Defer social security
The longer you defer taking your social security payments after you reach your full retirement age (FRA), the higher the amount of your payout, once you elect to file for benefits. Your account benefits rise by 8% annually for each year you defer filing beyond your FRA, up until age 70.
It is important to note that this 8% annual return on your accumulated benefits far exceeds the yield available on any low-risk fixed-income vehicle available currently. Should both spouses elect to defer filing the compounding effect will yield additional funds for retirement expenses.