Couples Should Consider This Social Security Move
Social Security can be a crucial source of income during retirement, but the timing of when you claim benefits can significantly impact the amount you receive for the rest of your life. This decision becomes even more complex for spouses, as there are various factors to consider such as each spouse’s age, career earnings, and potential survivor benefits.
One strategy that couples can consider is the split-claiming strategy. This approach involves one spouse delaying their Social Security benefits until age 70 to receive the maximum benefit, while the other spouse claims benefits earlier if needed. This can be especially beneficial for the higher-earning spouse, as delaying benefits can result in a higher survivor benefit for the lower-earning spouse in the future.
It’s important to take into account the health of each spouse when deciding on the claiming strategy. For example, a spouse with a history of health issues may benefit from claiming benefits earlier, while a healthier spouse may consider delaying to maximize their benefits and survivor benefits in the long run.
The decision to implement the split-claiming strategy may vary depending on the couple’s financial situation and health outlook. Couples with some savings and part-time income may find this strategy useful in bridging any financial gaps, while couples in good health with above-average longevity may not benefit as much from delaying benefits.
Before making any decisions, it’s essential to check your personalized Social Security estimates on the Social Security Administration’s website. This information can help you make an informed decision about when to claim benefits and how to optimize your claiming window for maximum financial security.
In conclusion, the split-claiming strategy can be a valuable tool for couples navigating the complexities of Social Security benefits. By carefully considering each spouse’s age, health, and financial situation, couples can make informed decisions that will benefit them in the long run.
