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: A Single-Income Couple
Gordon and Cynthia are a married couple almost four years apart in age. Gordon was the sole breadwinner, and Cynthia thus has no workers benefit of her own. Gordon’s primary insurance amount is $2,338.
Gordon will reach full retirement age at age 66 and 10 months, having been born in January 1959, and his projected longevity is just past 84 years. Cynthia, born in December 1962, has an FRA of 67 and projected longevity of just past 87 years.
Under the law, if Gordon waits to file for Social Security beyond his FRA, Cynthia must also wait to file. She is projected to eventually collect a survivor benefit for about 6 1/2 years.
This scenario gives the couple six potential claiming strategies, with the difference in projected lifetime benefits between the “best” and “worst” strategy amounting to about $100,000.
What the Numbers Say
The least optimal strategy would have seen Gordon file in January 2025 at age 66 for a slightly reduced workers benefit of $2,208. This would allow Cynthia to file at the same time, at age 62 and 1 month, for a spousal benefit of $764. She would eventually switch to her survivor benefit of $2,208, resulting in a projected lifetime benefit of $842,368.
A nearly $20,000 boost in benefits comes from assuming that Gordon waits until November 2025 to file for his FRA workers benefit of $2,338. Cynthia would file at the same time for a reduced spousal benefit of $813 before eventually switching to the $2,338 survivor benefit. This gives the couple a projected lifetime benefit amount of $861,354.
A minor increase in benefits comes from assuming that Gordon files in January 2025 for a slightly reduced benefit of $2,208, while Cynthia waits until December 2029 to file for a full spousal benefit of $1,169. If she again switches to the survivor benefit of $2,208, this generates a projected $864,117 in lifetime benefits.
The lifetime projection climbs again from assuming that Gordon waits until November 2025 to file for his full workers benefit of $2,338, with Cynthia waiting to file until December 2029 for her full spousal benefit of $1,169. After factoring in the survivor benefit, this scenario results in a projected lifetime benefit of $880,257.
A big jump in benefits comes from assuming that Gordon waits until January 2029 to file at age 70 for his maximum workers benefit of $2,930. Cynthia would file at the same time for a slightly reduced spousal benefit of $1,079, and she would eventually switch to a survivor benefit of $2,930. This scenario delivers a projected $939,984 in lifetime benefits.
The optimal approach again sees Gordon wait until January 2029 to file at age 70 for his maximum workers benefit of $2,930. Cynthia, however, waits until December 2029 to file for her maximum spousal benefit of $1,169 before eventually switching to the survivor benefit of $2,930. This delivers a projected lifetime benefit of $942,965.
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