Before filing, check the record behind the estimate, compare claiming ages, and understand the income available to both spouses—together and individually.

1. Make sure your earnings record is right

Richard and Lynn begin by opening their individual my Social Security accounts. Richard notices that some recorded earnings are lower than his salary. That is not necessarily an error: earnings subject to Social Security tax are capped each year. Lynn checks that her parttime working years appear.1 Missing or understated earnings can reduce a benefit. If an older year looks wrong, gather Ws, tax returns or wage records and contact the Social Security Administration (SSA). Recent earnings may still be awaiting an update. The couple’s first task is to confirm the information behind their estimates. Your next step: Check each earnings record before comparing claiming dates. A correction matters when it changes the earnings used in the benefit calculation.

2. See whether another working year would count

Lynn has fewer than 35 years of covered earnings. Social Security generally uses the highest 35 years, applying its wage-indexing rules, and fills missing years with zeros. Another year of covered work could replace a zero and raise her personal benefit. Higher earnings can also replace a lower year.2 She asks for estimates with and without another year of part-time work. Richard and Lynn also check that their projections reflect when they actually expect to stop earning. Working longer should be weighed against the time they want together and any effect on a spousal supplement. Your next step: Compare the estimated benefit change with the work required. Another year does not automatically produce a meaningful increase.

3. Compare the check at different claiming ages

Hypothetical monthly amounts before taxes and Medicare deductions. Assumes full retirement age 67, fixed earnings, and no cost-of-living adjustments.

Richard assumed retiring at 65 meant claiming at 65. His full retirement age is 67, as it is for people born in 1960 or later. Claiming earlier reduces the monthly amount. Waiting beyond full retirement age earns delayed credits of 8% per year for people born in 1943 or later, through age 70.3 Suppose Richard’s benefit at 67 is $3,000 a month. Holding his earnings record constant, here are three possible start dates: Start age

Monthly benefit What it reflects

• $2,600 Reduced benefit
• $3,000 Full retirement benefit
• $3,720 Three years of delayed credits

4. Check for a spousal benefit

Lynn asks whether Richard’s work record could increase her payment. Assume her own benefit at 67 is $1,200. An eligible spouse can receive up to 50% of the worker’s fullretirement-age benefit. Here, that is $1,500. If she claims at 67 and Richard has filed, her payment could include her $1,200 benefit plus a $300 spousal supplement.5 That also puts the additional-work question in perspective: a higher personal benefit may reduce the supplement, leaving the combined payment unchanged. The couple needs to compare Lynn’s total payment. Lynn generally cannot receive a spousal benefit until Richard files. Spousal benefits do not earn delayed retirement credits, and his larger age-70 check does not raise the $1,500 spousal amount. Claiming early can reduce benefits. If Lynn starts her own benefit at 67 while Richard waits until 70, she would initially receive $1,200 in this illustration. Her supplement could begin when he files. Delaying Richard’s claim therefore postpones income for both of them. Their plan must account for that gap. Your next step: Ask SSA to compare both spouses’ benefits and filing dates. Review the household income available during any delay.

5. Consider the spouse who may live longer

Richard then asks what Lynn would receive if he died first. Their household would not continue receiving both full payments. A surviving spouse may qualify for the higher benefit, subject to eligibility and claiming rules.7 Delaying Richard’s larger benefit can also increase the survivor protection available to Lynn. That gives the decision significance beyond their years together. They ask their planner to examine either spouse living alone, including home expenses, healthcare and taxes.10 The larger future check is one consideration. Their health, savings and ability to fund the waiting years still matter. They want a decision both understand and can afford. Your next step: Include a surviving-spouse income projection before choosing claiming dates.

If you are already widowed

Your options differ from Richard and Lynn’s. Some eligible survivors can receive a survivor benefit and later switch to their own retirement benefit at 70. Survivor benefits reach their maximum age-based percentage at survivor full retirement age. Ask SSA to compare the sequence; eligibility, earnings and remarriage can affect the options.7 Ordinary retirement and spousal benefits generally must be claimed together when eligible for people approaching retirement today. Survivor benefits are an exception.8

Richard and Lynn leave with a clearer plan

Their original question was whether to claim together when work ends. Now they can compare specific alternatives: starting sooner, waiting until full retirement age, or beginning Lynn’s benefit at 67 while Richard delays his to 70. Each produces a different pattern of income and portfolio withdrawals. Their planning review puts those choices beside their travel budget, everyday spending and provision for a surviving spouse. It also gives them dates to revisit the estimates before filing. Changes in health, work or family needs may call for an adjustment. They can see what each choice would require before making it. For Richard and Lynn, that is the value of planning: understanding how their income will support the retirement they want, together and individually.

How Edwards Asset Management can help

At Edwards Asset Management, your financial advisor, CFP® planning professional, investment-management team and experienced client-service associate work together around your household plan. As in Richard and Lynn’s example, we can compare claiming choices with spending and withdrawals, and coordinate questions with your tax professional. SSA determines eligibility and benefit amounts. For managed-account clients, CFP® planning is included at no additional planning charge. EAM’s advisory fee is 1% or less annually, depending on assets and the applicable schedule, without separate EAM planning and investment-management fee layers. Certain investments or third-party services may have additional expenses. If you recognize your own questions in Richard and Lynn’s story, we welcome a complimentary introductory consultation. Bring your benefit estimates and tell us what you want retirement to look like. Schedule an introductory conversation | 239-264-1000 Naples • Fort Lauderdale • Albany