Learn how you can qualify for spousal benefits based on your spouse’s earnings record. In this video we break down some of the rules and examples of how this could work for you.

😎 Keep Up With Us 😎👇

Free Resources ➡️ Social Security Spousal Benefits Flowchart

↓↓↓ LET’S KEEP IN TOUCH ↓↓↓

Join our FREE Facebook Group:

FACEBOOK:
LINKEDIN: …(read more)

LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

Social Security spousal benefits are a key aspect of the Social Security system that many individuals may not fully understand. These benefits are available to spouses of individuals who are eligible for Social Security retirement or disability benefits, as well as divorced spouses of eligible individuals. Understanding the ins and outs of spousal benefits can help individuals maximize their Social Security income during retirement.

One of the most important things to know about Social Security spousal benefits is that they are based on the earnings history of the primary beneficiary. In most cases, a spouse can receive up to 50% of the primary beneficiary’s benefit amount, depending on factors such as the age at which the spouse begins receiving benefits and their own earnings history. The amount of the spousal benefit will be reduced if the spouse begins receiving benefits before full retirement age.

Another important factor to consider is the impact of divorce on spousal benefits. A divorced spouse may be eligible for benefits based on their former spouse’s earnings history if the marriage lasted at least 10 years and the divorced spouse is not currently married. In some cases, a divorced spouse may be eligible for benefits even if their former spouse has not yet claimed their own Social Security benefits.

It’s also important to consider the timing of claiming spousal benefits. While a spouse can begin receiving benefits as early as age 62, waiting until full retirement age can result in a higher benefit amount. Additionally, a spouse who has reached full retirement age can choose to delay their own benefits while receiving spousal benefits, allowing their own benefit amount to continue growing until age 70.

Working with a financial advisor who specializes in Social Security planning can help individuals navigate the complexities of spousal benefits and make informed decisions about when and how to claim benefits. The advisors at Luminary Financial Advisors have the expertise and resources to help clients optimize their Social Security income and achieve their retirement goals.

In conclusion, understanding Social Security spousal benefits is essential for maximizing one’s retirement income. By considering factors such as earnings history, divorce, and timing of claiming benefits, individuals can make strategic decisions that will provide financial security in retirement. Seeking guidance from a knowledgeable financial advisor can help individuals make the most of their Social Security benefits and plan for a comfortable and secure retirement.