3 Ways to Maximize Social Security as a Couple

A lot of retirees end up getting most of their income from Social Security. But it can be tricky to pay your bills on those benefits alone.

However, if you're married couple where each of you is eligible for benefits based on your own work history, the situation may be a bit better. This isn't to say that living on just Social Security is ideal in this scenario, either. But having two sets of benefits available in retirement certainly gives you more flexibility.

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If both you and your spouse are in line for Social Security benefits, it's important to make the most of them. Here are three strategies you can consider.

1. Have the higher earner delay benefits

If you sign up for Social Security at full retirement age, you'll get the monthly benefit you're entitled to based on your wage history without a reduction. But for each year you hold off past that point, until age 70, your benefits get a permanent 8% boost.

It often pays to have the higher earner in a couple delay Social Security until 70 while the lower earner files at full retirement age, or, in some cases, even earlier. That way, you get access to some Social Security income, but you're also able to grow the larger benefit.

This strategy especially makes sense if the higher earner is likely to outlive the lower earner. The lower earner could get bumped up to a survivor benefit once the higher earner passes away, resulting in larger monthly checks.

2. Have the lower earner delay benefits

While having the higher earner delay their claim for larger checks is a good strategy, you could also do the opposite -- have the lower earner wait on Social Security while the higher earner files at full retirement age or sooner.

The upside of doing this is that you may, in that case, still have a nice amount of money coming into your household from the higher earner's on-time or early filing that allows you to make the most of your joint good health while you're younger. At the same time, by having the lower earner delay their claim, their payments might catch up to or even surpass the higher earner's benefit.

3. Have both earners delay benefits

If you really want to score a generous Social Security payday, it could make sense for both spouses to delay their claims until age 70. This is an especially smart thing to do if you want to stretch your savings, or if you're not confident you've saved enough.

It could also be wise for both spouses to delay Social Security if there's a family history of longevity and you're both in great health. That way, you get the peace of mind of having a larger guaranteed household income for life.

There are many options to choose from when you're a couple who's eligible for Social Security. These three strategies aren't your only choices, so it pays to take the time to work through different ideas together and see what makes the most sense for your situation.

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