"Longevity risk has become a major concern for planners as life expectancies continue to rise. Consider a married couple where both spouses are 65. There is now a 50% chance one will live till 92, and a 25% chance one will make it to 97." ouch! Paul Norr explains strategies that couples can use to maximize their SS retirement benefits in light of recent changes.
"The restricted filing strategy remains available for anyone born before
Jan. 1, 1954. This approach works best when each spouse has a
significant work history. Restricted filing allows a person at least 66
years old to claim spousal benefits while simultaneously allowing
benefits based on his or her own work history to continue to accrue
delayed retirement credits until age 70. At that point, he or she
switches to his or her own, higher, benefit."
Norr also explains the spousal benefit, how to plan for a surviving spouse, and benefits based on an ex-spouse earning record
A link to a slide show of SS benefits for persons of all ages and life stages is included.