There are 96 different months you can claim your Social Security benefits. If you are married, that’s 192 different numbers. It’s not just about the largest benefit number either, because there are five different ways to file for these benefits.
Much of the time, individuals only plan to utilize their retired worker benefit. That’s the benefit you learn about on your Social Security statement mailed to you starting on your 60th birthday. When you begin to include options your spouse would have, survivor benefits, and advanced filing options – there are over 20,000 variations about how a married couple could file for benefits.
On average, Social Security makes up 64.8 percent of total household income, so we need to manage it like an asset. Strategizing on when and how to file is a critical retirement decision. Optimizing your benefits means taking into account all of your other assets and income sources.