Strategies for Maximizing Social Security Benefits for Married Couples Nearing Retirement
As retirement approaches, one of the key financial considerations for married couples is how to maximize Social Security benefits. Social Security can be a significant source of income during retirement, and understanding the strategies available to optimize these benefits is crucial for ensuring financial security in later years. In this article, we will explore strategies that married couples can use to maximize their Social Security benefits as they near retirement.
Understanding spousal benefits
- Spousal Benefit Entitlement: Married individuals are entitled to claim a spousal benefit based on their partner’s work record, even if they have never worked or have a lower earning history.
- Spousal Benefit Amount: The spousal benefit amount can be up to 50% of the higher-earning spouse’s benefit amount if claimed at full retirement age (FRA).
- Eligibility Requirements: To claim a spousal benefit, the lower-earning spouse must be at least 62 years old, and the higher-earning spouse must
