IncomePlanning News & Analysis

Social Security Spousal Benefits Can Add $10,000 Annually

Coordinating Social Security spousal benefits can lead to combined monthly household income approaching $10,000. Lower earners can start claiming near full retirement age while higher earners benefit from delaying claims until age 70, boosting their benefit by roughly 24%. Many couples are unaware of the intricacies of claiming benefits, which can result in missed opportunities worth tens of thousands of dollars over a retirement period of two decades or more. Understanding these benefits is crucial for optimizing retirement income and planning effectively.