Should both spouses delay Social Security?

Delay Both Spouses' Benefits

The latest age one can delay benefits and receive Delayed Retirement Credits is age 70. Further, a strategy whereby both spouses delay Social Security claiming to age 70 may prove more tax efficient than starting benefits earlier.

Should both spouses wait until 70 for Social Security?

Both wait until age 70 to claim benefits

If you or your spouse (or even both of you!) can wait until you're 70, you'll receive your highest Social Security payments—up to 132% of your primary insurance amount (PIA) if your full retirement age (FRA) is 66, and 124% of your PIA if your FRA is 67.

How does Social Security work for two spouses?

Each spouse can claim their own retirement benefit based solely on their individual earnings history. You can both collect your full amounts at the same time. However, your spouse's earnings could affect the overall amount you get from Social Security, if you receive spousal benefits.

How should married couple file for Social Security?

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.

Can I collect spousal benefits and delay my own Social Security?

You cannot collect benefits on the record of a current spouse who has not yet filed for, or has suspended, his or her own retirement payment.

When Both Spouses Shouldn't Delay Social Security

Can I file for my Social Security at 66 and switch to spousal benefits later?

Under this provision, you don't have a choice whether to wait and switch. When you apply for your retirement benefit, you're also automatically deemed to be applying for spousal benefits, if you're entitled to them.

Can I collect my Social Security at 62 and switch to spousal benefits later?

If your spouse is not receiving any retirement benefits yet, then you could technically take your regular Social Security benefit as early as age 62. When your spouse files for their benefit later you could switch to spousal benefits.

Does a married couple receive 2 Social Security checks?

Not when it comes to each spouse's own benefit. Both can receive retirement payments based on their respective earnings records and the age when they claimed benefits. One payment does not offset or affect the other.

Which spouse should take Social Security first?

If you qualify for your own retirement and spouse's benefits, we will always pay your own benefits first. If your benefit amount as a spouse is higher than your own retirement benefit, you will get a combination of the two benefits that equals the higher amount.

How do I get the $16728 Social Security bonus?

Who is eligible for Social Security bonus? For every year that you delay claiming past full retirement age, your monthly benefits will get an 8% “bonus.” That amounts to a whopping 24% if you wait to file until age 70.

What is the Social Security loophole?

The Voluntary Suspension Loophole

This Social Security loophole allowed a married worker to voluntarily suspend his/her own benefits after full retirement age, allowing the spouse to receive spousal benefits while the worker was not collecting benefits.

What is the maximum Social Security benefit for a married couple in 2023?

The monthly maximum Federal amounts for 2023 are $914 for an eligible individual, $1,371 for an eligible individual with an eligible spouse, and $458 for an essential person.

What is the marriage penalty for Social Security?

If you get Social Security disability or retirement benefits and you marry, your benefit will stay the same.

At what age is Social Security no longer taxed?

There is no age at which you will no longer be taxed on Social Security payments.

Is it better to take Social Security at 67 or 70?

If you start receiving retirement benefits at age: 67, you'll get 108 percent of the monthly benefit because you delayed getting benefits for 12 months. 70, you'll get 132 percent of the monthly benefit because you delayed getting benefits for 48 months.

Is it better to take Social Security at 62 or 67?

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

Can I take my husband's Social Security instead of mine?

You cannot receive spouse's benefits unless your spouse is receiving his or her retirement benefits (except for divorced spouses).

At what age can I collect 1 2 of my husband's Social Security?

You can collect spousal benefits as early as age 62, but in most cases, the benefits are reduced permanently if you start collecting early. If your own work history earns a higher benefit, you'll receive that amount rather than the spousal benefit.

When can spouse draw half Social Security?

Even if they have never worked under Social Security, your spouse may be eligible for benefits if they are at least 62 years of age and you are receiving retirement or disability benefits. Your spouse can also qualify for Medicare at age 65.

Do both spouses get full Social Security benefits?

The spousal benefit can be as much as half of the worker's "primary insurance amount," depending on the spouse's age at retirement. If the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit.

What is the highest Social Security payment?

The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2023, your maximum benefit would be $3,627. However, if you retire at age 62 in 2023, your maximum benefit would be $2,572. If you retire at age 70 in 2023, your maximum benefit would be $4,555.

What is the Social Security 5 year rule?

You must have worked and paid Social Security taxes in five of the last 10 years. If you also get a pension from a job where you didn't pay Social Security taxes (e.g., a civil service or teacher's pension), your Social Security benefit might be reduced.

What is the maximum Social Security benefit for a married couple in 2022?

The maximum possible Social Security benefit in 2022 is $4,194 per month, or $50,328 for the year.

Is Social Security less if you are married?

Marriage has no impact on your Social Security retirement benefit, which is based on your work record and earnings history. You and your spouse, assuming he or she also qualifies for retirement benefits, each collect your own separate benefits, and the amounts do not limit or otherwise affect each other.

Is it better to be married or single in retirement?

One of the most significant advantages of marriage is eligibility for Social Security spousal and survival benefits. First, as a married couple, you're each eligible to collect your own Social Security benefit or up to 50 percent of your spouse's benefit, whichever is greater.