3 Social Security Mistakes to Avoid by a Married Couple

Being married will go through compromises and a lot of work. When a married couple retired, there could be a whole new set of unique challenges, including managing money as a couple.

There is also a good chance that a couple's Social Security will be an essential income source for them as they retire. Therefore, filing decisions must be in the right place. Here are some Social Security mistakes a married couple should avoid, according to The Motley Fool:  

Trying to increase a spousal benefit

You may be entitled to a spousal benefit equal to half of the amount your spouse collects if you have never worked and therefore cannot claim a social security benefit on your own. But you should avoid delaying your spousal benefit past FRa as, unlike the benefit based on your own work record, the spousal benefit does not grow. The maximum that you can collect is 50% of the amount that your spouse is entitled to.

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Both spouses file for benefits

As long as you earn enough work credits in your lifetime, you are entitled to a monthly Social Security benefit. If you hold down a job for at least ten years, you are entitled to the benefit of your own. 

You have the option of claiming your benefits at full retirement age or sooner, beginning at age 62. However, if you file ahead of FRa, your monthly benefit will be smaller. According to Kiplinger, it is not just the benefit you should worry about, but the savvy move coordinated if you and your spouse claim benefit at the same time. Both of you can bring in some income while maximizing the total of your benefits.

Forgetting survivors benefits

You may be eligible to file for Social Security earlier than you should if your spouse has a health condition and has the possibility of passing away, so you can collect the money that both of you deserve to outlive then substantially.

You could still be entitled to Social Security benefits once your spouse passes. The survivor benefits are equal to 100% of the benefit your spouse supposedly collected. Therefore, having your spouse slash the amount by filing early is not a wise choice.

Being married gives you ample options when claiming Social Security benefits. But it could also make things complicated. To enjoy your retirement to the fullest, learn the mistakes you should avoid, which is given above.

The Social Security bonus most retirees might overlook

There are little-known "Social Security secrets" that could help a person boost retirement income. For instance, one of the easiest tricks could pay you as much as $17,166 each year. You could retire confidently with the peace of mind that everyone wants once you discover how to maximize your Social Security benefits.

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