Social Security is a pretty complicated program. Since many seniors depend on Social Security for their income in retirement, it is important to maximize your benefits. The process gets more complicated when you start to consider spousal benefits. Many people near retirement age make some mistakes when it comes to spousal benefits. Here are some of the more common mistakes you can avoid to make sure that you maximize yours and your spouse’s Social Security benefits.

You Want your Spouse to take Benefits at Full Retirement so You can Get Spousal Benefits

While it is true that you cannot take your spousal benefits until your spouse files for their benefits, there is a better way to maximize your benefit. If your spouse is at full retirement age or within six months of retirement you have another option. If your spouse is still working, they can file for benefits and then suspend their own claim. They can do this up until age 70. This will make sure that you are able to claim your spousal benefit (because your spouse has filed) but will ensure that your spouse still increases their benefit by delaying past full retirement age.

You do not File for Your Spousal Benefit because You Earned More than Your Spouse

This is a common mistake that is made with spousal benefits. You can actually claim spousal benefits at full retirement age while delaying to claim your own benefits. This allows you to build equity until age 70, when you will file for your own benefits.  You can collect two benefits sequentially; first your spousal benefits then your own. This gives you much more over your lifetime than just filing for your own.

For legal assistance with Social Security benefits contact Stano Law group.