1. Year of Birth Full Retirement Age
1943-1954 66
1955 66and2months
1956 66and4months
1957 66and6months
1958 66and8months
1959 66and10months
1960andlater 67
Your full retirement age1
If you are currently married and thinking about filing for Social
Security retirement benefits, it’s worth taking some time to learn
more about the benefit filing options that are available only to
married couples who have reached full retirement age. The filing
decisions you make today are likely to have a permanent impact
on the benefits that you and your spouse receive as a couple and in
some instances, on the benefit the surviving spouse receives.
Timing is a key variable for everyone, but especially for married
couples. Collecting benefits early, before reaching full retirement
age, permanently reduces your monthly benefit by as much
as 25%.
Of course, there may be good reasons for filing before your full
retirement age. Health concerns, a reduced life expectancy and
financial need are all important considerations.
As the chart below shows, your full retirement age is determined by
the year you were born.
1
Source: Social Security Administration, Retirement Planner: Full Retirement Age,
http://www.socialsecurity.gov/retire2/retirechart.htm
An Educational Guide
for Individuals The Social Side of
RetirementSM
SocialSecurityfilingstrategiesfor
marriedcouples
2. Bill and Karen file for their
individual Social Security benefits
as soon as they become eligible
at age 62, four years before reaching
full retirement age.
Nowlet’scomparetwodifferentfilingstrategiesforBillandKaren.
Filing Strategy 1: Bill and Karen each file for their individual benefit at age 62, before
reaching full retirement age. By collecting early, they cannot take advantage of filing
strategies that are available only to married people who have reached full retirement age.
Analysis: At age 62, Bill and Karen begin receiving a combined monthly benefit of $2,775; this is
25% less than the combined benefit of $3,700 they would be eligible to receive by waiting until their
full retirement age to begin collecting their benefits.
With this strategy, the couple’s cumulative Social Security income at age 85 is $1,018,460.
In comparison, if they had waited until their full retirement age to file for benefits, their cumulative
income at age 85 would be $1,173,574. The $155,114 difference is based solely on the couple’s age
when they file for benefits, and does not include the impact of any other filing strategies.
Cumulative benefit amounts assume 2.5% annual COLA increases.
Marriedcoupleshaveavarietyoffilingoptionsavailabletothem.
In thefollowingexample,we’llcomparetwoofthesestrategies
to demonstratethedifferencethatfilingstrategycanmake.
Remember…it’s your Social Security and your decision
For simplicity, this example reflects only limited benefit filing
options and variables. In fact, there are many factors that
could have an impact on the amount of your Social Security
retirement benefit. The benefit filing option you choose
should be based on the realities of your personal situation.
No matter how and when you choose to begin collecting
your benefit, it’s a good idea to contact the Social Security
Administration ahead of time. That way, you can get the
information you need to make an informed filing decision.
Bill and Karen
Bill and Karen, both 62, have been married for 40 years.
Both have a family history of longevity and expect to
spend many years in retirement.
Bill has earned more than enough Social Security
retirement credits to qualify for a retirement benefit.
At his full retirement age of 66, Bill will be eligible to
receive a monthly benefit of $2,400, plus any cost-of-
living (COLA) increases.
Karen has also earned enough retirement credits to
qualify for an individual Social Security retirement
benefit of $1,300 at her full retirement age of 66, plus
any COLA increases.
Our example assumes that both Bill and Karen are no longer
working at the time they begin receiving their benefits.
3. Bill files for his
Social Security benefits
at full retirement age
and immediately
suspends his benefit.
Karen files a
restricted application
for spousal benefits.
Her spousal benefit is
equal to 50% of Bill’s
full retirement age benefit.
66 67 68 69 70
During this period, Bill earns
delayed retirement credits equal
to 8% of his own full retirement
age benefit.1
During this period, Karen
collects a spousal benefit while her
individual benefit earns delayed
retirement credits.1
At age 70, Bill begins collecting
his Social Security monthly benefit,
which includes delayed retirement
credits that have increased his benefit
by 32%.
At age 70, Karen stops
collecting a spousal benefit
and begins collecting her individual
monthly Social Security benefit,
which includes accumulated
delayed retirement credits equal
to 32% of her full retirement
age benefit.
Social
Security
Benefit
Spousal
Benefit
Spousal
Benefit
Social
Security
Benefit
Social
Security
Benefit
1
2
3
4
Filing Strategy 2: Suspend and Restrict combination
The “File and Suspend” and “File and Restrict” combination strategy is available only to
married couples who have reached full retirement age.
Analysis:When Bill files for and immediately “suspends” his benefit at age 66, he opens the “restricted”
filing window for Karen. This strategy increases the couple’s cumulative lifetime benefit. It also
assumes that the couple has another source of income during the time Bill’s benefit is suspended.
By the time Karen and Bill are age 70, their combined monthly Social Security benefit is $5,951.
That’s $2,570 more each month than the $3,381 that Strategy 1 provides at the same age. If they
both live until age 85, their combined, cumulative Social Security benefit will be $1,346,489, or
$328,029 more than Strategy 1 provides. Cumulative benefit amounts assume 2.5% annual COLA
increases.
1
Delayed retirement credits may accrue for each year beyond full retirement age that individual benefits are delayed. People born in 1943 or later who
have reached full retirement age can earn delayed retirement credits equal to 8% of their full retirement age benefit, up until age 70. This can increase
monthly benefit amounts by up to 32%. Spousal benefits are not eligible for delayed retirement credits.
