Ask an Advisor: I was married for 28 years before divorcing. I’m 60 now and never remarried. My ex died 3 years ago when he was 65. Can I apply for widow(er) benefits now, and when I turn 67, switch to my own? I was the higher earner.

I was married for 28 years before divorcing. I’m 60 now and never remarried. My Ex died 3 years ago when he was 65. Can I apply for widow(er) benefits now, and when I turn 67, switch to my own? I was the higher earner. – A.S.

Choosing how to claim your Social Security benefits is a critical decision for retirement. Social Security benefits can often amount to hundreds of thousands of dollars or more over a lifetime, so it’s good that you are taking the time to understand how to optimize claiming Social Security benefits for your situation.

Talking to the Social Security Administration

First, I’d recommend calling or making an appointment with your Social Security office to explain your situation in more detail and hear what options you have available. There may be information not in your question that could affect your choice. For example, are you still working? If so, how much are you earning? If you are working, your Social Security survivor benefit could be subject to the Social Security earnings test, which may affect how you want to claim benefits.

For example, since you are not at full retirement age in 2023, if you earn over $21,240, you will start to see a reduction in benefits. Social Security withholds $1 in benefits for every $2 of earnings in excess of that amount.

There may be other information that is important, which is why it can be helpful to talk with Social Security to explore your options.

Social Security Survivor Benefits

In general, since your marriage lasted 10 years or more and you never remarried, as a widow, you should be able to apply for Social Security survivor benefits and then switch to your own benefit later. Now that you are age 60, you could even remarry, and it will not affect your eligibility for survivor benefits.

The Social Security survivor benefit amount will depend on whether your ex had filed for benefits prior to dying. For instance, if your ex claimed benefits before their full retirement age, the Social Security survivor’s benefit will be based on the reduced benefit amount – not the full retirement age benefit on their record.

Please keep in mind that claiming a Social Security survivor benefit prior to your full retirement age will mean a reduced benefit (they are reduced a fraction of a percent for each month before full retirement age). You said you were the higher earner, so presumably, you have a higher benefit than your ex. If that is the case, it may not matter that you get a reduced survivor benefit if that means you can switch to your own (presumably) higher benefit later.

Although each situation is unique, many people have found that if their own Social Security benefit is larger than the survivor benefit, it can make more sense to collect a reduced survivor benefit as early as age 60 to allow their own benefit to continue to increase until full retirement age or even age 70.

Claiming Your Own Social Security Benefits

Although you could claim your own benefit at age 67, you may want to consider delaying your own benefit to earn delayed retirement credits. You can get an 8% inflation-adjusted increase per year between your full retirement age and age 70.

Whether you claim at age 67, age 70, or somewhere in between will depend on your cash flow needs, estimated life expectancy, and other factors. There are Social Security tools online that can help with the decision and calculating the break-even point. For many people who are going to live until at least their mid-80s and have other resources available to use for spending, waiting until age 70 to claim their own Social Security benefit can result in a larger benefit over their lifetime. 

In my experience, many people underestimate the odds of their life expectancy and claim Social Security earlier than the calculations suggest.

Summary of Next Steps

Without knowing the details of your situation, it’s impossible to say what you should do, but I recommend talking with your local Social Security office to explore your options, use an online tool that will calculate your total lifetime benefits under different scenarios when you claim the Social Security survivor benefit and your own Social Security benefit, and if you don’t feel confident in your decision after that, consider talking with a financial planner who can help you navigate this decision.

I wish you the best in making a decision about how to claim Social Security.

Elliott Appel is a fee-only financial planner focused on widows and caregivers. Based in Madison, Wisconsin, Elliott serves clients locally and nationwide.

Get to know Elliott by visiting his website at kindnessfp.com.

Please note that Wealthtender earns a nominal monthly fee from Elliott in exchange for providing access to the benefits described here, subject to these terms. This compensation creates a natural conflict of interest when we favor promotion of Elliott and other financial advisors in the Wealthtender community over advisors not featured on our platform. Wealthtender is not a client of these advisors or firms.

This article is intended for informational purposes only, and should not be considered financial advice. You should consult a financial professional before making any major financial decisions.

Find a Financial Advisor

Do you have questions about your financial future? Find a financial advisor who can help you enjoy life with less money stress by visiting Wealthtender’s free advisor directory.

Whether you’re looking for a specialist advisor who can meet with you online, or you prefer to find a nearby financial planner, you deserve to work with a professional who understands your unique circumstances.

Have a question to ask a financial advisor? Submit your question and it may be answered by a Wealthtender community financial advisor in an upcoming article.

–

Do you already work with a financial advisor? You could earn a $50 Amazon Gift Card in less than 5 minutes. Learn more and view terms.

This article originally appeared on Wealthtender. To make Wealthtender free for our readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a natural conflict of interest when we favor their promotion over others. Wealthtender is not a client of these financial services providers.