At IRSProb.com, we know that understanding your Social Security Benefits isn’t just about retirement math, it’s about securing peace of mind for your future. The choices you make around Social Security can add up to hundreds of thousands of dollars over your lifetime. And yet, many people leave money on the table simply because they don’t understand how to maximize their benefits.
Let’s break down exactly what you need to know to make the most of your Social Security Benefits.
Timing Is Everything: When Should You Claim?
The age you start claiming Social Security Benefits directly impacts how much you’ll receive every month:
- Claim at 62: Your benefits are permanently reduced by up to 30%.
- Wait until Full Retirement Age (FRA): You’ll receive 100% of your earned benefit.
- Delay until age 70: You unlock delayed retirement credits, boosting your monthly check by roughly 8% per year beyond FRA.
For example:
- If you were born between 1943 and 1954, your FRA is 66.
- Born in 1960 or later? Your FRA is 67.
- Those born from 1955 to 1959 fall in between, with FRA increasing by two months per year.
Bottom line: The longer you wait (up to age 70), the more you can collect.
How Are Social Security Benefits Calculated?
Your Social Security Benefits are based on your 35 highest-earning years. If you worked fewer than 35 years, those missing years are counted as zero, which drags down your average. That’s why working longer or earning more in your later years can significantly improve your future benefit.
It’s also worth remembering that Social Security provides inflation-protected income for life, making it one of the most reliable income sources in retirement.
Key Social Security Benefits Strategies for Married Couples
Married couples have extra opportunities to maximize benefits:
- The lower-earning spouse may be eligible for a spousal benefit worth up to 50% of the higher earner’s FRA benefit.
- But spousal benefits can only be claimed after the higher earner starts receiving theirs.
- If your personal benefit is higher than the spousal benefit, you simply receive your own, no double-dipping.
One powerful strategy? The higher earner delays claiming until 70. This not only maximizes their benefit but also ensures the surviving spouse locks in the largest possible survivor benefit.
Survivor Benefits: What You Need to Know
If one spouse passes away, survivor benefits allow the surviving spouse to collect up to 100% of the deceased spouse’s benefit (if claimed at FRA). Survivor benefits aren’t subject to the deemed filing rule, meaning you can choose whether to take your own benefit or the survivor benefit — whichever pays more.
Quick tips:
- Survivor benefits can be claimed as early as age 60, but at a reduced amount.
- Claiming at FRA provides the full survivor benefit.
- Earnings while working may reduce the survivor benefit if claimed before FRA.
Social Security Benefits After Divorce
You may still qualify for benefits based on your ex-spouse’s record if:
- Your marriage lasted 10 years or more.
- You’re currently unmarried.
- You meet age and eligibility requirements.
In fact, even if your ex hasn’t filed for their own benefits, you may still be eligible. If your ex passes away, you might qualify for survivor benefits, provided you meet the rules. Remarrying before age 60 may complicate eligibility, so it’s crucial to review your situation carefully.
Can You Change Your Mind?
Regret claiming Social Security Benefits early? You may have options:
- Within 12 months of first claiming, you can withdraw your application, repay the benefits you’ve received, and restart later at a higher rate.
- After reaching FRA, you can voluntarily suspend benefits to earn delayed retirement credits up to age 70.
What About Singles?
If you’re unmarried, your Social Security strategy comes down to two things: when you need the money and how long you expect to live. Waiting to claim means a larger monthly check, but it requires patience and financial flexibility.
