Switching to own benefit at 70 yields more income
A widow can collect a reduced survivor check at 60 while her own retirement benefit grows 8% annually until 70.
Switching to her own benefit at 70 instead of staying on survivor checks produces roughly $186,000 more in inflation-adjusted lifetime income.
The strategy involves claiming survivor benefits first, then switching to one’s own retirement benefit, which can be up to $5,856 yearly, at 70, resulting in higher lifetime income, such as $20,760 more than if she had claimed $1,680, or $2,420 more than if she had claimed $1,730, over her lifetime.
This approach requires filing a new application at 70, as Social Security will not prompt the switch, and the smaller survivor check will continue indefinitely if no action is taken, resulting in a loss of $186,000 m in potential income.