April · The Decision Calendar

The Claiming Decision

Alex Alston

Both benefits at every age from 62 to 70 — and, more importantly, what the survivor is left with under each combination. Pull your real figures from ssa.gov first; remembered estimates are usually wrong by a lot.

01Your benefits The full retirement age figure from your statement

Household Married couple Single Your benefit at full retirement ageMonthly, from ssa.gov Your full retirement age67 if born 1960 or later 6666 and 6 months 67

Spouse's benefit at full retirement ageMonthly Spouse's full retirement age 6666 and 6 months 67 Plan to what age?For the lifetime totals below

02What each age pays Monthly, in today's dollars

Age you claim Age spouse claims

03What the survivor is left with The question that actually matters

When one spouse dies, the household keeps the larger of the two benefits. The smaller one stops. Expenses do not fall by half.

04Four strategies compared

Cumulative household benefits received, in today's dollars, plus what the survivor keeps. The bridge cost is what you draw from the portfolio while waiting.

05What this tells you

Carry forward

Figures are in today's dollars and use the standard reduction and delayed-credit rules. Cost-of-living adjustments apply to every scenario, so they are left out rather than double-counted. Spousal benefits, the earnings test, and taxation of benefits are covered in the briefing and are not modeled here. Bring this to the April call.