Key Points

Your spousal Social Security benefit can reach up to half of what your partner qualifies for at full retirement age.
Estimate both your retirement and spousal benefits using a free online account.
Work with your spouse on a claiming plan to get the most from your combined benefits.
The $23,760 Social Security bonus most retirees completely overlook

Getting the most from Social Security grows more involved when you are married. You must consider the right time to claim while also deciding which benefit type pays the highest amount.

The Social Security Administration handles the calculations, yet understanding how to compare your retirement benefit against your spousal benefit helps with planning. You can do this without any special tools.

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How to compare your retirement benefit with your spousal benefit

If both you and your spouse have work histories, each of you may qualify for a retirement benefit based on your own record and a spousal benefit based on your partner's record. The spousal benefit equals up to half of the amount your partner would receive at full retirement age, which is 67 for most individuals.

The exact amounts depend on the Social Security taxes each of you paid over your careers. You do not need old tax documents to find these figures.

Check your earnings record in your my Social Security account, which you can create at no cost. New users answer a few identity questions, such as the name of the bank holding their mortgage, before choosing a username and password. Your spouse can open a separate account the same way.

Inside the account you will find estimates of your retirement benefit at different claiming ages. You can also adjust the projected future earnings to see updated results.

A separate tool estimates your potential spousal benefits at various ages. To use it you must know your spouse's benefit at full retirement age, which appears in their account.

Using the numbers to increase total household benefits

With the retirement and spousal amounts in hand, you and your spouse can build a plan that raises your combined payments. If both of you will claim retirement benefits, select claiming ages based on life expectancy. People with average or longer life spans often receive more over time by waiting, sometimes until age 70.

When the spousal benefit exceeds your own retirement benefit, you may start with your retirement benefit. This lets your spouse delay and grow their payment. Once they claim, you can request a switch to the spousal benefit.

Discuss the schedule with your spouse so both of you agree on the timing. Stay informed about any adjustments and review how they affect your retirement income needs.

The $23,760 Social Security bonus most retirees completely overlook

Many Americans have not saved enough for retirement. A few lesser-known Social Security strategies may raise your monthly income.

One straightforward approach could add as much as $23,760 each year. Learning these steps can help you retire with greater confidence. Join Stock Advisor to explore the details.

View the Social Security secrets.

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