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If you are married and ready to retire, you’ll need to consider the strategy you use to file for Social Security benefits carefully. The age at which both you and your spouse begin collecting benefits will affect not just the amount you receive as a couple today, but the amount of money available to the surviving spouse.
Because both spouses can claim benefits at different times and because the lower earning spouse may receive spousal benefits based on the higher earner’s work record, there are dozens of ways for married couples to claim Social Security. To maximize your family’s benefit, you must tailor your filing strategy to your unique income needs.
“The goal of a married couple should be to provide the largest survivors benefit,” said Marguerita Cheng, a financial professional with Blue Ocean Global Wealth in Potomac, Maryland. “It’s important for married couples to plan and coordinate when they start collecting Social Security.”
Spousal Social Security strategies: Planning for your joint life expectancy
If you and your spouse earned roughly the same in the workplace, it might make sense for both of you to delay claiming benefits to maximize the amount of your future monthly payout and the amount of benefit the surviving spouse will one day receive. (Learn more: Retirement catch-up)
To do so, however, you’ll need sufficient assets to cover your expenses after you retire, but before Social Security kicks in. That requires planning to ensure that your withdrawal rate from resources like your IRA, taxable brokerage account, or personal savings does not put you at risk of outliving your savings. A financial professional can help.
Timing is everything
When it comes to Social Security strategies for married couples, timing is everything. Why? They must plan for their joint life expectancy.
Couples with similar lifetime incomes and assets to support their cost of living until age 70, for example, may both opt to delay claiming Social Security until age 70 to increase the size of their future monthly payments.
But if you earn more than your spouse, you may opt to delay filing for benefits, allowing your payout to grow by 8 percent per year after you reach full retirement age — which ranges from 66 to 67 depending on your birth year — until age 70. The lower earning spouse could start collecting earlier than age 70 on their own record. This is called the “Split Filing Strategy”. The “Split Filing Strategy” creates a higher monthly benefit for one spouse but starts a lower cash flow sooner for the other spouse. One advantage of the “Split Strategy” is that it could lock in a higher rate of combined income while both are alive relative to both starting earlier. It also provides a higher payout one day in the future to the surviving spouse because those delayed retirement credits pass along to the survivor.
Spouses (even those who never worked) may claim a Social Security retirement benefit based on either their own earnings record or 50 percent of their spouse’s benefit as calculated at full retirement age — whichever is greater. You must be at least age 62 to file for spousal benefits or have a qualifying child in your care who is under age 16 or receiving Social Security disability benefits. You are not eligible for spousal benefits until your spouse files for his or her own benefit first. Spousal benefits also do not accrue delayed retirement credits, so there is no advantage for recipients to delay claiming benefits beyond their full retirement age. (Learn more: Understanding Social Security benefits for spouses)
Take note, however, that if you start taking benefits before your full retirement age, which again ranges from 66 to 67 depending on your birth year, the amount of your benefit will be permanently reduced by a percentage based on the number of months until your full retirement age.
For those collecting a benefit based on their spouse’s earnings record, the amount they would receive at age 62, for example, could be as little as 32.5 percent of the worker’s full retirement benefit. And, if the number of months before your own full retirement age exceeds 36, then the benefit you collect is reduced an additional 5/12 of 1 percent per month.1
Nearly one in four respondents (23 percent) to a recent survey by the Wharton School at the University of Pennsylvania regretted claiming Social Security retirement benefits too early. The older the respondents were, the more likely they were to express regret.2
In some cases, retirees file for benefits early because they undersaved and could not afford to wait. Others simply need the monthly income to cover medical bills, a loss of employment, or other unforeseen expenses. By doing so, however, they are effectively leaving free money on the table that they would otherwise be eligible to collect.
Of course, there may be good reasons for either of you to file before your full retirement age. Health concerns, a reduced life expectancy, and financial need are all important considerations.
Different rules may apply
Be aware that not all Social Security filing strategies are available to all retirees. The benefit filing option you choose should be based on the realities of your personal situation.
No matter how and when you choose to begin collecting your benefit, it’s a good idea to contact the Social Security Administration (SSA) ahead of time. That way, you can get the information you need to make an informed filing decision.
Important information for same-sex couples
The SSA encourages same-sex couples who get married to contact their office right away to protect against the loss of any potential benefits. The federal government recognizes same-sex couples’ marriages in all states, and some nonmarital legal relationships (such as some civil unions and domestic partnerships) for purposes of determining entitlement to Social Security benefits.3 (Learn more: Marriage perks for LGBTQ couples)
If you already receive retirement benefits, you must tell the SSA if you get married, enter a nonmarital legal relationship, or divorce because your marital status may affect your entitlement to benefits.
If you are in a same-sex marriage or non-marital legal same-sex relationship, or a surviving spouse of a same-sex marriage or non-marital legal same-sex relationship, Social Security encourages you to file right away for benefits. This allows Social Security to determine if you are entitled to any spousal or survivor benefits.
Take the guesswork out of your Social Security filing decision
For many retirees, Social Security is among their biggest source of guaranteed income. As such, your filing decision is too important for guesswork.
Learn more about your retirement benefits at www.ssa.gov or contact your local Social Security office. A good starting point is to set up your “my Social Security.” This is an easy and secure way to view your estimated benefits and earnings history. The SSA will use this information when it calculates your benefit, so be sure that it accurately reflects your work history.
Once you and your spouse have set up your individual “my Social Security” pages, your financial professional can help you explore different filing strategies. With this information, you will be better able to make an informed Social Security filing decision.
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Filing for Social Security retirement benefits
Setting financial goals: Retirement
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This article was first published in May 2018. It has been updated.
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1 Social Security Administration, “Social Security Benefits: Benefits for Spouses.”
2 Wharton School of the University of Pennsylvania, “Why Older Americans Regret Not Saving Early and Enough,” Jan. 23, 2023.
3 Social Security Administration, “Social Security: Same-Sex Couples.”
