Mike Lynch, Managing Director, Applied Insights discusses some commonly asked questions about Spousal Benefits. For more information about Spousal Benefits visit Social Security Benefits for Spouses or Spousal Benefits: An Often Overlooked Key to Maximizing Social Security Benefits for Couples …(read more)

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Social Security can be a complex and sometimes confusing system to navigate, especially when it comes to understanding spousal benefits. However, with a little bit of knowledge, you can easily grasp the basics of spousal benefits and how they may apply to you and your spouse.

Spousal benefits are benefits that are available to the spouse of a retired or disabled worker who is receiving Social Security benefits. These benefits are designed to provide some financial support to spouses who may not have as much of a work history or who may have earned less than their partner. Spousal benefits can play a crucial role in providing financial security for both spouses in retirement.

To be eligible for spousal benefits, you must be at least 62 years old and married to someone who is receiving Social Security benefits. Additionally, you must have been married to your spouse for at least one year before you can receive spousal benefits. In some cases, divorced spouses may also be eligible for spousal benefits if they were married to their ex-spouse for at least 10 years and have not remarried.

The amount of spousal benefits you can receive is based on your spouse’s work history and when they start claiming their own Social Security benefits. If your spouse waits until their full retirement age (typically between 66 and 67 depending on their birth year) to claim their benefits, you can receive up to 50% of their full benefit amount. However, if your spouse claims their benefits early, your spousal benefits may be reduced.

It is important to note that spousal benefits do not impact the benefits that your spouse receives. They are an additional benefit that you can receive on top of your spouse’s benefits. Additionally, if you are eligible for your own Social Security benefits based on your work history, you can choose to receive either your own benefits or spousal benefits, whichever is higher.

Navigating Social Security and understanding spousal benefits can be overwhelming, but there are resources available to help you. The Social Security Administration website offers detailed information on spousal benefits and how they work. Additionally, you can contact your local Social Security office or speak with a financial advisor to get personalized guidance on how spousal benefits may impact your financial situation.

In conclusion, spousal benefits can be a valuable source of financial support for married couples in retirement. By understanding the basics of spousal benefits and how they work, you can make informed decisions that will help you and your spouse maximize your Social Security benefits and ensure financial security in your later years.