How will my Social Security benefits impact my husband’s benefits and vice versa?Published: July 26, 2021
Full question: I retired at 60 and will collect Social Security at 62. My husband will retire at 65 and collect Social Security then. This will occur in the same calendar year- me in September and him in December. Will there be any impact on the other when we each retire? During our working careers, I earned the larger salary.
I always recommend that couples analyze their Social Security claiming decisions together due to the way retirement, spousal, and survivor benefits can impact each of you.
Remember that Social Security retirement benefits increase every month that we delay collecting them, from 62 up to age 70. As the higher wage earner, you have the potential to increase the survivor benefit by waiting to claim later since the survivor “inherits” the larger of the two benefit amounts. Also, depending on each of your exact retirement benefit amounts at the times you claim, your husband may be eligible for a spousal benefit once you are collecting your retirement benefit.
Due to the complexities, you may want to consider working with an RSSA to provide you with a detailed analysis to help you both choose the optimum times to collect. You can schedule a free consultation here.