Option 3: Be strategic with spousal benefits

Married couples are able to collect their Social Security benefits together, but it’s highly important to consider the right timing for that. Of course, both spouses might take benefits as early as 62 years old, but on the long run, it might pay off for those who are on the lower end of the income spectrum to wait until their full retirement age and collect their benefit check.

If the second spouse is willing to wait until you are 70 years old to claim your benefits, it might result in a bigger Social Security check. If this move makes sense or not, it solely depends on whether one or both of you are still working, the anticipated benefit amount you will get, and how much income you saved besides Social Security.

Another important thing to keep in mind is that you have to factor in life expectancies. For instance, if you’re both the same age and you also have similar earnings records, it could be better for both of you to wait until you’re 70 years old to claim all the benefits, especially if you’re in good health and you expect to live longer.

However, if you’re in poor health, it might be recommended to take those benefits earlier. If you ask me, this is an extremely difficult decision to make, so speaking with a financial advisor might help you understand better what’s the best thing to do.