Maximizing Your Social Security Using Spousal Benefits

If you want to get the most out of your social security, then you can consider using spousal benefits to ensure that you get as much out of the benefits system as possible. The amount of money that you receive will be around 50 percent of your spouse's income, or benefit, although it could be lower if you are collecting below the age of retirement.

Boosting Total Payout

In order to maximize the total payout between the couple, it is a good idea for the earner making the least to retire as soon as they can, either at the age of 62, or even before, while the person making the higher amount will hang on to their job until the last minute, around the age of 70. The longer the higher earner hangs on, the more money will be given to the person claiming spousal benefits.

Claiming Spousal Benefit

It usually makes more sense for the spouse claiming the benefit to be the woman. This is for two reasons: firstly, she is usually the lower earner of the couple, and secondly she will live longer. Once her spouse is deceased, she should receive the survivor's benefit pension, which will be higher than spousal benefit.