When you’re single, strategizing for Social Security can seem straightforward since you only need to consider your financial needs and retirement goals. On the other hand, things become more complex when you’re married. Your filing decisions could greatly influence your spouse’s financial stability, both during your lifetime and after you’re gone.
Exploring Various Social Security Filing Strategies
There are several paths you could tread when it comes to Social Security filing. You could claim your benefits early to expedite the inflow of funds, supporting a sooner retirement for you and your spouse. Alternatively, you could file at your full retirement age to sidestep any potential reduction in benefits. Or, defer your Social Security filing beyond the full retirement age to maximize your monthly benefits.
After turning 70, further delay of Social Security benefits is unwarranted as your monthly benefits cease to increase after this point. However, filing for Social Security at 70 might be prudent if you significantly outpace your spouse in age.
Maximizing Your Spouse’s Income Through Social Security
It’s nearly impossible to forecast the lifespan of you and your spouse accurately. Yet, if you’re considerably older, there’s a likelihood that your spouse might outlive you. In such a situation, claiming Social Security at 70 could be the most beneficial decision for your partner.
Why? Upon your demise, your spouse is eligible for survivor’s benefits from Social Security. This benefit corresponds to the monthly use you received when you were alive. The larger the gift you receive, the more considerable the income stream you can leave behind for your spouse.
By claiming Social Security at 70, you ensure the maximum possible monthly payout for your spouse. If you and your spouse’s collective savings or other assets aren’t substantial, delaying your Social Security filing until 70 could prevent your spouse from facing financial hardships after you’re gone.
Engaging in Constructive Conversations About Social Security Filing
Your prime objective may be to ensure your spouse’s financial stability during your lifetime and beyond. Achieving this heavily depends on adopting an optimal Social Security filing strategy.
However, discussing the matter with your spouse before deciding to delay Social Security until you reach 70 is crucial. Your partner might prefer you claim benefits earlier to enjoy a lengthier retirement together. They also have alternative strategies for generating income post your demise, relieving some financial burden.
Wanting to secure your spouse’s financial future is commendable, but incorporating their perspective into your Social Security filing decisions is equally critical.