Social Security Spousal Benefit Maximization
To maximize social security with spousal benefits, several strategies can be considered:
Coordinate your retirement benefits: If you and your spouse are both eligible for retirement benefits, you should coordinate your benefits to maximize your total income. You can choose to receive your own retirement benefits or claim spousal benefits.
Delay claiming your benefits: If you can afford to delay claiming your retirement benefits until your full retirement age or even beyond, you can increase the amount of your benefits. The longer you delay, the higher your benefits will be.
Claim spousal benefits: If you are married, you can claim spousal benefits based on your spouse's earnings record. You can claim up to 50% of your spouse's full retirement age benefit if you have reached your own full retirement age.
File and suspend strategy: If you and your spouse have reached full retirement age, you can use the file and suspend strategy. This means you file for your retirement benefits but immediately suspend them. This allows your spouse to claim spousal benefits while your benefits grow.
Restricted application strategy: If you were born before January 2, 1954, you might be eligible to use the restricted application strategy. This means that you can choose to claim only spousal benefits and delay claiming your own retirement benefits until later, allowing them to grow in value.
