nNowadays, the average lifespan of people has increased thus One dilemma is considering which retirement strategy is most appropriate to be chosen by spouses to obtain greater benefits when claiming Social Security.
According to the Social Security Administration (SSA), a 65-year-old man has a life expectancy of 84 years and in a similar case focused on women, her life expectancy is 86.6 years.
This is why it is recommended to apply for retirement in accordance with the life expectations that you both have as a married couple.
In other words, if a person has been healthy during the years leading up to retirement, perhaps the best thing to do is look forward to delayed Social Security payments, and anticipate that the older they get, the more generous the money they receive. Regarding what they would get if they applied for it as early as 65 years old.
In the case of a 65-year-old married couple, it is estimated that on average at least one of the two will survive to the age of 93, As you get older, it will be better for you to get a larger amount in the payments you receive.
Strategies
Couples with similar incomes, ages, and long life expectancies can consider maximizing the benefits over a lifetime by delaying their application for retirement benefits.
However, for spouses with large income differences, it is a good idea to consider claiming higher-income spouse benefits.
Another important point is that if a married couple considers that their life expectancy is shorter due to the deterioration of their health over the years, it is advisable to apply for their Social Security payments early.
Better profits
There is an important point to consider before choosing the most appropriate time to request your retirement payments Once you turn 62, you can get monthly premiums of up to 8% for each year you defer your Social Security payments until you turn 70. After that, there is no further benefit.
In addition, Social Security payments are generally adjusted for inflation, and people who reach retirement are guaranteed lifetime income.
In this sense, deferring a Social Security payment means a higher monthly benefit, but it takes time to make up for the lower payments that were forgoed during the period between age 62 and the time one finally decides to claim one’s pension.
On the other hand, when a spouse dies, the survivor can claim the higher monthly allowance for the rest of his or her life.
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