Husbands should consider delaying Social Security benefits

— -- Here's some advice for married men who will turn 62 this year: If you want to make up for all the times you came home with beer on your breath, left your socks on the bathroom floor or gave your wife a DustBuster for Valentine's Day, hold off on filing for your Social Security benefits.

Many men who are eager to retire may chafe at this suggestion. This year, the oldest baby boomers are turning 62, making them eligible for Social Security. About half of those boomers are expected to claim their benefits as soon as they're eligible, even though that means a permanent 25% reduction in benefits.

Retirement experts warn that this strategy could result in significantly lower benefits for boomers who live for a long time. Maybe that's a risk you're willing to take. But if you're the primary breadwinner, claiming benefits early could also jeopardize your spouse's financial security.

Here's why: If one member of a married couple dies, the surviving spouse can continue to receive her own Social Security benefit, or 100% of the deceased spouse's benefit, whichever is more. If your wife earned less over her lifetime than you did, and she outlives you, she'll start receiving your benefits. If you file at 62, she'll inherit a reduced amount of benefits for the rest of her life, says Ron Gebhardtsbauer, senior pension fellow at the American Academy of Actuaries.

Most "break-even" calculators don't address survivor benefits, says James Mahaney, retirement specialist for Prudential Financial. Suppose, for example, that a break-even calculator shows that your break-even age is 77 (you can find a break-even calculator at www.ssa.gov). Based on your benefits alone, that would suggest that you should delay filing if you think you'll live past 77, and file early if you think you'll die before then.

But that calculation doesn't address what happens if your wife outlives you. And there's a good chance that will happen. According to the American Academy of Actuaries, the average 62-year-old man will live an additional 21.9 years, while the average 62-year-old woman will live 25.5 more years.