One of the biggest decisions you’ll face when developing a retirement income strategy is when to begin collecting Social Security benefits.

For couples, the decisions, and options, can be particularly complex if you’re able to delay taking benefits. But identifying optimal Social Security strategies can help you maintain your quality of life and may result in a significant increase in benefits collected over your lifetime. The basic factors to consider when deciding on the timing of receiving benefits include your income needs, ages, health, other income sources, desire to work during retirement, and marital status.

Although there could be an e-book written just on the topic of Social Security Strategies for Couples, (coming soon), following are the 5 strategies you could implement.

Option 2: One starts at 62 the other waits to 70

Option 3: Both wait until 70

Option 4: One waits to 70 and the other starts at 62 but uses the spousal benefit

Option 5: Both wait to 70 but one claims spousal benefit at 66

Of course, there could be many permutations on the above options, depending on each person’s individual earning history, ages and other factors. But being able to navigate these and other complexities offers real opportunities for couples who are knowledgeable about Social Security benefits to significantly add to your retirement income stream.

If all this talk about strategies and Social Security has your head spinning, keep in mind, you can also hire a fee-only financial planner to strategize with and create your retirement plan. The benefits of this approach are many, but perhaps the most important benefit is that you’re receiving independent and objective financial advice that can make all the difference in the world to a financially secure retirement.

This unbiased advice can help you determine what’s realistic in terms of designing a retirement income strategy that lasts throughout your lifetime. By carefully analyzing and assessing your current financial picture, you’ll know if a lavish ‘ocean view’ retirement option is possible or if a more economical ‘garden view’ retirement option is more suitable.  Either way, you’ll have the information and clarity you need to make smart financial decisions with your future.

This post is an excerpt from my e-book The New Retirement Planning, 7 Essential Steps to a Great 21^st Century Retirement Plan.  You can download the FREE e-book here.