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Social Security Strategy Tips for Married Couples

Social security for single people is pretty simple. It primarily depends on their life expectancy and retirement portfolio. But for married couples, it’s a little complicated matter. There are, however, several ways in which you can make the most of your social security benefits.

The First Step

First of all, you and your spouse need to obtain the estimates for how each one of you will collect if you start receiving benefits at age 62, after age 65 (i.e., your full retirement age), and at age 70. You can acquire these estimates from the SSA website.

Delay the Benefits

Now, you should identify the higher earner and carefully evaluate the difference. The higher earner is typically the spouse with a larger  PIA (primary insurance amount).

Make sure that the lower earner among the two of you starts collecting first. This is because the increase in the higher earners’ PIA will be more as compared to low earning partners. Don’t forget that you receive an 8% increase in benefits every year if you delay your benefits after reaching your full retirement age. This increment stops when you reach the age of 70.

If the estimates of one spouse come out to be twice the others,’ you should consider collecting the benefits on the same spouse’s social security earnings record.

Claim Spousal Benefit before Your Own

In many cases, spousal benefits are greater than the other spouse’s full benefit amount. In this situation, claiming the spousal benefit earlier than your own benefit can be a good strategy. You can, however, only receive half of your spouse’s full benefit. This amount can be beneficial if the lower earner wants to start collecting later.

Tax Implications

You also need to consider tax implications when acquiring social security benefits. Social Security benefits are considered taxable by the IRS. You need to develop a tax-efficient social security strategy and consider the amount of social security you can retain after paying the taxes.

A tax-efficient strategy can help you decide if it’s beneficial for you to delay your social security claims.

The Law Offices of Lisa Douglas  Can Help!

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Struggling to make the right Social Security decision? Looking for a reliable social security lawyer in Little Rock, AR?

Feel free to reach out to The Law Offices of Lisa Douglas today!


Disclaimer: This blog is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.




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