You get excited when you turn 62 and think about getting on Social Security immediately. Not so fast says financial advisors. Married couples can maximize Social Security benefits by employing some strategies.
Think about joint lifetime benefits and surviving spouse before you start Social Security. The surviving spouse gets 100 percent of the higher earners benefits when one spouse dies before the other and the widow or widower is at least 60 years of age. The survivor can get maximum benefits if the higher earner waited till the full retirement age before collecting benefits. If the higher earner had delayed retirement credits and cost of living adjustments, surviving spouse can benefit from it too. One strategy is for the higher earner to wait till age 70 to collect benefits so that the surviving spouse can get more benefits beyond the higher earners death. Lessor benefit spouse can start withdrawing benefits earlier than the higher income earner. It is common knowledge for females to live longer than males.
In order to qualify for higher earners benefits by the surviving spouse, the higher earner should have applied for benefits before his or her death. Higher earner can ask for a delay until he or she reach age 70.