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Married Couples Have Options For Maximizing Social Security Benefits - The Motley Fool
Married couples should look at options to maximize Social Security benefits. With inflation steadily rising and the average life expectancy increasing, it may be more important than ever to maximize your Social Security benefits to offset your other retirement funds. Financial advisors tend to say you need enough money to live on for 30 years after you retire. Both your life expectancies should be taken into consideration. Of course, no one knows how long they will live, but you should look at your family history.
As a couple, it is important to consider the amounts of each of your benefits when deciding when each of you should start receiving benefits. Look to see if one of you will be eligible for a spousal benefit, which becomes available when 50% of the higher earner’s full retirement age (FRA) benefit is more than 100% of the lower earner’s FRA benefit. You also need to consider the surviving spouse, regardless of who it is. The surviving spouse will only keep the higher of the two benefits; the lower benefit will end. How heavily will the surviving spouse depend on it?
Maurice Backman has written an article on the advantages of marriage from a Social Security perspective. To discover how these advantages could benefit you, read her full article here…
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If you have Social Security questions, email them to ssadvisor@amacfoundation.org or call (888) 750-2622 to speak with an Accredited Social Security Advisor.