If you’re single due to a divorce or the death of a spouse, or if you’ve never been married, filing for Social Security isn’t as straightforward as it is for married couples. Since you can’t count on retirement income from a spouse, it’s important to take advantage of every opportunity to maximize your benefit.
Social Security: Full Retirement Age Raised To 67
Your Full Retirement Age (FRA), also known as Normal Retirement Age (NRA), is when you’re eligible to receive 100% of your earned Social Security benefit. If you were born in 1960 or later, you’ll have to wait until 67 to be eligible for your full benefit. Filing earlier than your FRA/NRA reduces your benefit. For those born prior to 1960, click on this chart.
“If you were both at your FRA at the time of your spouse’s death, you’ll receive whichever benefit is larger.”
Social Security For Widowed Retirees
Widows/widowers can receive a reduced survivor benefit as early as age 60 based on their deceased spouse’s work record. However, if you wait until your FRA to file, you’ll receive whichever benefit is larger: the benefit based on own work history or the benefit based on your deceased spouse’s work history. If you were both at your FRA at the time of your spouse’s death, you’ll receive whichever benefit is larger. There’s another strategy to consider if you’re in your 60s when widowed. File for a survivor benefit based on your deceased spouse’s work history and delay filing for your own, maximized benefit at age 70 based on your work record if it’s higher than the survivor benefit you’d receive (see below).
Social Security For Divorced Retirees
If you’re divorced and your marriage lasted 10 or more years, you’re eligible for benefits based on your ex-spouse’s earnings as long as you haven’t remarried before age 60. Although you can apply for benefits as early as age 62, benefits would be paid out at a reduced amount. If you remarry, you generally cannot collect benefits on your former spouse’s record unless your later marriage ends by death, divorce, or annulment.
Delay Social Security To Maximize Your Benefit
If your FERS annuity (pension) and Thrift Savings Plan (TSP) distributions will be enough to cover your retirement expenses, delaying Social Security may be a good strategy for singles. For every year you delay beyond your FRA, you earn credits that increase your benefit by 8% each year up until age 70. For example, if you were born in 1960, and you delay until age 70, you’ll receive 124% of your earned benefit.
For more retirement planning strategies for singles, connect with an FRC® trained advisor.
Sources:
https://www.ssa.gov/benefits/survivors/#anchor1
https://www.ssa.gov/benefits/retirement/planner/applying7.html#
https://www.ssa.gov/benefits/retirement/planner/applying7.html#
https://www.ssa.gov/benefits/retirement/planner/1960-delay.html
