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A Little-Known Social Security Spousal Benefit Option

One more reason that it is worth thoroughly investigating your social security options.  An interesting article from Jim Blankenship.



Most everyone is familiar with the concept of Social Security Spousal Benefits – if not, click this link for a complete explanation.

vintage photoIn this article, we’ll be discussing an option that is available to all married recipients of Social Security retirement benefits – but you might not have thought of it. For most all married couples, it makes the most sense for the spouse with the higher wage base – that is, the spouse that has earned the most money throughout his or her working career – to delay receiving Social Security retirement benefits as long as possible.

As described in the article about credits for delaying Social Security benefits, each year that you delay receiving your Social Security retirement benefit past your full retirement age (FRA) can result in up to an 8% increase in your benefit amount. When delaying like this, it often also makes sense for the spouse with the lower wage base to begin receiving benefits at the lower rate, either at the early retirement age of 62, or upon reaching FRA. Then later, when the spouse with the higher wage base begins taking the increased, delayed, benefits, the spouse with the lower wage base will begin receiving the spousal benefit, based upon one-half of the higher wage base spouse’s benefit.

But Wait, There’s More!

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