Monterey, CA Married Couples Have Different Options With Social Security
by Richard Kuehn on 03/07/15
Many people take Social Security before their full benefit age and later realize they have made a mistake, particularly with married couples. When you take an early benefit at age 62, your benefit is reduced by 25%. If you claim a spousal benefit, instead of getting 50% of your spouse's higher benefit, you only get 35%. Unless the higher earning spouse waits until at least the age of 70 to claim his or her benefit, this may not make sense. If the higher earning spouse delays taking Social Security, you get an 8% delayed retirement benefit for each year that it is delayed. If you change your mind within 12 months of claiming Social Security, you can pay back all benefits received and then apply again later when the benefit is larger. T. Rowe Price has a nice Social Security Benefits Evaluator that lets you put in various scenarios to see how much you will get. To use it, click here.
