Q & A
What’s the most effective way for a married couple to take Social Security benefits to maximize the survivor benefit and also receive income early?
Answer: If you need income as soon as possible, one strategy to follow is for the lower-earning spouse to file for a reduced benefit at age 62 on that individual’s work record and the higher-earning spouse to wait until age 70 for maximum benefits based on the higher earner’s own work history. When the first spouse dies, the surviving spouse can opt to receive the larger of the two spouse’s benefits for the remainder of retirement. Read more.
Source: http://individual.troweprice.com – September 14, 2013
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