th. Would my benefits be negatively effected since I retire a few months BEFORE she does?
Informative but I’m single and already on SS.
It's better not to marry and live t(job will only deduct the amount from your check) bemarried in the lord
My wife has a small work history.
If she can get SS it would be a small payment.
If she took her payment early how would that reduction hurt her when I take my SS at full retirement. ?
Also. Would that continue to hurt her when I pass. Would her survivor benefit be reduced because she took hers early even though I did not ?