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When should my parents start taking social security if they are retiring at 62?
The answer might be different for each spouse. And getting the timing right could mean hundreds of thousands of dollars in additional retirement income. One strategy worth considering? Have the lower-earning spouse claim earlier while the higher-earning spouse waits until age 70. Here's why that can work: š° More income early in retirement. The lower earner's benefit can help cover living expenses, including health insurance before Medicare kicks in at 65, and reduce the need to pull money from investments. š A bigger benefit later. By delaying until 70, the higher earner can significantly increase their monthly Social Security check. ā¤ļø Protection for the surviving spouse. When one spouse passes away, the survivor generally keeps the larger of the two benefits, not both. Maximizing the higher earner's benefit can provide valuable financial protection for the spouse who lives longer. But like most strategies we share, each situation is different and no one strategy is right for everyone. Your health, life expectancy, other income sources, and ability to cover expenses while delaying benefits all matter. And claiming early can permanently reduce the lower earner's benefit. So itās super important to evaluate this against your specific circumstances to make sure this makes sense for you both. Just remember, the goal is to figure out how to get the most out of Social Security over BOTH of your lifetimes. If you're approaching retirement and haven't run the numbers for both spouses, let's talk. Link in bio.
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