Best Social Security Strategies for Singles
There are steps singles can take to boost their benefits.
Considering all the ways couples can boost their benefits, you may feel forsaken by the system if you're single. But although you have fewer options than your married friends, you can still take steps to increase your lifetime benefits.
Single retirees who never married don't need to concern themselves with survivor benefits -- benefits will end when they do. That gives single beneficiaries a less compelling reason to postpone claiming benefits after full retirement age, says Marc Kiner, co-founder of Premier Social Security Consulting in Sharonville, Ohio. But suppose you're healthy and want to postpone taking benefits so you can earn delayed-retirement credits. You should still file at 66 and ask Social Security to suspend your benefits.
Here's why: Ordinarily, Social Security will pay no more than six months' worth of benefits retroactively (and it won't pay any retroactive benefits for months before you've reached full retirement age.) But if you file and suspend at age 66, you're eligible to collect all of the benefits that accumulate after you file your claim. That could provide a significant cash reserve for unexpected expenses, such as a catastrophic illness or long-term care.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
This strategy also reduces the risk that you'll die before you've had an opportunity to take advantage of delayed credits, says William Reichenstein, professor of finance at Baylor University and a principal with consulting firm Social Security Solutions. Suppose a single woman is eligible for full retirement benefits of $2,500 a month at age 66 but decides to delay taking benefits until age 70. At age 68 1/2, she is diagnosed with cancer and told she has two years to live. If she had filed and suspended her benefits at age 66, she would be eligible for 30 months of retroactive benefits, for a total of $75,000. (Kiplinger has partnered with Social Security Solutions to offer a tool to uncover the most advantageous time to start collecting your benefits; visit www.kiplinger.socialsecuritysolutions.com for details.)
BEST STRATEGIES FOR: Married Couples | Divorced | Widowed
-
Should You Renew Your CD?With rate cuts impacting earnings, we examine if now is a wise time to renew CDs.
-
7 Ways to Plan Now to Save on Medicare IRMAA Surcharges LaterUnderstand the critical two-year lookback period and why aggressive planning before you enroll in Medicare is the most effective way to minimize IRMAA.
-
Law Reversal Looming? Trump Eyes 2026 Gambling Winnings Tax ChangeTax Deductions It's no secret that the IRS is coming after your gambling winnings in 2026. But how long will that last?
-
457 Plan Contribution Limits for 2026Retirement plans There are higher 457 plan contribution limits in 2026. That's good news for state and local government employees.
-
Medicare Basics: 12 Things You Need to KnowMedicare There's Medicare Part A, Part B, Part D, Medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare — and much more.
-
The Seven Worst Assets to Leave Your Kids or Grandkidsinheritance Leaving these assets to your loved ones may be more trouble than it’s worth. Here's how to avoid adding to their grief after you're gone.
-
SEP IRA Contribution Limits for 2026SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $70,000 in 2025, and up to $72,000 in 2026.
-
Roth IRA Contribution Limits for 2026Roth IRAs Roth IRAs allow you to save for retirement with after-tax dollars while you're working, and then withdraw those contributions and earnings tax-free when you retire. Here's a look at 2026 limits and income-based phaseouts.
-
SIMPLE IRA Contribution Limits for 2026simple IRA For 2026, the SIMPLE IRA contribution limit rises to $17,000, with a $4,000 catch-up for those 50 and over, totaling $21,000.
-
457 Contribution Limits for 2024retirement plans State and local government workers can contribute more to their 457 plans in 2024 than in 2023.
-
Roth 401(k) Contribution Limits for 2026retirement plans The Roth 401(k) contribution limit for 2026 has increased, and workers who are 50 and older can save even more.
