The Mistake: Waiting Until 70 To Collect Spousal Benefits

If you’re well aware of increased benefits until you reach the age of 70, you might think that the same rules apply to any spousal benefits. Many seniors who believe this miss out on years of money, often relying on other means of income, which could cripple their finances in the process.

So, remember. If you’re able to claim your ex’s benefits and are planning on doing so, don’t delay since there is no incentive to doing so.

Solution: Retire at Full Retirement Age To Receive Your Maximum Spousal Benefits

Depending on when you plan on retiring, you’ll receive different percentages of your ex’s benefits. Once you reach your full retirement age, based on the year you were born, you’ll receive no more and no less than 50% of their benefits. That’s the maximum amount. In some cases, though the percentage seems small, it could end up being way more than what you would have claimed personally.

You won’t be able to go over that amount. So, retiring after you reach your FRA won’t make a difference.

But what about claiming early? Well, seniors who do so when they turn 62 will only benefit from 32.5%. In this case, yes, there is an incentive to wait.