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The Financial Perks of Marriage in Retirement: Leveraging Social Security Benefits for Couples

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Long-standing matrimonial bliss isn’t for the faint of heart. It requires resilience, compromise, and sometimes compromising a little more.

Yet, navigating the golden years as a married couple might just be the hidden gem in your retirement treasure trove. It could mean having a partner to revel in newfound leisure time and splitting expenses to lighten the load.

Unlocking the Power of Marriage in Enhancing Social Security Benefits

To debunk any misconceptions upfront: if wedded bliss has dissolved into marital turmoil, holding on solely for Social Security perks is unlikely. However, the union of marriage holds lucrative potential for maximizing Social Security benefits.

Opting for spousal benefits instead of your own might yield a fattier monthly return. These benefits could amount to 50% of your spouse’s eligibility if you delay claiming until full retirement age (FRA).

Imagine you qualify for a $1,500 monthly Social Security benefit based on your earnings history. If your spouse’s earning track records a $3,200 monthly benefit, you could snag a spousal benefit of $1,600 at FRA – $100 more than your own.

(A caveat: you can’t simultaneously pocket benefits from both your wage record and spousal benefits. You’ll only receive the higher of the two.)

Furthermore, being married could enable you to postpone filing for Social Security, escalating your monthly payout by 8% for each year post FRA until age 70.

If you and your partner boast similar earning histories and corresponding Social Security benefits, their timely claim could financially cushion your household. This support might embolden you to prolong your claim for a few additional years, yielding a loftier monthly benefit.

Seizing the Opportunity for a More Lucrative Retirement

Clarification is key: your marital status won’t alter your solo-earned Social Security income. If your earnings history entitles you to $1,500 monthly, that remains consistent irrespective of your relationship status.

What does differ is the potential bump from spousal benefits, which could substantially boost your net Social Security income. Leveraging this extra cushion might empower you to delay your claim, reaping a significant windfall.

If you are indeed hitched as you enter retirement, grasp the financial windfall. Engage in candid discussions with your significant other on optimizing Social Security income and overall retirement finances. The more deliberation, the smoother your retirement bliss.

The Unseen $22,924 Social Security Upside Most Retirees Overlook

If you, like many Americans, lag behind in retirement savings, unearthing lesser-known β€œSocial Security gems” could spell a robust income boost. An effortless tactic could hike your yearly income by up to $22,924. Mastering these strategies could instill confidence in your retirement, fostering the peace of mind we all covet. Click here to uncover more on these strategies.

Explore the β€œSocial Security secrets” Β»

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Opinions expressed herein are solely those of the author and do not reflect the views of Nasdaq, Inc.

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