Not Coordinating Benefits With Your Spouse
Are you still married? Then it’s time to talk to your partner about how to maximize your benefits.
Let’s say your social security benefits will be lower based on your earnings and you plan on claiming benefits based on your spouse’s Social Security because their earnings are higher. In that case, you won’t receive any extra credits for delaying the benefits beyond your full retirement age.
Here’s a tricky strategy for you! You, the low-earning partner, could start claiming benefits based on your high-earning spouse’s income at full retirement age. But that doesn’t mean your spouse has to claim benefits at that age too. Instead, they could delay benefits, as we’ve discussed earlier, in order to increase their credits.
We know, we know. It may be a little difficult, if not confusing. But we highly recommend taking this idea up to a financial adviser who will help you navigate this easily.