Is your IRA safe during bankruptcy? Can the IRS levy your IRA assets? Listen to this episode of the Paragon Podcast as Evan Shorten and Elean Mendoza discuss what protections are available for your IRA. Originally aired on May 11, 2017.

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Paragon Podcast – Social Security Part 4: Spousal Benefits

In this episode of Paragon Podcast, we will be discussing spousal benefits under the Social Security program. Married couples may be eligible for spousal benefits if one spouse earns lower wages or does not have enough work credits to qualify for Social Security benefits on their own.

Spousal benefits provide a percentage of the higher-earning spouse’s Social Security benefit to the lower-earning or non-working spouse. The amount of the benefit is dependent on the age of the spouse at the time of claiming and the number of years that the couple has been married.

To qualify for spousal benefits, the lower-earning spouse must be at least 62 years old and the higher-earning spouse must have started receiving their Social Security benefit. Additionally, if the lower-earning spouse begins claiming benefits at age 62, the benefit amount will be reduced by a certain percentage based on their age.

If the lower-earning spouse waits until full retirement age (FRA), which is currently 66 years and two months, they will receive the full spousal benefit amount. For those born between 1943 and 1954, the FRA is 66. For those born after 1954, the FRA gradually increases to 67 for those born in 1960 or later.

It is important to note that both spouses can receive Social Security benefits based on their own work record or the spousal benefit, but not both at the same time. In other words, if the lower-earning spouse’s own benefit is higher than the spousal benefit, they will receive their own benefit instead.

In some cases, divorced spouses may also be eligible for spousal benefits if they were married for at least 10 years and have not remarried. The same age and earnings requirements apply to divorced spouses.

Overall, spousal benefits can provide needed financial support for lower-earning or non-working spouses, but it is important for couples to understand the eligibility requirements and how their claiming decisions can impact their overall Social Security benefits. As always, it is recommended to consult with a financial advisor or Social Security specialist to determine the best claiming strategy for individual circumstances.