Maintaining a marriage for many years is not an easy thing. It often requires patience, the ability to compromise, and, in some cases, sacrifice.
But being married as a retiree could work to your benefit. For one thing, it could mean having a partner to spend your newfound free time with. It could also mean having someone to share expenses with, thereby easing that financial burden.
From a Social Security standpoint, being married could also work to your advantage. Here's why.
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Being married could lead to more Social Security income
Let's get one thing out of the way. If your marriage is failing and you and your spouse are miserable being together, then you're probably not going to stay together for the express purpose of eking out more Social Security. However, it's worth noting that being married has the potential to lead to more Social Security income.
For one thing, claiming spousal benefits from Social Security over your own benefits may lead to a higher monthly payday. Spousal benefits can be worth up to 50% of what your spouse is eligible for, provided you wait until full retirement age (FRA) to file.
So let's say that based on your own wage history, you're entitled to a monthly benefit of $1,500 from Social Security. It may be that your spouse earned a lot during their career and is eligible for a monthly benefit of $3,200. So in that case, you'd be entitled to a spousal benefit of $1,600 at FRA, which is $100 more than what your own benefit would pay you.
(As a point of clarity, you cannot collect a Social Security benefit based on your own wage history and a spousal benefit at the same time. You'll only receive the higher of the two.)
Being married could also make it possible to delay your Social Security filing for a higher monthly payday. For each year you hold off on claiming benefits past FRA, they get an 8% boost, up until age 70.
It may be that you and your spouse earned similarly during your careers and are eligible for similar benefits from the program. If they file at FRA, you'll have money coming into your household. That could make it possible for you to hold off on filing for a few more years, resulting in a higher monthly Social Security payout.
A situation that could prove helpful
To be clear, your marital status will not affect the amount of Social Security income you're entitled to based on your own earnings record. If your wage history renders you eligible for a monthly benefit of $1,500, that would hold true whether your status is single, married, or divorced.
Rather, it's that spousal benefit eligibility could leave you with a higher monthly income from Social Security. And having someone else's income to fall back on could make it possible to delay your own claim for a massive boost.
So if you are married going into retirement, seize the financial opportunity. Have conversations with your spouse about how to maximize your Social Security income and manage your retirement income in general. The more you talk things through, the more comfortable your retirement lifestyle might be.
