In this video we will review the Social Security Spousal benefit and if it will reduce your benefit if you retire early.
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Social Security is a government program that provides financial assistance to eligible retired and disabled Americans and their spouses. It is a valuable resource for many seniors who rely on social security to cover their living expenses and medical costs. One of the benefits of social security is the spousal benefit, also known as the social security spousal benefit. This benefit is an important financial tool that provides a portion of the social security benefits to the spouse of an eligible worker.
Social Security Spousal Benefit
The social security spousal benefit is available to married couples in which one partner has reached the age of 62 or has retired, disabled or passed away. To be eligible for this benefit, the spouse must be at least 62 years old or older, have been married for at least one year, and the other spouse must be eligible for social security benefits. The social security spousal benefit is based on the earning history of the spouse who is eligible for social security benefits. In most cases, the spouse who is eligible for social security benefits has earned more income over their lifetime, and therefore the other spouse is entitled to a portion of those benefits.
Early Retirement Benefits
The social security program also offers early retirement benefits for people who are eligible at the age of 62. Early retirement benefits are available to those who have worked for at least ten years and have paid into social security. These early retirement benefits are calculated based on the spouse’s earning history and the age at which they retire. People who choose to retire early from their job at the age of 62 can receive reduced benefits, but they are not required to work until the full retirement age to receive the benefits.
Spousal Benefits and Early Retirement
Social security spousal benefits are particularly helpful to spouses who choose to retire early. If the spouse who is eligible for social security benefits retires at age 62, the other spouse is entitled to a portion of their benefits. This can be beneficial for couples when the retired spouse’s earning history is higher than the non-working spouse’s earning history. In such cases, the spouse who has not worked enough to qualify for full social security benefits can still receive benefits based on the retired spouse’s earning history. This can help the couple meet their daily expenses during retirement.
Conclusion
The social security spousal benefit early retirement 62 is an important financial tool for many retired Americans, providing a portion of the social security benefits to a non-working spouse. This benefit is particularly helpful to spouses who choose to retire early at the age of 62. By taking advantage of spousal benefits, couples can better meet their financial needs during their retirement years. It is therefore important for couples to understand the eligibility criteria and benefits offered by social security to determine which benefits may be available to them.
Sir, my wife and I have been legally married for over 35 years. I am 72 and drawing a retirement pension. My wife, who is now 66.4 recently applied for retirement benefits but received a letter from Social Security stating that she was denied because "she had no work record of her own." Her application explicitly stated that she was applying based on my work record. I think they made a mistake and my wife qualifies to receive 50% of my retirement benefits. What say you?
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Okay I have a question: my wife will be 62 this year if she starts collecting against her Social Security Benefit at 62 will that affect her Social Security amount when she starts drawing AGINST my Social Security in three years?
I started collecting SS at 62 last year, $2000 per month. My wife will be 62 in March and never worked. She is going to apply for spousal benefits. Is she entitled to 50% of my benefit?
My ex spouse @ full retirement..we were married 15 years…I made the mistake of taking early retirement, when I tried to collect of Expenses for retirement Social Security, I would have been deducted about 30%… I checked on this a few years ago I am now approaching 70 my question is will I be able to collect 50% of his retirement now? Thank you!
I have yet a different question: Both wife and I work and have worked 40 or more years. We both will retire within 2-years at 62. My SS is $600.00 higher at FRA compared to my wife's SS at her FRA. So if we both retire at 62, we are thinking that the wife should take SS at 62 @ 30% less than FRA and I will wait until FRA @ 67. Is there anything negative about this approach ?
Hi, I am a single 58 year old male, no kids and currently have $780,000 in retirement savings. I am debt free, with the exception of a small mortgage balance of $35,000 that will be paid off at retirement. Plan to work 7 more years and retire at 65, with hopefully with just a bit over 1M, hopefully 1.2M. I have allocated 55% equities and 45% fixed. If I hold off till 70, my monthy ss payment should be around $1900.
My employer's health insurance continues after retirement for life, covering 80%, I pay 20%. I also have a 18 month emergency fund that will ONLY be used in the event of a job loss. Am I in good shape for a fairly comfortable retirement if I live a modest life, financially?
Hi, can I ask you one more question? Assuming my wife (who has no social benefits on her own) and I are both 67 today, I am trying to delay my benefit until 70 (so I can increase my benefit by 24%).
Can my wife apply for her spousal benefit today at 67? Someone told me she can’t apply for spousal benefits unless I am already apply receiving my own benefits, which I am delaying to 70 because I want to delay 3 more years to get 24% more. What do I do then? Do I have to apply for my benefits, so my wife can receive her spousal benefit while I am giving up the 24 % more payments by waiting until 70?
Hi, can I ask you one more question? Assuming my wife (who has no social benefits on her own) and I are both 67 today, I am trying to delay my benefit until 70 (so I can increase my benefit by 24%).
Can my wife apply for her spousal benefit today at 67? Someone told me she can’t apply for spousal benefits unless I am already apply receiving my own benefits, which I am delaying to 70 because I want to delay 3 more years to get 24% more. What do I do then?
Thank you. This laid it out very well.
What if Spouse 1 (higher earner) starts SS at 62, but Spouse 2 waits until full retirement age? Would Spouse 2 benefit be 50% of Spouse 1's benefit amount @62, or 50% of Spouse 1's benefit @FRA? Thanks!
If you are in good health and married, you want to think long and hard about taking your social security at 62. I would generally wait till at least 65 and you are on medicare. But lots of scenarios to consider.
Richard thank you for answering my question you are the best
Hi Wisdom Investor. Next year 2022 I’ll be 62 years old and My wife will be 67 years old but she took early retirement at 62 and only got $600. Accordingly my SS if I take SS at 62 then I’ll get $1,500 a month. Could you please tell me how much my wife will get ? Thank you very much for your help.