Key Points
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Delaying Social Security past full retirement age gives you boosted benefits for life.
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A delayed claim could lead to more near-term income and larger survivor benefits.
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It could also stop you from having the retirement experience together you’ve always wanted.
There are a number of retirement decisions you and your spouse might have to make jointly — downsize versus stay put, tap IRAs versus taxable accounts, and figure out when to claim Social Security. But the latter decision could end up being the toughest one yet.
Delaying Social Security past full retirement age allows you to grow your benefits. Those monthly checks will get an 8% boost for each year you hold off, until you reach age 70.
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But that doesn’t make delaying a no-brainer. Here are some pros and cons of waiting on Social Security as a couple.
The advantages of delaying benefits
The biggest reason couples opt to delay Social Security is simple — larger monthly checks for life. Those larger benefits could take a lot of financial pressure off, help you preserve your nest egg, and give you an opportunity to pay for experiences you’ve always wanted to have together.
Delaying Social Security could also be a smart move in the context of survivor benefits. Not only will you both have larger checks to begin with, but if the higher earner in your household passes away before the lower earner, the lower earner will be entitled to more generous survivor benefit payments.
The drawbacks of delaying benefits
Despite the benefits, delaying Social Security is not automatically the best choice for every couple. The most obvious downside is that delaying means giving up years of payments up front. That could mean missing out on an opportunity to maximize good health.
For example, say you and your spouse have some big-ticket trips you want to take. If you need your Social Security benefits to make them happen and you both wait to file, you may end up having to alter your travel plans if your health isn’t as strong by the time you’re ready to book.
Also, if you or your spouse doesn’t expect to live a longer life — say, because of known health issues — delaying Social Security could mean getting a smaller lifetime check from the program. If you’re the higher earner, you can potentially make up for that by leaving your spouse with larger survivor benefits. If you’re the lower earner, that same upside isn’t there.
Finally, while larger monthly Social Security checks could help you preserve your savings once that money starts rolling in, you may have to tap your nest egg more frequently while you’re waiting to start getting benefits. That could mean running the risk of depleting your savings, or seeing your balance drop to a level you’re less comfortable with.
Ultimately, there’s no universal answer for married couples deciding whether to delay Social Security or file sooner. The right answer for you as a couple depends on factors such as your goals, income needs, and health. The key is to work together to land on a filing strategy you feel is right for both of you.
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