19 Mar We’re married. How can we maximize Social Security benefits?

Q. I will be 62 next month. My husband is 68 and was born in 1952. I am currently working but looking to retire soon. My benefit would be $1,700. Right now he qualifies for $2,700 from Social Security. What would I qualify for? What’s the best strategy?
— Married

A. It depends.

There are several things to consider when looking at how to maximize Social Security benefits for a married couple.

Your full retirement age (FRA) would be 67, said Jody D’Agostini, a certified financial planner with Equitable Advisors/The Falcon Financial Group in Morristown.

Each year you hold off taking your benefit, you will get an 8% increase, she said, so your benefit could improve by 40% by waiting.

“If you have other resources or assets that you can access, waiting might make sense,” she said. “If your health is good and you have longevity in your family, then you may live well into your 90s or beyond. The extra monthly benefit would be a lifetime reward.”

The maximum spousal benefit you could collect would be 50% of your husband’s FRA, which he has already surpassed. That amount would be $1,350 per month, she said. Because your benefit is higher, this would not be an option.

If it fits into your financial plan, delaying the higher income earner’s benefit makes sense, D’Agostini said.

“If your husband were to predecease you, you would step up to his higher benefit, which if he waits until age 70 would be 16% higher than now,” she said. “Most couples use a `split strategy’ where they claim at different ages.”

The rules for Social Security spousal benefits changed in 2015, D’Agostini said. Unless you were age 62 by Dec. 31, 2015, an older, more lucrative option is no longer available.

“Your husband could have `filed and suspended’ his benefit, allowing you to take half of his benefit and let your benefit continue to accrue up to age 70 and then switch to that,” she said. “Now the only way for you to claim on his benefit is for him to file, which is probably not recommended.”

You could collect on your own benefit, but again, you need to consider your overall financial plan to determine if this makes sense, D’Agostini said. Often waiting until you are at least full retirement age is recommended if you are financially able to do so, she said.

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This story was originally published on March 19, 2021.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.