How do you decide when to take Social Security and which spouse should claim first? Start by treating Social Security and your pension, if you have one, as parts of one coordinated retirement-income strategy.
Do not automatically claim benefits simply because you have stopped working. Instead, compare your estimated Social Security benefit at three important ages:
- Age 62
- Your full retirement age
- Age 70
Your personal Social Security statement provides estimates based on your earnings history. Seeing the actual amounts side by side can make the long-term trade-offs much clearer. The Social Security Administration’s calculators can also help you compare these claiming ages.
Next, consider your health and family longevity honestly. Delaying Social Security may provide greater lifetime income if you live long enough. Claiming earlier could be appropriate if poor health, a shorter life expectancy, or an immediate financial need changes the calculation. There is no single claiming age that works for everyone.
Married couples should coordinate their decisions by considering:
- Each spouse’s benefit estimate
- The age difference between spouses
- Which spouse has the higher earnings record
- Spousal and survivor benefits
- Health and expected longevity
- Other retirement income and assets
It can often be beneficial for the higher earner to delay claiming because a larger benefit may provide stronger protection for the surviving spouse. A survivor generally does not continue receiving both complete benefits. Social Security typically pays the higher benefit for which the survivor qualifies.
Pension elections involve a similar trade-off. A single-life pension may provide more monthly income initially but stop when the pension holder dies. A joint-and-survivor option may provide a smaller initial payment while continuing income to the surviving spouse.
Also check whether the pension includes a cost-of-living adjustment. A flat pension without inflation protection may lose significant purchasing power over a retirement lasting 30 or 40 years.
You may be able to use cash, taxable investments, Roth assets, or part-time income as a retirement-income bridge while delaying Social Security. However, this strategy only makes sense if it does not create excessive taxes, deplete emergency savings, or weaken the rest of your retirement plan.
Because the decision may involve three claiming ages, two spouses, survivor benefits, taxes, portfolio withdrawals, and a potentially permanent pension election, model the complete lifetime picture rather than focusing only on the first monthly check.
Want the Social Security and Pension Timing Tool? Comment SECURITY to compare your estimated benefits at 62, full retirement age, and 70, review a rough break-even age, coordinate spousal and survivor benefits, and evaluate your pension payout options.
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