What's At Stake for Married Couples?

Social Security is the largest single asset many couples have in retirement. Unfortunately, most people don't take the necessary steps to maximize this all-important income stream.

If you don't make the right decision about when to elect Social Security, you could be leaving a big pile of money on the table—money you've worked hard for over the years.

In fact, the difference between a good Social Security election decision and a poor one is often well over $100,000!

Example:
A 62-year-old couple with one above average earner (PIA $1,800) and a lesser earning spouse (PIA $1,000), who both live to average life expectancy could lose over $60,000 in family benefits by making the worst possible decision for when to take Social Security.

• If they both elect at age 62, they could be losing over $50,000
• If they both elect at age 66, this couple could still be leaving $30,000 on the table
• Simply delaying benefits isn't the answer either.  If they both delay to 70, they could be losing over $40,000

Taking Social Security Early or Late?

Most people are eligible to elect Social Security at any time between age 62 and 70. However, most people simply elect Social Security at whatever age they decide to retire, not the age when it will give them the maximum lifetime benefit.

How much you receive from Social Security depends on three primary factors:

1. Your earnings record
2. When you elect
3. How long you expect to live

Since you can't go back and change your earnings record, and you have minimal control over how long you live, calculating an expected lifetime benefit largely hinges on when you elect.

For your own "what's at stake" evaluation, click the above link.