3 Social Security Mistakes Married Couples Risk Making

One nice aspect of being married in retirement is having a partner to that journey with

The transition into retirement isn't always smooth, so it's helpful to have a spouse there for both moral and financial support

And speaking of finances, married couples often have an advantage over single retirees in that they're able to bring two sets of savings into the mix

They also, in some cases, are eligible for two sets of Social Security benefits

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It's important to strategize with your spouse on Social Security so you can make the most of that crucial income

With that in mind, here are a few critical Social Security mistakes married couples might make if they aren't careful

Claiming benefits too early It may be that both you and your spouse worked and are therefore each entitled to a monthly benefit from Social Security

You might think that because you have two sets of benefits coming your way, you can afford to reduce them by signing up early

But that's a move you might sorely regret

You can claim benefits as early as 62, but those monthly payments will be subject to a reduction for each month you claim them before age 67

It may be that you and your spouse would to retire early, or at least reduce your working hours, and that you need Social Security to make that happen

But if that's the case, at the very least, see if you can manage with only one of your claiming benefits early so the other person's benefits don't take a hit

You may find that you need the income down the line to cover your retirement costs without stress

Not understanding how spousal benefits work Even if both you and your spouse worked, the lower earner of the two of you may be entitled to spousal benefits

And you should know that Social Security will pay you the greater of your own benefit or a spousal benefit

But it's important to understand the rules of spousal benefits

For one thing, if you're married and want spousal benefits, you can't get them until your spouse signs up for Social Security themself (the rules are different if you're divorced)

Also, you can't grow a spousal benefit by delaying your Social Security claim past full retirement age

Forgetting survivor benefits You may not love the idea of having either you or your spouse delay Social Security past full retirement age, despite the higher benefit it can result in

And you may do some budgeting and discover that you can cover your expenses without having to boost your Social Security checks

But having the higher earner delay Social Security until age 70 could be advantageous if there's a large age gap between you, and if the lower earner is ly to out the higher earner by many years

If your spouse is the higher earner and they delay Social Security until 70 for larger checks, it could set you up to collect more generous survivor benefits upon their passing

Work together to manage your Social Security benefits There's a good chance Social Security will play a big role in your retirement income picture

For this reason, it's important that you and your spouse talk through different strategies together and sync up on a plan

It could also pay to sit down with a financial advisor and see what they recommend as far as Social Security goes

They can look at your total income picture and needs to help you come up with a plan to maximize your benefits as a married couple

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