There's a lot riding on your Social Security filing decision. If you claim benefits ahead of full retirement age, which is 67 for anyone born in 1960 or later, you'll shrink those monthly paychecks for life. The earliest age you can sign up for Social Security is 62.
On the flipside, if you delay your Social Security claim past full retirement age, you'll be able to boost your monthly benefits for life. You get credit for a delayed claim until you turn 70.
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You may be in the process of trying to figure out the best age to claim Social Security. But before you file for benefits, there's one key question to ask yourself first.
How will my decision affect my spouse?
If you're single, you only have to account for your own needs when thinking about when to claim Social Security. If you're married, the decision can be trickier.
The reason? If your spouse outlives you, they'll be entitled to survivor benefits from Social Security. And those survivor benefits could be worth up to 100% of the benefit you were entitled to each month.
This means that no matter when you decide to file for Social Security, it has implications for your spouse if they live longer than you do.
If you file for benefits before full retirement age, you'll leave your spouse with less monthly income for life. If you file delay your claim for the largest possible monthly benefit you're eligible for based on your wage history, you can set your spouse up for a lot more long-term financial stability.
Look at the big picture
It's natural to base your Social Security filing age on different factors, including your:
- Desired retirement age
- Level of savings
- Health and expected lifespan
But you should also base that decision on whether:
- You're married
- You were the higher earner in your household
- Your spouse is likely to live longer than you do
It's also a good idea to talk though Social Security filing strategies with your spouse. You might assume that your spouse would want you to delay your claim as long as possible for larger survivor benefits. In reality, they may be expecting an inheritance or have another plan, giving you more leeway to file earlier and get your money sooner if that's what you want.
Remember, your claiming decision shouldn't hinge solely on what's best for your spouse. The point, rather, is to not forget about your spouse and try to come to a decision together.
