By Sandra Block
From Kiplinger’s Personal Finance
Getting the most out of your Social Security benefits could significantly improve your retirement security, and if you’re married, it’s not a decision you should make in a vacuum. Before you and your spouse file for benefits, you should consider a host of factors, including your respective earnings histories, the difference in your ages and how long you think you’ll live.
Social Security benefits are based on your 35 highest years of earnings. If you have less than 35 years of earnings, zeroes are entered for the missing years. That can lead to a significant reduction in benefits for spouses who have taken time off from the workforce to care for children or elderly parents. Spousal benefits are designed to address that problem by allowing individuals to claim benefits based on their spouse’s earnings record instead of their own….