See below 3 ways that may help married couples boost their lifetime benefits:
- A couple with similar incomes and ages may want to consider maximizing lifetime benefits by both delaying their claim.
- For couples with big differences in earnings, consider claiming the spousal benefit which may be better than claiming your own.
- A couple with shorter life expectancies may want to consider claiming earlier.
Married couples may have some advantages when deciding how and when to claim Social Security. Even though the basic rules apply to everyone, a couple has more options than a single person because each member of a couple can claim at different dates, and may be eligible for spousal benefits.
Making the most of Social Security requires some strategy to take advantage of the basic benefit rules, however. After you reach age 62, for every year you postpone taking Social Security (up to age 70), you could receive up to 8% more in future monthly payments. (Once you reach age 70, increases stop, so there is no benefit to waiting past age 70.) Members of a couple may also have the option of claiming benefits based on their own work record, or 50% of their spouse’s benefit. For couples with big differences in earnings, claiming the spousal benefit may be better than claiming your own.