Learn how to supercharge Social Security and capitalize on up to $200,00 that the average couple misses in retirement.

Did you know that the average couple is missing out on $100,000 to $200,000 in Social Security benefits over their lifetime? If that number sounds ridiculous–or you’re worried that you’re on that same track with your benefit–this blog is for you!

In today’s episode of Retirement Revealed, I’ll walk you through five strategies to help you maximize your Social Security benefits and avoid leaving money on the table. Whether you’re just starting to think about retirement or are approaching it soon, these tips will help ensure you get the most out of Social Security.

One of the most common misconceptions people have about Social Security is that filing at their “full retirement age” will get them the maximum benefit. This belief stems from the language used by the Social Security Administration, which calls it “full” retirement age. The problem is, full retirement age isn’t the maximum you can receive — age 70 is.

For most people, “full retirement age” is around 66 or 67. At that point, you are eligible to receive your standard benefit. But if you wait until age 70, your benefit grows by about 8% each year. That’s a significant increase, and it’s especially helpful for those who expect to live longer.

So when you hear “full retirement age,” think of it as just a baseline. If you want the maximum benefit, age 70 is your goal.

Social Security isn’t just about your own retirement benefit. If you’re married or have been married, you may be eligible for spousal, ex-spousal, or survivor benefits – even survivor benefits on your ex-spouse! Coordinating these benefits can make a big difference in how much you and your spouse receive over your lifetimes.

For example, if you are widowed, you can start claiming a survivor benefit as early as age 60. You might choose to do this and then switch to your own retirement benefit at age 70 to maximize your income later on. Alternatively, if you’re married, you could claim your retirement benefit early and then switch to a survivor benefit when your spouse passes.

The key is to consider all the benefits available to you and coordinate them in a way that maximizes your total lifetime income, rather than focusing on just one benefit.

A common mistake I see is people fixating on how much they’ll receive right away, rather than how much they’ll receive over their entire retirement. Many people want to start Social Security as soon as possible, thinking it will provide more money in the short term. But this short-term mindset can cost you in the long run.

Retirement is about ensuring you have enough income for the rest of your life, not just the next few months. When you’re planning for Social Security, think about how to maximize your benefits over your lifetime. This might mean delaying your claim, even though it’s tempting to start early.

The full name of the Social Security program is “Old-Age, Survivors, and Disability Insurance” (OASDI). It’s a safety net designed to help you in your old age, provide for survivors if you pass away, and offer inflation-adjusted income throughout your retirement.

Because it’s designed to provide protection against living longer than expected or running out of savings, you should approach Social Security as a form of insurance. It’s there to help you and your spouse maintain income stability for life. This mindset helps you prioritize long-term security over short-term gains.

Inflation adjustments are another reason to consider delaying Social Security. The longer you wait to claim, the higher your base benefit will be — and that higher benefit will continue to grow with inflation, offering better protection as the cost of living rises over time.

People often focus on one risk when it comes to Social Security: the fear of dying too soon and not getting enough out of the system. While this is a valid concern, there’s another risk to consider: living longer than expected. If you live longer than you planned for and you claimed Social Security early, you might find that your monthly benefit isn’t enough to support your needs in the later years of retirement.

When there are two of you, plan strategically. One strategy is to have the spouse with the higher benefit delay their claim as long as possible, possibly until age 70. This way, if one spouse passes away, the surviving spouse will receive the higher benefit for the rest of their life. On the other hand, the spouse with the smaller benefit might consider claiming earlier, ensuring that both partners are receiving income throughout their retirement, but that the larger benefit is maximized for when it’s most needed.

By balancing these risks and planning accordingly, you can optimize your Social Security benefits for both of you, providing financial stability regardless of how long you live.

Social Security is a crucial part of your retirement income, but it’s easy to make mistakes if you don’t approach it with the right strategy. Check out my free guide to more retirement tips to maximize your retirement over your lifetime at AvoidBigRetirementMistakes.com.

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