Should Both You and Your Spouse Delay Social Security Until 70?

Being married can be beneficial in retirement for a couple of reasons. First, it's nice to have a partner around for company at a time when you're no longer working. And if you and your spouse each have your own 401(k) or IRA, you can combine those resources to boost your household income.

Being married can also be helpful from a Social Security perspective. That's because as a couple, you may have more filing choices if you're both entitled to benefits based on your respective wage histories.

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You may be wondering if it pays for you and your spouse to both delay Social Security until age 70 for boosted benefits, thereby increasing your monthly payments for life. The answer is that it could make sense, depending on your circumstances and income-related needs. However, that strategy may also require some careful planning on your part.

The upside of having two people delay Social Security until 70

You're eligible for your complete Social Security benefit each month without a reduction once you reach full retirement age. That age is 67 for anyone born in 1960 or later.

Assuming 67 is full retirement age for both you and your spouse, claiming Social Security at 70 could mean you each will increase your benefits on a monthly basis by 24%. That could make a huge difference in your retirement income.

If neither of you managed to save particularly well for retirement, two boosted monthly benefits could be helpful once your careers end. But you'll need to see if it's really feasible to have both of you delay your claims.

A strategy that could work but isn't guaranteed

When both members of a couple are entitled to Social Security, a popular strategy is to have the higher earner delay their claim until age 70 while the lower earner signs up for benefits sooner. This way, you will have some income coming into your household while allowing the larger benefit to get its maximum boost.

You may decide that both you and your spouse should delay Social Security until 70 so you each score the maximum monthly payday you can. This makes sense when you have concerns about your household income, and also, when you're both in good health and therefore aren't inclined to think you won't each live a reasonably long life.

There's also a big advantage to having both members of a couple delay Social Security until 70 -- you might be on the same page regarding your careers. Often, waiting until 70 to claim Social Security means having to work until that time.

If one of you retires at 67 and claims Social Security at that point, while the other works until 70 to delay benefits, there's a mismatch in your routines. The spouse who's still working might feel resentful that they're still plugging away while the retired spouse has it easier.

Meanwhile, the retired spouse might feel bored or unfulfilled if their partner isn't around to spend time with during the workweek. So it can be a good thing to have both spouses work longer and wait on Social Security.

The flip side, though, is that it may prove difficult for both of you to keep working until age 70. One of you might get laid off or run into health issues that make it harder to continue having a job.

While it's OK to try to have both of you delay Social Security until 70, you may want to be flexible with that strategy. Discuss what will happen if things don't work out as planned and if one of you needs to claim Social Security earlier. It's important to know how you'll pivot ahead of time so you're not thrown for a loop.

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