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Social Security spousal claiming strategy
Compare lifetime benefits of three Social Security claiming strategies — both file at 62, both wait until FRA (67), or both delay to 70.
Total lifetime benefit
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- Your lifetime benefit$708,288
- Spouse lifetime benefit$654,720
- Total monthly at claim age$6,200
Social Security claiming — when delay wins
The actuarial math: SSA designed the early/late-claim adjustments to be roughly cost-neutral at the average life expectancy. If you live longer than average, delaying wins. If shorter, early wins. The breakeven against early-claim is typically ~78-82.
The three doors
- 62 (early): lifetime benefit cut by ~30% from FRA. Locks in lower benefit forever including for surviving spouse.
- 67 (FRA): baseline. Earned-income limit no longer applies once at FRA.
- 70 (max delay): +8%/yr Delayed Retirement Credits past FRA = 24% boost. Caps at 70.
Two-earner couples
The higher-earner's delayed claim has compounding benefits — survivor benefit equals the deceased's claim. If you out-earn your spouse, your delaying to 70 protects them with a higher benefit if you predecease. Often the right move even if you'd personally break-even at 80.
When early-62 wins
- Health condition reducing life expectancy below 78
- Need cash flow now (no other retirement assets)
- Married to higher earner who delays — your early claim doesn't reduce survivor benefit
- High investment-return assumption (early dollars × 30 years compounding > late dollars × 17 years)
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