How to Maximize Social Security Spousal Benefits

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 16 January 2024

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

James addresses a common concern for a couple approaching retirement through a listener’s question. Listener Rob plans to collect Social Security early at 62, raising questions about his wife’s retirement. Understanding Social Security strategies to avoid potential losses during retirement is important. James explains the intricacies of spousal benefits, detailing how they are calculated based on the primary earner's full retirement age benefit. Key Takeaways: -Wait until full retirement a...

Transcript

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0:00.0	Today we're going to be taking a look at a couple who are preparing to retire, but they have
0:02.9	some big unknowns looming over their heads, specifically around social security spousal benefits.
0:08.0	The husband has been the primary breadwinner for their whole life and the wife estate at home,
0:11.4	raising the children, and they don't know how they should max my social security given this
0:15.3	information. So they have a lot of unknowns around social security, and the reality is if they collect the wrong way,
0:21.2	specifically around spousal benefits, it could end up costing them tens of thousands of dollars
0:25.2	over the course of their retirement. So on today's episode of Ready for Retirement, I'm going to
0:29.0	break down their options, and I'm going to teach you everything you need to know about Social
0:31.9	Security spousal benefits so you can maximize your retirement lifestyle.
0:38.0	This is another episode of Ready for Retirement.
0:40.6	I'm your host, James Canol, and I'm here to teach you how to get the most of the life with your money.
0:44.8	And now, on to the episode.
0:48.3	So let's jump right into the question.
0:50.2	This question comes from a listener named Rob, and Rob says the following.
0:53.2	He says, hi, James.
0:53.9	I've been watching your YouTube videos and listen to your podcasts, and I really appreciate your detailed
0:57.7	explanations and specific scenarios. They've been a tremendous help as I start to finalize my
1:02.0	retirement plan. I'm currently 52 years old, and my wife is 50. We are planning our retirement
1:06.9	strategy, which will consist of a combination of employer 401k, Roth IRA, personal
1:12.2	investments in social security, but I need some guidance to determine the optimal age for my
1:16.3	wife and I to begin drawing from social security. My wife is a stay-at-home mother, so she will not
1:21.4	be eligible for her own individual retirement benefits, and will be planning to take the spousal
	...

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