Most financial advisors recommend delaying filing for Social Security benefits until age 70, but this might not be the best approach for couples interested in retiring earlier, says Christine Fahlund, a senior financial planner at T. Rowe Price. Benefits often are greater from a "split strategy," in which the person with lower earnings starts taking retirement benefits at age 62 and the higher earner waits until full retirement age to file for benefits, Fahlund says.

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