An Often Overlooked Key to Maximizing Social Security Benefits for Couples

(don’t forget to checkout the video of this blog too)

Social security is one of the largest sources of retirement income for most retirees.

That’s why it’s so important to maximize your benefits in retirement.

One of the best ways to maximize social security is to delay your benefits.

Social security benefits grow about 7–8% per year for each year they’re delayed (past age 62)…

So it’s usually smart to take advantage of these guaranteed increases.

There’s also a little known social security benefit called the “spousal benefit” that a lot of people are unaware of.

This allows the lower earning spouse to collect up to 50% of the higher earning spouse’s benefit.

This is free money that absolutely EVERYBODY should be taking advantage of (if they qualify).

The downside is that the lower earning spouse can’t collect this spousal benefit until the higher earning spouse files and starts collecting their social security…

So it’s usually a good idea for the higher earning spouse to maximize their benefit to provide a higher stream of #guaranteedincome in the later years of retirement.

This can help pay for things like long-term care and can be a critical component to execute a tax-free wealth transfer more efficiently.

But, if the lower earning spouse can’t collect the spousal benefit until the higher earner files, he or she just has to wait, right⁉️

Nope‼️

If the lower earning spouse is younger, he or she can file at age 62 and start collecting their own benefit (even if it’s small)…

Then, when the higher earner applies and starts collecting social security, the lower earning spouse can tack on the spousal benefit to significantly increase their social security income as well

(note: there is a slight adjustment for collecting the lower earner’s benefit prior to their full retirement age so it won’t be a full 50% of the higher earner’s benefit)

This strategy allows for a smaller income stream in the early years of retirement when it might be needed, PLUS the ability to tack on an additional source of income that otherwise might have went uncollected!

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