Take Spouse’s Needs Into Account When Claiming Social Security
For singles, the decision of when to file for Social Security boils down to your needs alone. If married, however, the stakes are higher because the choices you make regarding your benefits could dictate how much Social Security income your spouse collects in retirement. If you pass away and leave a spouse behind, he/she is entitled to a survivors benefit equal 100% of your benefit, as long as your spouse claims them at his/her full retirement age. Survivors benefits are available to widows once they reach age 60. But just as you’ll reduce your own Social Security benefits by claiming them early, so too will your spouse lower his/her benefits by filing ahead of full retirement age. Read Maurie Backman’s full piece here for more on the topic.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.