While delaying Social Security benefits makes sense for many, spousal benefits are an exception. Individuals claiming spousal benefits should apply at their full retirement age (FRA) to receive 50% of the higher-earning spouse’s benefits. Waiting beyond FRA yields no additional benefits, as opposed to personal retirement benefits, which increase significantly by delaying until age 70. Understanding and applying these deadlines is crucial for financial planning in retirement.
Delaying Social Security benefits is generally wise for retirees, but if claiming spousal benefits, you should not wait beyond your full retirement age.
Claiming spousal benefits at FRA guarantees a monthly payment of 50% of the higher-earning spouse’s benefits, with no further increase for delays.
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