Social Security Benefits for Married Couples

Attorney Bill Alexander discussed these issues and more this past Tuesday on W.G. Alexander & Associates’ radio program, “Asset Protection Today,” on TalkRadio 850 WPTF (AM). Be sure to listen every Tuesday morning from 9:00-10:00 AM.

Electing when to take your Social Security benefits is a mathematical formula tempered by your own expected longevity, which you can attempt to predict based on your family’s medical history. Married couples have options when calculating their Social Security benefits that others do not.

If both you and your spouse are eligible for Social Security, you have the option of taking half of your spouse’s Social Security benefits when he or she reaches age 62 if your spouse’s benefits are higher than yours. At that time, your spouse should elect to “file and suspend” receipt of his or her own benefits so that they continue to grow until your spouse either reaches full retirement age or age 70. Then, you can wait until you reach full retirement age or age 70, allowing your own benefits to continue to grow. Both spouses can continue to work with this strategy, and there will be no negative effects on the spouse who has elected to “file and suspend” receipt of his or her benefits. Waiting until full retirement age or age 70 will increase the amount of benefits that each spouse receives. There is no benefit to waiting beyond age 70 to withdraw your Social Security.

Don’t make a mistake calculating when to take your Social Security benefits; you only have one chance to get it right. Visit an experienced Elder Law attorney today to help you with these decisions. Contact W.G. Alexander & Associates for assistance.