How Marital Status Affects Your Social Security

Jan 14, 2020

If you’re approaching retirement, you have some decisions to make about your Social Security benefits. There are strategies to consider, depending on your age and marital status, to help you make the most of your upcoming benefits.

If You’re Single

As an individual, you can start receiving your retirement benefit at any point between age 62 and 70. Your full retirement age varies based on the year you were born. For people born after 1960, full retirement age is 67. You can visit the Social Security Administration to find your full retirement age.

  • If you begin receiving benefits early, you receive less each month over a longer time period.
  • If you continue to work while receiving benefits before you reach full retirement age, you may need to repay benefits if you earn more than $16,920.
  • If you begin receiving benefits later, you receive more money each month over a shorter time period. For each year you delay, your benefit grows by 8 percent.

If You’re Married

When deciding what age to begin benefits, it’s important to review lifetime benefits for both members of the couple, not just a ‘break even’ analysis for each. If you can afford it, consider delaying receipt of benefits or using a strategy that employs filing a restricted application.

For couples born before January 2, 1954, where the higher earner has reached full retirement age but has not filed for personal benefits, and the lower-earning spouse will receive more with their personal benefit, consider using a spousal benefit to bridge the higher earner from full retirement age to age 70.

  • One member of the couple must be collecting Social Security in order for the other to file for a spousal benefit.
  • The lower-earning spouse files for benefits, then the higher earner claims a restricted application for spousal benefits with the ability to convert to their own benefit by age 70.
  • You are eligible to collect 50 percent of your spouse’s full retirement age benefit, even if they haven’t reached full retirement age.
  • Filing a restricted application allows you to delay and grow your own benefit until age 70.

If You’re Divorced

If you’re divorced, you may be eligible to receive benefits equal to half of your ex-spouse's full retirement amount if you start receiving benefits at your full retirement age.

You can claim spousal benefits based on a former spouse’s work history if:

  • You have been married for more than 10 years.
  • You are unmarried.
  • You are not entitled to a greater personal benefit based on your work history.
  • You and your ex-spouse are over age 62.
  • You have been divorced for more than 2 years.

If you wait until your full retirement age, you are eligible to use the restricted application strategy to let your personal benefit grow until you reach age 70, and if your delayed personal benefit is greater, you can collect that instead.

Note: Collecting spousal benefits does not affect your ex-spouse’s or their new spouse’s benefits.

If You’re Widowed

You are eligible to collect up to 100 percent of your deceased spouse’s benefit at full retirement age, or you can collect reduced benefits starting at age 60.

  • The age your spouse starts collecting benefits impacts the available survivor benefit.
  • If your spouse died before claiming Social Security, your survivor benefit is based on their amount due at full retirement age.
  • If you collect a survivor benefit, your personal benefit will be enhanced with delayed credits. Re-evaluate whether it pays to switch to your personal delayed benefit at age 70.
  • If you remarry, you can still collect survivor benefits if you are over 60 years old.

As you can tell, there are a lot of scenarios and options. A financial advisor can help you evaluate the best strategy for your situation. Contact us to get started.

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