Key Points Make sure you understand how to maximize your benefits. Figure out how important survivor benefits might be to you. See how Social Security fits into your overall retirement finances. The $23,760 Social Security bonus most retirees completely overlook › Deciding when to claim Social Security is one of the most important financial choices you might make in your lifetime. And if you're married, that's not a decision you should be making alone. Here are three crucial things all spouses ne ...

Overview - The document compares the Canada Pension Plan (CPP) and U S Social Security system [1] Benefits - Both systems provide retirement, survivor, and disability benefits [1] Systems - The Canada Pension Plan (CPP) and U S Social Security system are mentioned [1]

Core Insights - The decision of when to claim Social Security is influenced by both financial and personal factors, particularly for retirees with significant assets and health concerns [1][2][3] Financial Situation - The couple has $2 million in investments and several paid-off rental properties, allowing them to live comfortably on their income [2] - Rhonda and her husband are both retired, aged 62 and 63, and do not currently need the Social Security benefits [2][4] Health Concerns - The husband has serious health issues, including high blood pressure, high cholesterol, and a history of smoking and drinking, which complicates their decision [3][4] - The emotional impact of their son's death has also affected the husband's mental health, leading to ongoing depression [3] Expert Advice - Suze Orman advises against claiming Social Security benefits early, despite the husband's health issues, as it could lead to a permanent reduction in monthly payments [5][6] - Orman emphasizes the importance of waiting until the full retirement age of 67 to claim benefits, given the couple's stable financial situation [6] Long-term Strategy - Orman highlights the significance of survivor benefits, suggesting that if the husband waits until age 70 to claim his benefits, it would provide greater financial security for Rhonda in the event of his passing [7]