Is There a Best Claiming Strategy for Maximizing Lifetime Income or Protecting a Spouse?

When it comes to Social Security, the question almost everyone asks is: “What’s the best strategy?” The truth is, there isn’t a single answer that works for everyone. Instead, the “best” strategy depends on your health, life expectancy, retirement income needs, and whether you’re planning for just yourself or also protecting a spouse.

Why Timing Matters

You can claim Social Security as early as age 62, at your Full Retirement Age (FRA, generally between 66 and 67), or as late as age 70.

Claiming early locks in a permanently reduced benefit.
Waiting until FRA means you’ll get 100% of your calculated benefit
Delaying past FRA increases your benefit by about 8% per year until age 70.

For someone in good health with a long life expectancy, waiting often means significantly higher lifetime income. But if you need the income sooner, or if health concerns limit life expectancy, starting earlier may make sense.

The Spousal Factor

When married, Social Security decisions affect both partners. Key considerations:

Survivor benefits: The surviving spouse receives the higher of the two benefits. Delaying the higher earner’s benefit can protect the surviving spouse with a larger lifetime income.
Spousal benefits: One spouse can claim up to 50% of the other’s benefit, depending on timing. Coordinating when each spouse claims can optimize household income.
Longevity differences: If one spouse is expected to live much longer, maximizing their benefit often becomes the priority.

Thinking Beyond “Break-Even”

Some people look at Social Security only through a “break-even” lens—how long they need to live for delaying benefits to pay off. While this is useful, it misses two key points:

Insurance against longevity risk – Delaying benefits is essentially buying more guaranteed income that lasts for life.
Survivor protection – Maximizing the higher-earning spouse’s benefit is one of the most powerful ways to ensure the surviving spouse has enough income.

So, What’s the Best Strategy?

The best strategy is the one that balances your need for income today with the security of higher, guaranteed income later. For single retirees in good health, delaying often makes sense. For couples, prioritizing the higher earner’s benefit protects both spouses. And for those needing income now, claiming earlier may be the practical choice.

Bottom Line

There’s no one-size-fits-all answer. The best approach is to evaluate Social Security within the bigger picture of your retirement plan—your savings, investments, pensions, taxes, and lifestyle goals. With careful planning, Social Security can do more than provide income: it can provide peace of mind for you and your family.