How can a married couple maximize Social Security benefits?

Coordinating your benefits with your spouse’s benefits can help you both get the most out of your Social Security payments. In some cases, it makes sense for both spouses to claim on the same spouse’s earnings record. Many couples use a “split strategy,” which means they begin claiming at different ages.

What is the average Social Security benefit for a married couple?

On average, after considering the puts and takes that go into determining how much people can receive in benefits, the typical couple is collecting a combined $2,340 per month, or $28,080 per year, in 2018, which is up 2% from 2017.

What’s the maximum amount a married couple can receive in Social Security?

If they qualify based on their own work histories, a married couple can each receive the maximum individual retirement benefit. The maximum individual benefit can change each year as Social Security adjusts the maximum taxable earnings (based on national wage trends) and applies a cost-of-living increase, if applicable.

What happens to your social security when you get married?

The longer either spouse waits to take benefits (up to age 70), the higher the couple’s final Social Security earnings will be. A married person may claim benefits on their own earnings record, but in many cases, may also claim a benefit on his or her spouse’s record, called the spousal benefit.

What’s the maximum amount you can draw on social security per month?

Using the mathematical formula for calculating benefits, there is a limit to the amount any individual can draw. In 2018, this maximum benefit stood at $2,788 a month for a worker who waited until full retirement age to collect benefits.

What is full retirement age for Social Security spousal benefits?

Full Retirement Age. You may claim Social Security spousal benefits as early as 62, but the amount of your benefit is reduced according to the number of months left until you reach full retirement age. Full retirement age varies from 65 to 67, depending on your year of birth. For those born after 1960, full retirement age is 67.