The Average Couple on Social Security Gets $3,238, But Here’s How You Can Get More
Two Social Security checks can ease retirement, but most couples leave money on the table by filing without a plan. One spouse's timing choice could change what your household collects for the rest of your lives.
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There are plenty of perks to being married in retirement. Not only do you have a partner to spend time with once your career comes to an end, but you may have two sets of Social Security benefits coming into your household. That could make it much easier to cover your costs once your work paycheck stops hitting your bank account.
The average couple receiving Social Security benefits today collects $3,238 per month. But with the right strategy, you and your spouse may be able to get a lot more.
There are ways to boost your Social Security benefits
Social Security calculates your monthly retirement benefits based on your 35 highest-paid years in the labor force. Earlier wages are adjusted for inflation in that formula.
You’re entitled to your Social Security benefit without a reduction at full retirement age, or FRA. If you were born in 1960 or later, FRA is 67.
But you don’t have to claim Social Security once you reach FRA. For each year you delay your claim beyond that point, until you turn 70, your benefits grow by 8%. This means that if you and your spouse are both eligible for Social Security, you have a prime opportunity to boost your benefits for life.
Of course, it may not be easy for both of you to wait beyond FRA to file for Social Security. If you want to retire sooner, you may need some Social Security income to make that happen.
In that case, it could make sense for the higher-earning spouse to delay their claim while the lower-earning spouse files for Social Security at FRA. That way, at the household level, you have some money coming in. At the same time, the higher earner’s benefit can get a nice boost.
The reason couples often choose for the higher earner to wait is that the 8% yearly increase that comes with a delayed claim is worth more to a larger benefit. However, if that strategy doesn’t work for you, you could opt to have the lower-earning spouse delay their claim.
There’s no right or wrong answer. The right move depends on your personal situation.
Other ways to get more Social Security
In addition to waiting past FRA to claim Social Security, you can also score larger monthly checks by growing your paychecks. That could mean pursuing promotions and raises while you’re employed full-time, or starting a side business to generate income.
Also aim for a 35-year work history. If one of you is missing a few years of earnings, getting a part-time job after filing for Social Security could replace some $0 income years with actual wages.
And yes, it’s perfectly permissible to work while collecting Social Security. Once your FRA is reached, there are no income limits to worry about.
All told, there are plenty of options for getting more out of Social Security as a couple. It pays to sit down together and talk through different strategies so you can enjoy a rewarding retirement without worrying about money.
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Maurie Backman has more than a decade of experience writing about financial topics, including retirement, investing, Social Security, and real estate. Her work has appeared on sites that include The Motley Fool, USA Today, U.S. News & World Report, The Washington Post, and Kiplinger.
Prior to becoming a full-time financial writer, Maurie worked in the financial industry trading distressed debt. She then changed course and spent a few years designing electronic toys. After a stint in content marketing and UX, she shifted back into writing and has since covered everything from the housing market to estate planning to Medicare.
When she's not busy writing, Maurie can be found hiking, walking her dogs, driving her kids to their various sports practices and games, and curling up with a good book. She cooks on occasion and bakes way too often.
