Three ways to maximize your Social Security benefit

Three strategies can help you maximize your Social Security benefit. First, delay collecting so your monthly benefit grows for each year you wait, up to age 70. Second, use the spousal benefit, which can pay a percentage of your spouse's benefit if it is higher than your own. Third, understand the survivor benefit, which lets a surviving spouse step up to the higher of the two benefits.

Social Security is a puzzle worth solving

Social Security can feel like one of the more confusing parts of retirement. The rules are not obvious, and the choice you make is largely permanent. The good news is that a handful of clear levers do most of the work, and understanding them puts you in control of a decision that shapes your income for life.

Three strategies stand out, especially for married couples, where the decision affects two people rather than one.

Delay your claim to let the benefit grow

The most direct lever is timing. For each year you wait to claim past your full retirement age, your monthly benefit increases, up to age 70. That higher amount is guaranteed and adjusts with inflation for the rest of your life, which makes delaying one of the few ways to build a larger, lasting income floor.

Waiting is not right for everyone, since health, other income, and your overall plan all matter. But when it fits, the increase is meaningful.

Use the spousal and survivor benefits

For couples, two more levers come into play. The spousal benefit can allow a lower-earning spouse to receive a benefit based on the higher earner's record. The survivor benefit allows the surviving spouse to step up to the larger of the two benefits after the first spouse passes, which is why the higher earner's decision carries weight for decades.

Here are the three levers in one place:

• Delay your collection so your benefit grows each year you wait, up to age 70
• Claim a spousal benefit based on your spouse's record when it is higher than your own
• Plan for the survivor benefit so the surviving spouse can step up to the larger benefit

Because these levers interact, the best claiming strategy depends on your ages, earnings histories, and broader retirement plan. Walking through your specific numbers with a fiduciary advisor can help you coordinate the decision for both of you.

Frequently asked questions

How can I maximize my Social Security benefit?

Three common strategies are delaying your claim so the benefit grows each year you wait up to age 70, using the spousal benefit when your spouse's record is higher than yours, and planning for the survivor benefit so the surviving spouse can step up to the larger amount.

Does delaying Social Security really increase my benefit?

Yes. For each year you wait to claim past your full retirement age, your monthly benefit increases up to age 70. That higher amount is guaranteed and adjusts with inflation for the rest of your life.

How does the survivor benefit work for married couples?

When one spouse passes, the surviving spouse can step up to the larger of the two Social Security benefits. This is why the higher earner's claiming decision can affect household income for decades and should be planned as a couple.