The Social Security Hack That Can Boost Retirement Savings For Couples

Depending on the year they retire, the average Social Security benefits for 62-year-olds can be considerably lower than someone who waits until they're 67, the age when full retirement benefits kick in. For retirees who wait even longer, the benefits only grow. According to Fidelity, every year retirees wait to retire after turning 62 and before turning 70 could increase their future payments by as much as 8%. So, playing the long game could benefit many retirees in the end.

However, there is one strategy where retiring at 62 makes sense — you just need to be married to someone who makes a whole lot more money than you do. Called the 62/70 split, this is the practice when a lower-earning spouse retires early and claims benefits at age 62, while the higher-earning spouse continues working until reaching the maximum retirement benefit age of 70. Staggering retirement in this way ensures the couple's household starts earning Social Security income fairly early, while the higher-earning spouse continues to grow more significant benefits by working a few extra years. Of course, before jumping into the 62/70 split strategy, a couple should take full stock of their retirement benefits.

A retiree's Social Security income is determined by their age and their 35 highest earning years. The higher the average, the larger their Social Security check, which receives a cost-of-living adjustment (COLA) each year based on inflation. For example, the official Social Security COLA increase for 2026 is 2.8%, which gives the average retiree $2,071 a month, according to the Social Security Administration (SSA). In addition, only the first $184,500 will be taxed for Social Security. These top earners may be entitled to the maximum amount a worker can receive upon full retirement age (FRA) of 67, which would be $4,152 a month.

Spouses married for at least a year are entitled to up to 50% of their married partners' benefits at their full retirement age. So, spouses who retire at 62 or older would claim their own benefits and that of their partner. If their spousal benefits are higher than their own possible benefits based on work history, the lower-income spouse receives a combination of benefits that equals the higher spousal benefit. In other words, they'll receive the equivalent of 50% of what the higher-earning spouse is estimated to be entitled to upon full retirement age. Even divorced spouses can be eligible for spousal benefits from their ex, if they were married for 10 years or more.

It's worth noting that spousal benefits are not entitled to delayed retirement credits awarded to those who wait until they reach the maximum benefit age of 70 to claim Social Security benefits. Still, higher earner's benefits are not affected by a spouse claiming spouse benefits. So, in a best-case scenario, a spouse of a six-figured top earner retiring in 2026 at age 62 would receive half of the top FRA benefit of $4,152, which would amount to $2,076 a month. But higher-earning spouses' Social Security benefits are not impacted by someone claiming spousal benefits based on their earnings, so they'll still be able to claim their full benefit when they retire at 70.

So, this strategy works best if there is a huge gulf between two spouses' incomes, as that will make the largest difference in the lower earner's retirement income. But if both partners worked at taxpaying jobs throughout their lifetimes, and the income differences aren't that great, 62/70 doesn't make that much sense. In that case, both spouses may want to delay their retirement as long as possible, as that would be the most effective way to maximize the couple's retirement income and ensure the best payout in survivor benefits for the surviving spouse.