Should both spouses wait until 70 for Social Security?

No, it's not always best for both spouses to wait until 70 for Social Security; often, a staggered strategy maximizing the higher earner's benefit while the lower earner claims earlier (sometimes as a spousal benefit) provides more household income sooner and boosts the survivor benefit, though waiting until 70 for both works best for high-income couples with long life expectancies and ample savings to bridge the gap. The decision depends on income, health, savings, and life expectancy, with the higher earner gaining more by delaying due to larger percentage increases.

What is the best Social Security strategy for married couples?

Social Security tips for couples

• A couple with similar incomes and ages and long life expectancies may want to consider maximizing lifetime benefits by both delaying their claim.
• For couples with big differences in earnings, consider claiming the spousal benefit, which may be better than claiming your own.

Can I collect spousal benefits and wait until I am 70?

your spouse can collect spousal benefit now and claim her own benefits at age 70.

Is it worth delaying Social Security to age 70?

Waiting until age 70 to collect Social Security generally yields the highest monthly benefit, offering a significant, inflation-adjusted income boost for life, which many experts recommend as a strong financial move, though individual health, other income, and life expectancy play crucial roles in the best decision for you. Delaying past your Full Retirement Age (FRA) adds "Delayed Retirement Credits," increasing your payout by about 8% annually until age 70, with no further increase after that. However, some analyses suggest claiming earlier could be better if you have low life expectancy or significant investment returns elsewhere, so consider a personalized breakeven analysis. 

Should one spouse take Social Security early?

Social Security Strategies for Spouses

With the first strategy, sometimes called the “62/70 split,” the lower-earning spouse takes Social Security as early as age 62 and the higher-earning spouse postpones filing until age 70 to maximize his or her benefit.

Why One Spouse Claims Social Security at 62 and the Other Delays to 70

What is the spousal rule for Social Security?

Social Security spousal rules allow a spouse (or ex-spouse) to receive benefits based on their partner's earnings, up to 50% of the higher earner's full benefit, if married at least a year (or 10 for divorced), and the spouse is at least 62 or caring for a qualifying child. You'll get the higher of your own retirement benefit or the spousal benefit, and claiming early (before your Full Retirement Age, FRA) reduces the amount, but waiting past FRA (up to age 70) increases it.
 

What is one of the biggest mistakes people make regarding Social Security?

Claiming Benefits Too Early

One of the biggest mistakes people make is claiming Social Security benefits as soon as they're eligible, which is at age 62. While getting money sooner can be tempting, claiming early has a significant downside: your monthly benefit will be reduced.

What is the smartest age to collect Social Security?

The "smartest" age to collect Social Security varies, but age 70 is often statistically best for maximizing lifetime benefits, as monthly checks grow significantly until then, especially for higher earners and those expecting long lives; however, claiming at Full Retirement Age (FRA) (67 for most) secures 100% of benefits, while taking it as early as 62 provides income sooner but permanently reduces payments, making it ideal for those with immediate financial needs or shorter life expectancies. 

What does Suze Orman say about taking Social Security early?

Suze Orman says claiming Social Security too soon could drain your income and destabilize your retirement years before they even begin. Many people know they can claim benefits at 62. Fewer realize how much that decision could cost over time.

Who qualifies for an extra $144 added to their Social Security?

You qualify for an extra ~$144 on your Social Security check if you have a Medicare Advantage (Part C) plan with a "Part B Giveback" benefit, which refunds some or all of your Medicare Part B premium, appearing as extra cash in your check, but eligibility depends on living in the plan's service area and paying your own Part B premiums. The "144" figure was common when the Part B premium was around that amount, but the actual refund varies by plan and location, potentially exceeding the full premium. 

Do married couples get two Social Security checks?

Yes, married couples generally receive two separate Social Security checks, one for each spouse based on their own earnings record, or a higher spousal benefit if it's more than their own, but they don't get both amounts added together; the system pays the higher benefit, not double. Each person can collect their own retirement benefit, and if one spouse earns significantly less (or nothing), they can claim up to 50% of the higher earner's benefit, but the final payment is the greater of the two, not the combined sum. 

What's the best age to claim spousal benefits?

Although you can claim the spousal benefit as early as age 62, the amount you receive will grow if you wait until full retirement age, (which is between 66 and 67, depending on year of birth; for people born in 1960 or after it's age 67).

What is the Social Security spousal benefits loophole?

The main Social Security spousal benefit loopholes (file-and-suspend & restricted application) were closed by the 2015 Bipartisan Budget Act, affecting most people, but a specific "loophole" allows a caregiver spouse to claim benefits early if caring for a disabled or young child, bypassing normal age/filing rules, though this is a legitimate SSA provision for caregivers, not a true exploit, with benefits subject to family maximums.
 

Can I collect spousal benefits and wait until I am 70 to collect my own Social Security?

No, generally you cannot collect spousal benefits and simultaneously wait until age 70 for your own Social Security due to the "deemed filing" rule for those born after January 1, 2016. When you apply for spousal benefits, you are automatically deemed to have applied for your own retirement benefit too, and the Social Security Administration (SSA) pays the higher of the two amounts. This means you can't "restrict" your application to just spousal benefits to let your own grow unless you are on a deceased spouse's record (survivor benefits) or if you were born before 1954. 

How much do you have to make to get $3,000 a month in Social Security?

To get around $3,000/month in Social Security, you generally need a high earning history, around $100,000-$108,000+ annually over your top 35 years, but waiting to claim until age 70 maximizes this amount, potentially reaching it with lower yearly earnings, say under $70k if you wait long enough, as benefits are based on your highest indexed earnings over 35 years. The exact amount depends heavily on your specific earnings history and the age you start collecting benefits. 

What is the 50 30 20 rule for couples?

Learning how to budget as a couple means staying flexible and working as a team — especially when needs, goals, and finances shift. What is the 50/30/20 rule for married couples? It's a popular budgeting method that suggests putting 50% of income toward needs, 30% toward wants, and 20% toward savings or debt.

What does Dave Ramsey say about taking Social Security?

Dave Ramsey cautions on Social Security dependence

But Ramsey said, "These 35% of folks are going to learn the hard way that what they don't know can and definitely will hurt them when they retire." Ramsey insists that relying too heavily on Social Security for retirement income is a dangerous move.

What are the four documents Suze Orman says you must have?

Financial guru Suze Orman says there are four documents you absolutely must have: a will; a revocable living trust; a durable financial power of attorney; and an advance directive for health care. “Durable” means it remains in force should you become incapacitated.

What does Warren Buffett say about Social Security?

Warren Buffett's core message on Social Security is that cutting benefits is a major mistake, as a rich country must care for its elderly, but he acknowledges the system's financial challenges and suggests solutions like raising the taxable income cap for Social Security taxes, slightly increasing the payroll tax, and gradually raising the retirement age, urging Congress to act before trust fund insolvency forces drastic cuts. He sees Social Security as a vital, successful government program that needs responsible adjustments, not benefit reductions. 

What are common retirement mistakes?

Among the biggest mistakes retirees make is not adjusting their expenses to their new budget in retirement. Those who have worked for many years need to realize that dining out, clothing and entertainment expenses should be reduced because they are no longer earning the same amount of money as they were while working.

How many people have $500,000 in their retirement account?

While exact numbers vary by source and year, recent data suggests around 7-9% of American households have $500,000 or more in retirement savings, though many more have significant savings in the $100k-$500k range, with a large portion of the population having much less, highlighting a big gap between the average (which is higher due to wealthy individuals) and the median (typical) saver. 

What is the number one regret of retirees?

Here are the four most common regrets I've encountered over the years.

1. Waiting too long to retire. This regret comes up over and over. ...
2. Not spending more earlier in life. ...
3. Not tracking their progress earlier. ...
4. Lack of tax diversification.

What are the three ways you can lose your Social Security?

You can lose Social Security benefits by working while collecting early, leading to earnings limits; incarceration, which suspends payments; or through garnishment for federal debts like taxes, student loans, or child support, along with other factors like remarriage or changes in disability status. 

What is the $1000 a month rule for retirement?

The $1,000 a month retirement rule is a simple guideline stating you need about $240,000 saved for every $1,000 of monthly income you want from your investments in retirement, based on a 5% annual withdrawal rate ($240k x 0.05 / 12 = $1k/month). It's a motivational tool to estimate savings goals (e.g., $3,000/month needs $720k), but it's one-dimensional, doesn't account for inflation, taxes, or other income like Social Security, and assumes steady 5% returns, making a personalized plan essential.