Social Security claims are simply easier to file when you’re single because there are less options compared to being married and claiming.
How you choose to claim your benefits can have a direct impact on your spouse, so it’s always important to keep that in mind when the time comes to file.
It can already be complicated enough when a person is trying to decide what’s best for themselves when they want to retire.
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The age at which you choose to retire will have a direct impact on what you make every month after that.
If you choose to not wait until your full retirement age of 66-67, and instead retire as early as age 62, you’ll be taking a significant cut in monthly payments for the remainder of your retirement.
If you retire at your full retirement age of 66-67, you’ll get the amount you’re entitled to based on your 35 highest earning years.
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Even better, if you can manage to wait until age 70, you’ll make the highest amount per month you can possibly make.
These choices all come with a list of pros and cons, and can be hard to make just by themselves. What makes it more complicated is when you add another person to the scenario.
What are some things to keep in mind when it comes to your spouse and your Social Security?
You need to keep some things in mind if you want your benefits to not only take care of you, but of your spouse as well.
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One thing you want to consider is whether you think your spouse is going to outlive you or not.
If your spouse is far younger than you or you have health issues that will lead to your spouse outliving you, it may be worth it to wait to collect as long as possible.
The longer you wait, the more your spouse will get from survivor’s benefits based on your working history.
Another thing to consider is if your spouse has their own Social Security to look forward to.
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If your spouse does not have a working history, they may be entitled to half of your benefits upon retirement.
If you collect $1,500 then they can look forward to $750 per month.
In order for them to get benefits you need to be getting benefits. The longer you delay your benefits, the longer you’re delaying theirs.
It’s best to talk it over with your spouse to really figure out what the best course of action is for the both of you when you do finally decide to retire.
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