Being married in retirement can lead to slightly higher expenses, but for many, it also means you'll have help reaching your retirement goals. You'll also be able to count on two Social Security checks as long as at least one person worked enough to qualify.
But how far those checks go is as unique as each couple. To give you some idea of what to expect, we'll take a look at how much the average couple will get in Social Security benefits over their lifetime and how to decide when you ought to claim.
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How much does the average couple get from Social Security?
The average Social Security check for retired workers as of February 2024 is $1,911 per month. Assuming the average retirement lasts about 20 years, that would amount to $458,640 in total benefits. This doesn't include cost-of-living adjustments (COLAs), which could give you even larger checks. But it also doesn't factor in possible benefit cuts that might happen if the government doesn't take steps to address Social Security's funding crisis.
If both partners qualified for the average Social Security benefit, they'd get twice as much. That's $3,822 per month and $917,280 over a 20-year retirement. This assumes both individuals are eligible for a retirement benefit on their own.
However, some couples receive one Social Security retirement benefit and one spousal benefit. You qualify for a spousal benefit if you either didn't work long enough to qualify for Social Security on your own or the spousal benefit you're entitled to is worth more than your own Social Security benefit.
A spousal benefit is worth up to half of the worker's retirement benefit at their full retirement age (FRA). That's somewhere between 66 and 67, depending on the worker's birth year. As of February 2024, the average spousal benefit is about $912 per month. This would only pay out $218,880 over 20 years.
It's important to remember that all the figures above are averages. Several factors play into your Social Security benefits, including your income during your working years and your age at sign-up. It's possible you and your spouse could walk away with more than the average benefits listed above if you play your cards right.
How can couples get the most out of Social Security?
One of the most important decisions couples must make is when each person should sign up for benefits. If you want the full benefit you've earned based on your work history or maximum spousal benefit, you must wait until your FRA to sign up.
It's possible to sign up earlier than this, but doing so will shrink your checks. Those claiming retirement benefits right away at 62 can lose up to 30% from each check, while those claiming spousal benefits can shrink their checks by up to 35% by claiming right away.
Every month you wait to claim grows your checks slightly. This stops at your FRA for those claiming spousal benefits. But if you qualify for a retired worker's benefit, you can continue increasing your benefit until you reach 70. That's when you qualify for your largest checks, worth up to 132% of your monthly FRA benefit.
But delaying Social Security isn't always the right move. Those with short life expectancies risk missing out on benefits entirely if they wait too long to apply. And even those who only live until their mid-70s generally get more overall by claiming early.
Financial difficulties can also make it impossible to delay benefits. And if you're a worker whose spouse hopes to claim a spousal benefit, delaying could render them ineligible to claim their own checks. They cannot sign up for these benefits until you sign up for retirement benefits, though they can claim Social Security on their own work record sooner if eligible.
The best thing to do is sit down with your spouse and talk through your options. If both of you earned similar amounts throughout your career, it might make sense for each of you to delay as long as possible, barring health or financial concerns.
But if one person significantly out-earned the other, the lower earner may want to claim their own retirement benefit first if they're eligible for one. This extra cash could enable the higher earner to delay benefits until they qualify for larger checks. When they finally sign up, the Social Security Administration will automatically switch the lower-earning spouse to a spousal benefit if it's worth more than what they're already receiving.
It's fine to change your Social Security claiming strategy over time if your plans for retirement change. Just make sure you stay on the same page as your partner so you're always working toward the same goal.
