Social Security claiming strategies

Q&A: Should I draw down my 401(k) before accepting Social Security?

March 2, 2026 By Liz Weston

Dear Liz: I am a 66-year-old single male working part-time (not by choice, but it’s the best I can get). I earn about $24,000 per year plus another $4,000 in unemployment during the summer. Work provides healthcare, so I don’t have Medicare premiums yet. With fixed expenses at roughly $50,000 per year, I am withdrawing from my 401(k) to cover the gap until I reach full retirement at the age of 70. If they will let me, I hope to continue to work until 75 because I love my job. At this rate, I will have exhausted the 401(k) by age 70, leaving me with a $100,000 CD earning 4%. Am I right to use the 401(k) as a bridge to full Social Security?

Answer: The advantages of delaying Social Security are typically so great that financial planners often recommend tapping other resources, including retirement funds, if that allows you to put off your application. Social Security’s delayed retirement credits boost your payment by 8% each year between your full retirement age and age 70, when benefits max out. A maxed-out payment is a powerful hedge against longevity risk, which is the danger of living so long that you deplete your savings.

However, a financial planner probably would suggest you also look for ways to decrease your living expenses to avoid completely exhausting your retirement accounts. As you’ve discovered, older people can have a harder time staying employed, even when their health cooperates. You may not be able to work as long as you’d like, and the average Social Security check is closer to $2,000 than the $4,000 or more you would need to meet your fixed expenses.

Consider seeking out a fiduciary financial advisor who can review your situation and offer personalized advice. Your employer or 401(k) provider may offer access to such advisors, or you can look for a financial coach or accredited financial counselor affiliated with the Assn. for Financial Counseling & Planning Education at www.afcpe.org.

Q&A: Could spouse’s early start stunt Social Security survivor benefit?

February 23, 2026 By Liz Weston

Dear Liz: My husband and I plan to delay taking Social Security retirement benefits until the higher-earning spouse is 70. This is to ensure the highest possible survivor benefit. However, the lower-earning spouse will be turning 62 at the same time that the higher earning spouse turns 70. We are concerned that the lower-earning spouse’s future survivor benefit will be reduced if the lower earner starts benefits early. When would be the best time for the lower-earning spouse to take retirement benefits and ensure that the survivor’s benefit remains the same?

Answer: The lower earner won’t reduce the survivor benefit by starting early, but they will permanently reduce their own benefit or any spousal benefit they’re owed. Most people are better off waiting at least until their full retirement age to start Social Security benefits so they can avoid this reduction.

Q&A: Timing a Social Security application

June 9, 2025 By Liz Weston

Dear Liz: I know you work to maximize people’s money. I had a thought about the quality of life with Social Security. I took it at 65, which was then full retirement age. I was fully employed and did not need it to live. However, the extra money allowed us the opportunity to travel to all seven continents, help our kids with debts and down payments, and generally enjoy things with the extra cash. Now the full retirement age is 67, so there are fewer years between full retirement age and when benefits max out at 70. But the difference could still be enough for that motor home or world cruise.

Answer: All financial planning requires a balance between current and future spending. If you spend too much in the early years, you may not have enough to make it through the later ones. Retirement planning is further complicated by the fact that we don’t know how long we’ll live or how our health will hold up. We can delay spending so long that we’re no longer able to do the things we want to do, such as travel.

Still, the fact remains that when one spouse dies, one Social Security check goes away. That can lead to a devastating drop in income for the survivor. Because the survivor receives the larger of the two benefits, and may have to live on that amount for years, it almost always makes sense for the higher earner to delay filing as long as possible.

Q&A: Spousal and survivor benefits operate by different rules

April 14, 2025 By Liz Weston

Dear Liz: I believe you provided bad information to the woman inquiring about Social Security spousal benefits for her husband.

You suggested to her that since she was the higher income spouse, that she wait until age 70 to maximize the benefit her husband could receive. I used to think that was the case as well, and was planning my Social Security start date accordingly.

However, a few months ago I found out that this is not true. The maximum spousal support is based on the full retirement age of the spouse or deceased spouse, not the maximum amount received if the deceased spouse waits longer to take Social Security. This is true for both spousal benefits when the higher wage earner is alive and for survivor benefits. After finding this information out, I filed to start receiving immediately, since I’m at my full retirement age.

Answer: Many people confuse the rules for spousal and survivor benefits, as you’ve done. This is why it can be so important to discuss your claiming strategy with an expert before you make a decision that stunts the survivor’s future income.

Spousal benefits are available when the higher earner is still alive. Spousal benefits can be up to 50% of the higher earner’s benefit at full retirement age. Spousal benefits don’t get bigger if the higher earner delays filing beyond his or her full retirement age, and they don’t shrink if the higher earner applies before full retirement age. (If the spouse applies before his or her own retirement age, however, the spousal benefit typically will be reduced because of the early start.)

Survivor benefits are a different story. These are the benefits that kick in once the higher earner has died. Survivor benefits are up to 100% of what the higher earner was actually receiving. In other words, survivor benefits can be stunted if the higher earner starts a retirement benefit early and will get bigger if the higher earner delays applying.

This is why financial advisors often recommend the higher earner wait to file until their benefit maxes out at age 70. Not only is the higher earner likely to maximize their lifetime benefit by waiting, but the delay also increases the checks the survivor will receive.

If you regret your decision to start benefits, you could opt to suspend your application. You wouldn’t get back the delayed retirement credits you lost after starting your benefit, but those credits would be applied going forward so your benefit amount could continue to grow.

Another option, if it’s been less than 12 months since you applied, is to withdraw your application. This would require paying back all the benefits you’ve received so far, but it would reset the clock so that you could earn all the delayed retirement credits you missed.