HomeSocial SecurityAre You Married? Follow These Social Security Moves Before Claiming Benefits

Are You Married? Follow These Social Security Moves Before Claiming Benefits

Whether you’re single or married in retirement, there’s a decent possibility Social Security will become a main source of revenue for you. When it comes to maximizing those benefits, however, if you’re able to marry, you may have more choices than the ordinary senior who is single.

As such, before you apply for Social Security, make sure to cross these objects off your list. If you and your spouse both started working, you may be eligible for separate Social Security benefits. However, there may be a significant difference in those benefits, so knowing what was coming can help guide your filing judgment, both individually and as a team.

Assume you earned significantly more than your spouse throughout your career and are now eligible for a higher mortgage benefit.

In that case, you could have your spouse file for Social Security while you postpone your application. It will enable your benefit to develop into a greater amount, while your spouse’s document may provide you with instant access to the revenue you require.

In the meantime, your spouse’s advantage may be so lesser that half of your benefit is greater than their full value. If this is the case, your partner may require you to enroll in Social Security so that they can qualify for spousal advantages.

In any case, recognizing what benefits you and your partner are eligible for can help you file for Social Security at the appropriate time.

Estimate your savings

You and your partner may have a $3 million nest egg. If this is the case, it may not make a difference all that much when you apply for Social Security because those advantages may start serving as more of a form of entertainment money than real cash for bill-paying reasons at that juncture.

If this is the scenario, you may start deciding that you, your spouse, or both of you will apply for Social Security benefits early. Benefits are available beginning at the age of 62.

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Getting benefits slightly earlier may allow you to travel more or do other stuff you’ll have more energy for when you’re youthful.

If you and your spouse are unhappy with your cash reserves, one or both of you may have to postpone Social Security to repay.

And so it’s essential to understand how much income you can count on your savings to nourish.

Discuss your retirement plans

Perhaps you’d like to buy a modest lake home to spend your golden years admiring the scenery. Perhaps your ambition is to relocate to a big city and indulge in fine dining and nightlife.

Whatever your retirement plans are, you and your spouse must discuss them before filing for Social Security.

You and your spouse may decide that deferring at least one set of benefits makes sense based on the amount of money you’ll need to spend your days the way you want.

When you’re single and nearing retirement age, you only have to think about your necessities when filing for Social Security. However, filing for benefits as a married couple is a choice that should not be made autonomously.

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Before you sign up for Social Security, pay some time hashing things out with your partner, so you can call on the same page and reach up with a plan that will make your ideal retirement a fact.

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For instance, one simple trick could earn you up to $16,728 more per year! We believe that if you learn how to maximize your Social Security benefits, you will be able to retire boldly and with the peace of mind that we all seek. Explore how to learn more about these techniques by clicking here.

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