This is the latest in a series of articles featuring Social Security claiming case studies drawn from the ALM publication "2025 Social Security & Medicare Facts," by Michael Thomas with support from Jim Blair, a former Social Security administrator, and Marc Kiner, a planning expert with extensive experience in public accounting.
The Scenario: Baby Boomers With a Later FRA
Mark and Cindy are a married couple less than a year apart in age, with Mark having been born in September 1963 and Cindy in July 1964.
The couple, both born at the latter end of the baby boom, will reach full retirement age at 67 — later than boomers born a decade earlier. Mark had significantly more income than Cindy.
Cindy is expected to survive Mark by about three years, with an actuarially projected death age of 87. Her FRA benefit is $1,292, compared to Mark’s FRA benefit of $2,543.
In this scenario, the couple have as many as nine potential claiming strategies to consider, and the difference between the “best” and “worst” choices is nearly $135,000 in projected lifetime benefits.
What the Numbers Say
The least effective strategy would see Mark file at age 62 and 1 month in October 2025 for a reduced workers benefit of $1,790. Cindy would do the same, likewise filing at age 62 and 1 month in August 2026 for her reduced workers benefit of $909 per month before eventually switching to a survivor benefit of $1,790. This delivers a projected $803,854.
A nearly $30,000 increase in projected benefit comes from assuming that Mark makes the same filing decision, while Cindy instead waits to file at her full retirement age of 67 in July 2031. She is again assumed to switch to a survivor benefit for her final three years of retirement, giving the couple a projected lifetime benefit value of $829,504.
Another small bump in benefits comes from again assuming that Mark files at age 62, but Cindy waits to file at age 70 for her maximum workers benefit of $1,602. With the same survivor benefit of $1,790 assumed, the delay increases the benefit projection to $836,002.
A bigger benefit jump comes from flipping the script and seeing Cindy file at age 62, while Mark waits for his full retirement age workers benefit of $2,543. This strategy eventually entitles Cindy to a survivor benefit of $2,543, bringing the couple’s projected lifetime benefit to $890,259.
Yet another projected benefit increase comes from assuming that both Mark and Cindy wait to file at age 67 for their full workers benefits. With the assumed survivorship scenario, this raises the total benefit projection to $915,909, and that increases to $922,407 if Cindy instead files for her benefit at age 70.
A small lifetime benefit increase to $932,301 come from assuming a split strategy where Cindy files at age 62 and Mark waits to file at age 70, when his benefit is $3,153. Similarly, a jump in projected benefits to $957,951 comes from assuming that Cindy files at 67 and Mark at 70.
In the end, the optimal scenario matches the general advice that waiting to claim benefits is often a wise move. In this case, Mark files for his maximum worker benefits of $3,153 at age 70, and Cindy does the same ($1,602). After factoring in the survivor benefit, the couple’s projected lifetime benefit lands at $964,449.
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