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Social Security Spousal Benefits: What You MUST Know
Social Security spousal benefits are an essential financial safety net for many married couples, providing support for those who may have had limited or no work history throughout their lives. It is crucial to understand how these benefits work, who is eligible, and how to maximize your potential benefits.
Eligibility for Social Security spousal benefits is contingent upon marriage. A spouse can receive benefits based on their own work record or 50% of their partner’s full retirement benefit, whichever is greater. However, certain requirements must be met. You must have been married for at least one year, and both partners must be at least 62 years old to be eligible for spousal benefits.
Another critical consideration is whether the primary earner has applied for their retirement benefits. The spouse can only receive spousal benefits if the primary earner has filed for their own benefits. However, it is not necessary for the primary earner to have started receiving benefits as long as they have applied for them.
If you are divorced, you may still qualify for Social Security spousal benefits. The key factor is that the marriage must have lasted for at least 10 years, and you must not have remarried. In the case of divorce, you will only be eligible for spousal benefits if your ex-spouse is entitled to retirement benefits themselves. Additionally, applying for benefits relating to your ex-spouse will have no impact on their existing or potential benefits.
Maximizing your Social Security spousal benefits requires strategic planning. Delaying your own retirement benefits until as late as age 70 can help maximize your monthly payments. By doing so, you allow your spousal benefits to grow while you wait, resulting in a higher payout when you finally claim them.
It is also vital to understand the potential reduction in benefits if you claim before your full retirement age (FRA). If you claim spousal benefits before your FRA, your monthly payout could be permanently reduced by up to 30%. Therefore, it is generally advisable to wait until your FRA to receive the full amount of benefits you are entitled to.
For those facing the option of claiming either spousal or retirement benefits, it is essential to differentiate between the two. Claiming spousal benefits does not limit or impact the amount your spouse can receive; both individuals are entitled to their own benefits. Therefore, it may be advantageous to claim spousal benefits first and allow your own benefits to accumulate until they reach their maximum potential.
Lastly, individuals who have worked and paid into Social Security but have little or no work history might still be eligible for spousal benefits. If your spousal benefit is higher than the amount you are entitled to receive based on your own earnings, you can claim spousal benefits rather than your own.
Understanding Social Security spousal benefits is crucial for couples planning for retirement. Knowing the eligibility requirements, how the benefits are calculated, and when to claim can help maximize your financial security during retirement. Consult with a Social Security expert or financial advisor to explore and uncover all potential benefits available to you and your spouse.
Hello Josh. First I want to thank you for all the content you have shared. It has helped me understand so much more. You mentioned in this video that your goal was to wait until 70 so you will receive the extra 24%. I was going to do the same until I did the math. In my case it would take me until the age 77 to break even compared to starting at my full retirement of 66 1/3. The only downside I see is it has a bigger affect on spousal benefits. I am sure you have done the math as well, do you still feel the same way?
Thanks for making this clear! So many people think they’re going to get around taking it early, just not so!
Josh,
Check out Devin Carroll's video on spousal benefits. He shows what happens when the higher earning spouse hasn't filed yet. His take is different than yours. Not sure which is correct?
https://youtu.be/avRagH2SqZA?si=w03pe8ZG_cZ–P49
Like most things from the government ROI is not looking impressive.
Josh, what if the lesser (younger), earner has a pension. Would she still get 50% of your PIA, or would she still be subject to the Windfall Elimination (WEP). Thx Semper Fi
What if you are 64 and Charlotte is 72 and Charlotte started taking her social security at 66 her full retirement age. If I take at 66 and 10 months then would she get half of my benefit or ??!
Got it!
Very clear directions and explanation. Thank you.
Very helpful information , thank you