When married couples talk about Social Security, the conversation usually centers on two questions: When should I claim? And when should my spouse claim?

But there is a third question that often gets overlooked.

What will our household income look like when one of us is no longer here?

It is not an easy topic to think about. But for married couples approaching retirement, it can be an important part of deciding when to claim Social Security.

Why One Benefit Matters More Than You Might Think

While both spouses are alive, a married couple may receive two Social Security checks each month. But when one spouse dies, the household generally does not continue receiving both full retirement benefits.

Instead, the surviving spouse typically receives the higher of their own benefit or the eligible survivor benefit based on the deceased spouse's work record. The lower benefit generally goes away.

That means the age at which the higher-earning spouse claims Social Security can affect the income available to the surviving spouse for years to come.

Let's Look at the Math

Consider a hypothetical couple approaching retirement.

• Higher-earning spouse: Could receive $3,200 per month by waiting until age 70.
• Lower-earning spouse: Receives $1,400 per month at age 67.

Now imagine the higher earner decides to claim at age 62 instead, receiving an estimated $2,200 per month.

Claiming early may provide income sooner. But it also means giving up the opportunity to build a larger retirement benefit by waiting.

If the higher earner dies first, the surviving spouse may qualify for a survivor benefit based on that spouse's earnings and claiming history. The actual amount depends on Social Security's rules, including the survivor's age and other circumstances.

For illustration, let's assume the survivor receives $2,200 per month under the early-claiming scenario, compared with $3,200 per month if the higher earner had waited until age 70.

That is a difference of $1,000 per month.

Over 15 years, that adds up to $180,000 in potential income before cost-of-living adjustments, taxes, and the effects of inflation.

The actual difference will vary by household. But the example shows why the decision involves more than comparing two retirement checks.

A Different Way to Think About Claiming

For some couples, it may make sense for the lower-earning spouse to claim earlier while the higher earner delays.

The earlier benefit can help provide household income during the years before the higher earner claims. Meanwhile, delaying the higher earner's benefit may increase the amount available to a surviving spouse later.

This approach is not right for every couple. It depends on several factors, including:

• How much income the household needs today.
• Whether the couple has other retirement savings to draw from.
• Each spouse's health and life expectancy considerations.
• The difference between their projected Social Security benefits.
• How much income the surviving spouse might need in the future.

For some households, claiming earlier is still the more practical choice. Health concerns, limited savings, or an immediate need for income may outweigh the potential benefit of waiting.

The key is understanding the trade-offs before making the decision.

The Question to Ask Before Filing

Social Security is often treated as two separate decisions. But for married couples, the choices are connected.

Before either spouse files, consider looking beyond the monthly benefit each person could receive. Think about how your combined income may change over time, including if one spouse dies first.

The goal is not simply to get the largest possible Social Security checks while both spouses are alive. It is to understand how your claiming decisions fit into your household's retirement income plan, both now and in the future.

A little coordination before filing can help you make a more informed decision about when each spouse should claim.

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The MY Wealth Management Team