When to start Social Security benefits can have big effects on your long-term retirement income plan. Taking Social Security too early could lead to costly mistakes for both you and your spouse.

Before you make any decisions, be sure to plan around a few scenarios to see if delaying your Social Security benefits could impact you and your spouse. Here’s an example of a married couple who benefited from delaying their Social Security benefits by 3 years.

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When planning for retirement, many couples focus on maximizing their own Social Security benefits. However, what many people don’t realize is that the timing of when one spouse starts to claim benefits can have a significant impact on the other’s benefits as well.

Social Security benefits are based on a complex formula that takes into account factors such as the individual’s work history and the age at which the benefits are claimed. For married couples, there are additional considerations to take into account, such as spousal benefits and survivor benefits.

Spousal benefits allow a non-working or lower-earning spouse to claim a portion of their partner’s Social Security benefits. To qualify, the couple must have been married for at least 10 years and the claiming spouse must be at least 62 years old. The claiming spouse can receive up to 50% of their partner’s benefit amount.

Survivor benefits provide financial support to the surviving spouse after the other has passed away. The amount of the benefit is based on the deceased spouse’s work history and the age at which they started claiming benefits.

So, how does the timing of when one spouse starts claiming benefits affect the other’s benefits?

If the higher-earning spouse delays claiming benefits until age 70, their benefit amount will increase by 8% per year. This can result in a significantly higher benefit amount for both spouses over the long term, especially if the higher-earning spouse has a longer life expectancy.

Additionally, if the higher-earning spouse passes away first, the surviving spouse will receive a higher survivor benefit based on the delayed claiming. This can provide much-needed financial support during a difficult time.

On the other hand, if the higher-earning spouse claims benefits early, before reaching full retirement age, their benefit amount will be permanently reduced. This means that both the claiming spouse and their spouse who may be collecting a spousal or survivor benefit will receive a lower amount for the rest of their lives.

It’s important for couples to discuss their Social Security claiming strategy and consider the impact it will have on both individuals. Delaying the higher-earning spouse’s benefits can provide significant financial benefits for both spouses over the long term.

In conclusion, when it comes to Social Security claiming strategies, timing is everything. It’s crucial for couples to carefully consider the impact of their decisions on both spouses’ benefits and plan accordingly. By taking the time to plan and strategize, couples can maximize their Social Security benefits and secure their financial future during retirement.