Married and Both Claiming Social Security at 62? The Higher Earner Almost Never Should. These 3 ETFs Replace That Check in the Meantime
Filing Social Security at 62 looks like a smart move until you run the survivor math, and most couples with a higher earner get the sequence dangerously wrong. Three ETFs can cover the income gap while you wait for the…
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You are both staring at 62. The math on Social Security looks simple until an advisor walks you through it: if the higher earner files now, the household locks in a smaller check for life, and the surviving spouse is stuck with it. Delay that higher check to full retirement age or 70, and you buy a bigger monthly payment for as long as either of you is alive. The problem is the gap. You still need income today. That is where Amplify CWP Enhanced Dividend Income ETF (NYSEARCA:DIVO), iShares National Muni Bond ETF (NYSEARCA:MUB), and iShares Core High Dividend ETF (NYSEARCA:HDV) come in. Together, they can replace the check the higher earner is skipping, without forcing you to sell shares in a down market.
Why the Higher Earner Almost Never Should File at 62
When one of you dies, Social Security does not pay both benefits. The survivor keeps the larger of the two, and the smaller one disappears. Delaying the higher earner is effectively longevity insurance for whichever spouse lives longer. Suze Orman put the rule bluntly: “A person cannot receive both their own Social Security benefit and a survivor benefit at the same time… you will get the higher of the two benefits.” Financial commentator Clark Howard makes the same point, noting that if the higher wage earner delays, the surviving spouse can receive a higher monthly payment for the rest of their life.
There are legitimate exceptions. Serious health problems for the higher earner, a large age gap that flips the survivor math, or an immediate cash crunch with no other assets can all justify filing early. For most couples with even a modest cushion, the deferred check wins. The 2027 COLA is currently tracking toward 3.1%, so every year you wait, the base you eventually claim keeps compounding. Survivor benefits run on their own rules, and getting the sequence right is worth six figures over a retirement (we condensed the whole decision into a free one-page framework here).
DIVO: A Monthly Paycheck Built From Blue Chips
DIVO writes covered calls on a concentrated book of quality dividend payers and hands you the income every month. Recent monthly distributions have run in the $0.17 to $0.19 range, with a trailing 12-month total of $3.005 per share against a recent price of $48.39. The portfolio holds names you know: Caterpillar at 6.98%, Apple at 5.10%, Microsoft at 4.93%, and JPMorgan at 4.86% are the top weights, with roughly $7.19 billion in net assets. Total return has been solid, with the fund up 17.94% over the past year and 12.28% year to date. Think of DIVO as the sleeve that most closely mimics a paycheck hitting the account on schedule.
MUB: Tax-Free Income That Keeps Provisional Income in Check
MUB holds a broad basket of investment-grade national municipal bonds, and the interest is federally tax-exempt. The expense ratio is 0.05%, meaning you keep $995 of every $1,000 working. Distributions arrive monthly, most recently $0.289873 per share, with a trailing 12-month total of $3.42 against a price near $104.03. With the 10-year Treasury at 4.77%, tax-equivalent muni yields look competitive for couples in higher brackets.
HDV: Quality Dividend Payers Doing the Heavy Lifting
HDV tracks the Morningstar Dividend Yield Focus Index, which screens for financially healthy U.S. companies with sustainable dividends. The expense ratio is 0.08%. Distributions are quarterly, and the trailing 12-month total is $3.42 per share against a recent price of $29.40. Total return has been strong, with HDV up 24.65% over the past year and 23.27% year to date. It skews defensive, mega-cap, and cash-generative, which is the profile you want carrying a bridge portfolio.
Trade-Offs Worth Weighing
None of these funds is risk-free. DIVO’s call-writing caps upside in strong rallies, and its distributions vary month to month, including a $0.95 payment in December 2025 that will not repeat monthly. MUB carries interest-rate risk; it is down 0.77% year to date as yields climbed. HDV is concentrated in defensive sectors and will lag in speculative markets. Blend them thoughtfully, size the sleeves to your actual monthly need, and you can hand the higher earner permission to wait, which is the whole point.
Contact [email protected] for any questions or corrections.
Ryne Mauck is an investment writer covering exchange-traded funds, retirement planning, and portfolio strategy. Through his work at 24/7 Wall St. and other investment platforms, including Seeking Alpha, he aims to provide clear, research-driven insights that help investors make more informed decisions while maintaining a long-term approach to investing.
Ryne holds a B.Sc. in Finance and an M.A. in Political Science. He is a formerly registered Municipal Advisor Representative and has passed the Series 50, Series 63, and Series 65 exams. His articles are not intended to be, nor should they be interpreted as, financial advice.
