1. Wait as long as you can to claim your benefits.

Your full retirement age (FRA) is when you first become entitled to full, or unreduced, retirement benefits. For each year beyond your full retirement age that you wait to claim your benefits, Social Security will bump up your payouts by 8% annually until you reach age 70, which is the maximum age for boosting benefits. A single woman who is entitled to a Social Security benefit of $18,000 yearly at age 67, for example, could see her annual benefit rise to $22,320 if she waits until age 70.³

2. Married? Coordinate with your spouse.

When there are two of you, you have additional flexibility in how you can take your Social Security benefits. And particularly in cases when one spouse has much lower benefits, the opportunity to maximize your Social Security income expands. One possible scenario: Whoever is earning the most could wait until age 70 to file, and the lower-earning spouse could claim their reduced retirement benefit at age 62 (if retired or earning limited income) and then switch to spousal benefits when the higher earner files for benefits. The original reduction will be taken into consideration when determining the total monthly benefit. If eligible for both retired worker and spousal benefits, the lower-earning spouse will generally receive the higher of the two amounts.⁴ (Spouses are entitled to up to 50% of their higher-earning partner’s full retirement benefits.⁵)

And don’t forget: Maximizing your benefits carries over to survivor benefits. By waiting to claim, the higher-earning spouse increases the amount the survivor will receive.⁶ Widowed spouses are due between 71.5% and 100% of the deceased worker’s benefit based on the age the survivor begins collecting.⁷

3. Divorced? Don’t forget your ex.

If you’ve been divorced for at least two years and are unmarried — and your marriage lasted 10 or more years — you may be able to claim a benefit worth up to 50% of your ex’s full Social Security benefit. “For divorced spouses who qualify, the benefit is the same as for married couples,” says Vrdoljak. To qualify, you must be 62 years of age or older, your ex-spouse must be eligible to begin collecting and the spousal benefit must be greater than what you’d receive based on your own work history. Even if your ex has remarried or isn’t yet collecting Social Security benefits, you’re still eligible to receive benefits based on their earnings record. If your ex has died, you may receive the same benefits as a surviving spouse.

Your advisor can help you understand how your Social Security income fits into your retirement plan and decide when it might make the most sense for you to claim your benefits.

Read “Women and Life-Defining Financial Decisions” and “Financial Decisions Near Retirement” for more insights on claiming Social Security benefits.