Broker Check

Social Security Planning

When it comes to making the most of Social Security, a little education goes a long way. Understanding the options and making the right decisions can make a huge difference in the total amount of benefits received. Knowing the most effective strategies becomes even more important when it comes to planning for married couples, because the options get complex. 

  • Spousal Benefits 
    • Decision to delay benefits must be evaluated based on the life expectancy and health of both members of the couple
    • Delay benefits of higher-earning spouse as long as possible, but start the benefits for the lower-earning spouse as soon as possible
  • Changes to Social Security
    • The end of two spousal benefits - Suspending for Maximum Benefits (Ends April 30, 2016)
    • Switching between benefits (Spouse must have turned 62 by January 1, 2016)
  • Eligibility for Non-Working Spouses
  • Divorce Benefits
  • Widowed Benefits
  • Claiming Strategies for Singles

Making the most of Social Security benefits is a complicated process for married couples. When creating a plan, it's important to look at the scenario from all angles. Depending on the age, health, and work histories of both spouses, married couples can coordinate benefits in a number of different ways to maximize their Social Security payouts over the lifetime of their retirements.