One size may not fit all when it comes to claiming social security benefits. In general for married couples, we have found that using a hybrid approach is usually the most beneficial over the long-run.
In the case below, the husband has the higher benefit amount. The hybrid approach for this situation has the wife collecting reduced benefits based on her own record at age 62 and unreduced spousal benefits at FRA (full retirement age). The husband begins collecting benefits off his own record at age 70.
The example here shows the total benefits received with several different claiming strategies.
Longevity is a key factor when addressing social security claiming strategies. The longer the spouse with the higher benefit lives the more benefit the couple will receive from waiting to claim until age 70.
Want to learn more about these and other ways to realize your financial objectives? That’s exactly where Guidepost Financial Planning can help. Please visit our website or give us a call at 970.419 .8212 so that we can discuss your financial goals in a no-charge, no-obligation initial meeting.