How should married couples plan Social Security?

Question

At the moment, my spouse and I are approaching the ages when Social Security claiming decisions become important. At the moment, our earnings histories are different and one of us may continue working, so the best timing may not be the same for both of us. At the moment, the decision could affect roughly $45,000 in my situation, so I want to compare the tradeoffs instead of using a rule of thumb.

Soradin · Accepted Answer

Each spouse's age, earnings record, survivor benefit, and retirement timing should be considered together. When the options are compared, social Security claiming affects lifetime income and survivor protection. Within the broader financial plan, model the claiming decision with the household's other income, taxes, work plans, and survivor needs rather than using a single break even age.

How should married couples plan Social Security?

Soradin

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