Social Security

Year of Birth Full Retirement Age

1943-1954 66

1955 66 and 2 months





1960 and later 67

Your full retirement age1

If you are currently married and thinking about filing for Social

Security retirement benefits, it’s worth taking some time to learn

more about the benefit filing options that are available only to

married couples who have reached full retirement age. The filing

decisions you make today are likely to have a permanent impact

on the benefits that you and your spouse receive as a couple and in

some instances, on the benefit the surviving spouse receives.

Timing is a key variable for everyone, but especially for married

couples. Collecting benefits early, before reaching full retirement

age, permanently reduces your monthly benefit by as much

as 25%.

Of course, there may be good reasons for filing before your full

retirement age. Health concerns, a reduced life expectancy and

financial need are all important considerations.

As the chart below shows, your full retirement age is determined by

the year you were born.

1 Source: Social Security Administration, Retirement Planner: Full Retirement Age, http://www.socialsecurity.gov/retire2/retirechart.htm

An Educational Guide for Individuals The Social Side of

RetirementSM

Social Security filing strategies for married couples

Bill and Karen file for their individual Social Security benefits as soon as they become eligible at age 62, four years before reaching full retirement age.

Now let’s compare two different filing strategies for Bill and Karen.Filing Strategy 1: Bill and Karen each file for their individual benefit at age 62, before reaching full retirement age. By collecting early, they cannot take advantage of filing strategies that are available only to married people who have reached full retirement age.

Analysis: At age 62, Bill and Karen begin receiving a combined monthly benefit of $2,775; this is 25% less than the combined benefit of $3,700 they would be eligible to receive by waiting until their full retirement age to begin collecting their benefits.

With this strategy, the couple’s cumulative Social Security income at age 85 is $1,018,460. In comparison, if they had waited until their full retirement age to file for benefits, their cumulative income at age 85 would be $1,173,574. The $155,114 difference is based solely on the couple’s age when they file for benefits, and does not include the impact of any other filing strategies. Cumulative benefit amounts assume 2.5% annual COLA increases.

Married couples have a variety of filing options available to them. In the following example, we’ll compare two of these strategies to demonstrate the difference that filing strategy can make.

Remember…it’s your Social Security and your decision

For simplicity, this example reflects only limited benefit filing

options and variables. In fact, there are many factors that

could have an impact on the amount of your Social Security

retirement benefit. The benefit filing option you choose

should be based on the realities of your personal situation.

No matter how and when you choose to begin collecting

your benefit, it’s a good idea to contact the Social Security

Administration ahead of time. That way, you can get the

information you need to make an informed filing decision.

Bill and Karen

Bill and Karen, both 62, have been married for 40 years.

Both have a family history of longevity and expect to

spend many years in retirement.

Bill has earned more than enough Social Security

retirement credits to qualify for a retirement benefit.

At his full retirement age of 66, Bill will be eligible to

receive a monthly benefit of $2,400, plus any cost-of-

living (COLA) increases.

Karen has also earned enough retirement credits to

qualify for an individual Social Security retirement

benefit of $1,300 at her full retirement age of 66, plus

any COLA increases.

Our example assumes that both Bill and Karen are no longer

working at the time they begin receiving their benefits.

Bill files for his Social Security benefits at full retirement age and immediately suspends his benefit.

Karen files a restricted application for spousal benefits. Her spousal benefit is equal to 50% of Bill’s full retirement age benefit.

66 67 68 69 70

During this period, Bill earnsdelayed retirement credits equalto 8% of his own full retirement

age benefit.1

During this period, Karencollects a spousal benefit while her

individual benefit earns delayedretirement credits.1

At age 70, Bill begins collectinghis Social Security monthly benefit, which includes delayed retirement credits that have increased his benefitby 32%.

At age 70, Karen stops collecting a spousal benefit and begins collecting her individual monthly Social Security benefit, which includes accumulated delayed retirement credits equal to 32% of her full retirement age benefit.

SocialSecurityBenefit

SpousalBenefit

SpousalBenefit



1

2

3

4

Filing Strategy 2: Suspend and Restrict combination

The “File and Suspend” and “File and Restrict” combination strategy is available only to married couples who have reached full retirement age.

Analysis: When Bill files for and immediately “suspends” his benefit at age 66, he opens the “restricted” filing window for Karen. This strategy increases the couple’s cumulative lifetime benefit. It also assumes that the couple has another source of income during the time Bill’s benefit is suspended.

By the time Karen and Bill are age 70, their combined monthly Social Security benefit is $5,951. That’s $2,570 more each month than the $3,381 that Strategy 1 provides at the same age. If they both live until age 85, their combined, cumulative Social Security benefit will be $1,346,489, or $328,029 more than Strategy 1 provides. Cumulative benefit amounts assume 2.5% annual COLA increases.

1 Delayed retirement credits may accrue for each year beyond full retirement age that individual benefits are delayed. People born in 1943 or later who have reached full retirement age can earn delayed retirement credits equal to 8% of their full retirement age benefit, up until age 70. This can increase monthly benefit amounts by up to 32%. Spousal benefits are not eligible for delayed retirement credits.

© 2015 Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001. All rights reserved. www.massmutual.com. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives.

AN6412 315 CRN201702-189490

“If you are in a same-sex marriage or non-marital legal same-sex relationship, or a surviving spouse of a same-sex marriage or non-marital legal same-sex relationship, Social Security encourages you to file right away for benefits. This allows Social Security to determine if you are entitled to any spousal or survivor benefits.

If you have questions about how a same-sex marriage or non-marital legal relationship may affect your claim or to tell Social Security if you are married, separated or divorced, please call 1-800-772-1213 (TTY 1-800-325-0778) or contact your local Social Security Office.”

Important information for same-sex couples

Social Security Administration, same-sex couples, http://www.socialsecurity.gov/people/same-sexcouples/

For more information, copies of publications or to set up your own Social Security account, visit the Social Security Administration website at www.socialsecurity.gov or call toll-free at 1-800-772-1213 (deaf or hearing impaired, call TTY number, 1-800-325-0778).

The information provided is not written or intended as specific tax or legal advice. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

Final decisions about Social Security filing strategies always rest with you and should always be based on your specific needs and health considerations. It is important to acquire as much information as possible in order to make an informed Social Security claiming decision because one year after the Social Security claiming decision is made, it cannot be changed.

Some people, such as federal, state and local government workers, may be subject to the “Government Pension Offset” and the “Windfall Elimination Provision” which could decrease their Social Security Benefits.

If you work for an employer that offers a retirement plan, your plan benefit may be subject to a Social Security “pension offset” provision. (Your 401(k) contributions and the employer match are not subject to a pension offset.) A pension offset may reduce the amount of your retirement plan benefit when you become eligible to collect Social Security retirement benefits. This reduction may apply whether or not you are collecting Social Security retirement benefits. This could be an important consideration as you make your filing decision. Your plan administrator can tell you whether your plan includes a Social Security pension offset provision and how it might affect your retirement plan benefit.

The Social Security program was created by an Act of Congress. It is subject to change. In the past, Congress has made changes to the law which have had an impact on Social Security benefits. Congress can make changes to the law at any time, which might impact benefits in the future.

Take the guesswork out of your Social Security filing decision. Your Social Security retirement benefit is too important

for guesswork. Learn more about your retirement benefits

at www.socialsecurity.gov or contact your local Social

Security office.

One of the most important steps you can take is

to set up your own “My Social Security” page on

www.socialsecurity.gov. This is an easy and secure way

to view your estimated benefits and earnings history. The

Social Security Administration will use this information

when it calculates your benefit, so be sure that it accurately

reflects your work history.

We’re here to help

Once you and your spouse have set up your individual

Social Security pages, your financial professional can help

you explore different filing strategies. With this information,

you will be better able to make an informed Social Security

filing decision.

Social Security

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