Should You and Your Spouse Claim Social Security Together?

Spouse Claim Social Security

Credit: Pexels

Smart Strategies for Couples to Maximize Social Security Benefits

Deciding when to claim Social Security benefits is a big financial decision, and if you’re married, it gets even trickier. Should you and your spouse start collecting at the same time, or would staggering your claims be a smarter move? There’s no one-size-fits-all answer, but by understanding your options, you can make the best choice for your financial future.

Understanding Social Security Timing

Social Security benefits can be claimed as early as age 62, but waiting until full retirement age (usually between 66 and 67, depending on your birth year) or even until age 70 can significantly increase your monthly payments. This decision becomes even more strategic when you consider your spouse’s benefits.

When It Might Make Sense to Claim Together

For some couples, claiming Social Security at the same time can be beneficial:

  • You both need the income immediately – If you’re both retiring at the same time and need the money to cover expenses, claiming together could be a practical choice.
  • You have similar earnings histories – If your benefits are nearly the same, there may be little advantage to waiting for one spouse to claim later.
  • You don’t expect to live into your 80s or beyond – If health concerns or family history suggest a shorter lifespan, claiming earlier can ensure you get the most out of your benefits.

When Staggering Your Claims Is the Better Move

In many cases, it’s actually smarter for spouses to claim benefits at different times. Here’s why:

  • Maximizing the higher-earning spouse’s benefit – If one of you earned significantly more than the other, delaying their benefits until age 70 can result in much larger monthly payments. This can provide greater financial security, especially if the higher earner lives longer.
  • Taking advantage of spousal benefits – A lower-earning spouse can claim spousal benefits (up to 50% of the higher earner’s benefit at full retirement age) while allowing the higher earner’s benefit to grow.
  • Tax efficiency – Claiming benefits together may push you into a higher tax bracket. Spreading out when you start collecting can help manage tax liability.
  • Survivor benefits – If the higher-earning spouse delays claiming, the surviving spouse will receive a larger benefit after they pass away, providing more financial stability.

Key Questions to Ask Before Deciding

To determine the best strategy, consider these factors:

✅ What are your expected expenses in retirement?
✅ How does your health and family longevity history look?
✅ How much have you saved in other retirement accounts?
✅ What are your expected Social Security benefits? (You can check at SSA.gov)
✅ Would delaying benefits help reduce your tax burden?

The Bottom Line

Claiming Social Security at the same time as your spouse might work for some couples, but in many cases, staggering claims leads to a better financial outcome. The best approach depends on your income history, health, lifestyle, and overall retirement plan. Before making a decision, consider speaking with a financial advisor to ensure you maximize your benefits and secure a comfortable retirement.

Written by  
2 weeks ago