Understanding Social Security Benefits and Filing Decisions for Married Couples

Social Security benefits remain available for life, regardless of the recipient's age at death, addressing longevity risk in retirement. For married couples, strategic filing decisions are crucial: the higher earner should ideally delay filing until age 70, which maximizes total benefits for the couple during their lifetime and enhances the survivor benefit for the lower earner if the higher earner passes first. Delaying benefits for the higher earner effectively acts as a joint and survivor pension, providing greater long-term financial security. In contrast, delaying benefits for the lower earner is less beneficial, as it only boosts the couple's income while both spouses are alive. If the lower earner delays and then dies, that benefit stops being relevant for the higher earner, who relies on their own record. Consequently, the most efficient strategy is for the higher earner to wait, while the lower earner's delay is comparatively less advantageous, making it important for couples to weigh these dynamics carefully when planning their filing decisions.