ANSWERS TO YOUR QUESTIONS ABOUT SOCIAL SECURITY

From smart claiming strategies for couples to tips on maximizing your monthly check, we have advice that can help you.

- SANDRA BLOCK

CLAIMING Social Security benefits can be complicated. Retirees have to figure out the optimal time to apply, estimate the impact of other income on their monthly payments, and determine the best way to take advantage of spousal and survivor benefits, among other things.

We're here to help. Below, we answer some common questions about how the system works. On page 88, we provide facts about Social Security that you may not know. On page 90, we have guidance on minimizing taxes on your benefits. And because contacting someone from Social Security on the phone—or in person—has become increasingly difficult, we offer tips to manage your benefits online on page 93.

CLAIMING STRATEGIES FOR COUPLES (AND EXES)

We often hear about strategies couples can use to get the most from their combined benefits when one spouse had higher lifetime earnings from work. But what's the best approach if a dual-income couple has a similar earnings history and will be eligible for roughly the same benefit? The decision to file for benefits shouldn’t be made in a vacuum, says Martha Shedden, president of the National Association of Registered Social Security Analysts. If the couple has sufficient income from other sources, such as a pension or retirement savings plans, they should wait until they’re both 70 to file for benefits, Shedden says. “That’s going to be the best-case scenario because they’re maximizing benefits for them as a couple,” she says.

If both partners can wait until age 70 to file, they’ll both benefit from delayed-retirement credits, which increase benefits by 8% a year be-tween full retirement age and age 70. (Full retirement age is 66 for those who were born between 1943 and 1954; it gradually increases to 67 for those born in 1960 or later.)