Maximize Benefits by Strategic Timing

Surviving spouses have unique options for claiming benefits that can maximize their total financial support in retirement. They can utilize a strategy known as a restricted application, allowing them to file for one benefit while letting another grow. A surviving spouse can begin receiving survivor benefits as early as age 60, providing immediate income, while delaying their own retirement benefit until age 70 to capitalize on its maximum potential. Alternatively, they could claim their retirement benefit at the earliest age of 62 and allow their survivor benefit to increase until reaching full retirement age. The choice between the two strategies should depend on which benefit will ultimately provide a higher amount, ensuring financial well-being in retirement. Additionally, if a surviving spouse is under full retirement age and continues to work, they must consider the earnings test, which could affect their benefits. Strategic timing in filing for these benefits can lead to more substantial long-term financial gains.