Social Security policies are individually designed, but the majority of older workers are partnered, and are likely to coordinate their employment decisions with their spouse. The goal of this study is to estimate the direct and indirect (via the spouse) effects of the Spanish Social Security incentives over the last decade. Retirement policies in Spain have undergone three major reforms in 2007, 2011 and 2013, where key elements have been changed, such as the early and statutory eligibility age.  We use the variation generated from these reforms to simulate individual Social Security incentives, under an option value framework. The individual incentives are then used as instrumental variables to both the direct and indirect retirement responses to Social Security policies. In this context, we can answer questions regarding the value of joint retirement, and how it is shaped by retirement policies.