A married couple should do this to get the most from Social Security

A couple approaching retirement has many critical decisions. Social Security claiming is one that should be approached thoughtfully. The Bipartisan Budget Act of 2015 ended most Social Security claiming strategies. There are, however, still some strategies available for couples. If Social Security will comprise a significant portion of your retirement income, it is vital to plan your claiming strategy.

Do you know your estimated Social Security benefit? The Social Security website is a great resource. Log in to SSA.gov and click “My Social Security.” Create an account to see your benefit. It also has calculators that can help you with your decision. The object is to claim as much Social Security as possible, mitigate taxation and maintain your lifestyle.Let’s look at a couple whom we will refer to as John and Mary. For simplicity I have not included growth in the illustrations.

At age 70, John files for his full benefit, which has now grown to $3,432. Mary’s benefit remains the same, but they are now collecting a combined $5,317. Even more powerful, upon John’s death, Mary is now collecting John’s larger benefit. Anyone reaching FRA after Jan. 1, 2020, will fall under the deemed filing rule, meaning, upon filing, you will be deemed to file for the highest benefit available. In simple terms, if you are the first to file, you will receive your benefit. If your spouse has filed, you will receive your own benefit and if your spouse is the higher earner , you will no longer be able to restrict your application to just a spousal benefit.

If a spouse has no earning record, he or she can still claim a benefit of up to 50% of the earner’s record with two cautions: the earning spouse must have claimed, and if the both partners are below Full Retirement Age, both benefits will be reduced. When the 2019 Social Security and Medicare Trustees Reports were published, the key takeaway was that the trust fund will be depleted in 2035. As long as we have a base of workers paying in, we will have some benefits to pay out. Actuarial models show that benefits will need to be reduced after 2035. Significant changes need to be made to the current system. If history is our guide, current retirees should have their benefit protected.

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