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Image source: Getty Images.<\/p>\n
How the government calculates your Social Security checks<\/p>\n
The SSA calculates your benefit based on an average of your monthly wages across your 35 highest-earning years, with earlier wages adjusted for inflation.<\/p>\n
Full retirement age<\/a> (FRA) ranges from 66 to 67, depending on your birth year, and it’s 67 for everyone born in 1960 or later. For a worker whose FRA is 67, waiting until age 70 results in a 24% increase in the monthly check through delayed retirement credits<\/a>.<\/p>\n On average, a man who is 65 today is expected to live about 18 more years, according to the SSA, compared with about 21 more years for a woman. Because a surviving spouse can claim the larger of their own retirement benefit or their survivor benefit on their partner’s work record, the higher-earning worker’s record also sets the amount a spouse may receive after the higher earner’s death.<\/p>\n Social Security was designed to replace only 40% of pre-retirement income. This share is well short of what most retirees need to cover their costs, so retirees generally rely on savings or other income sources.<\/p>\n What men should know before deciding when to claim Social Security<\/p>\n The above data are averages and may not reflect your personal situation. If you want a more accurate estimate of how much you could get from Social Security at every claiming age, create a free my Social Security account<\/a>.<\/p>\n You’ll need to consider your life expectancy and finances when choosing the best claiming age for you. If you have a short life expectancy or you don’t think you can afford to delay, signing up earlier is a better move. If neither of those things applies, you may get a larger lifetime benefit by applying later.<\/p>\n Married men will also want to think about how their claiming decision will affect their spouse, especially if they’re the higher earner. Delaying Social Security increases the survivor benefit your partner will qualify for after your death, but it also prevents them from claiming a spousal benefit on your work record while you’re still alive. They cannot sign up for this until you’re receiving your own retirement benefit.<\/p>\n Talk your plan over with your spouse and make sure you’re on the same page about when each of you hopes to apply. Keep each other in the loop if your plans change. <\/p>\n