Allison Alley, CFP® covers one of the most misunderstood rules of Social Security – when to claim spousal benefits.

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Social Security Savvy: When Can I Take My Spousal Social Security Benefit?

When it comes to Social Security benefits, many people are unsure of when they can start taking their spousal Social Security benefit. Understanding the rules and guidelines around spousal benefits is essential in order to maximize your benefits and make the most of your retirement income.

In general, spousal Social Security benefits are available to spouses who are at least 62 years old and whose partner is already receiving their own Social Security benefits. Spousal benefits can provide a valuable source of income for spouses who have not worked enough to qualify for their own Social Security benefits or who would receive a higher benefit based on their spouse’s earnings record.

The earliest age at which you can begin receiving spousal benefits is 62, but it’s important to note that taking benefits before your full retirement age can result in a reduced benefit amount. Full retirement age is currently 66 or 67, depending on the year you were born. If you wait until your full retirement age to take spousal benefits, you will receive 100% of the benefit amount that your spouse is entitled to.

However, you may be eligible to receive up to 50% of your spouse’s full retirement age benefit, even if you start taking spousal benefits before your full retirement age. This can be a smart move for some couples, especially if the spouse has a higher earning history and the other spouse has not worked enough to qualify for their own benefits.

It’s also worth noting that if you are eligible for both spousal and your own Social Security benefits, you will only receive the higher of the two benefit amounts, not both. This is an important consideration to keep in mind when deciding when to start taking your benefits.

In some cases, it may also make sense to delay taking spousal benefits until later in life, as the benefit amount increases by a certain percentage for each year that you delay taking benefits beyond your full retirement age, up to age 70.

Ultimately, the best time to start taking your spousal Social Security benefit will depend on your individual circumstances and financial needs. It’s important to consider factors such as your own work history, your spouse’s work history, your life expectancy, and your overall retirement income needs.

If you’re unsure about when to start taking your spousal benefit, it may be helpful to consult with a financial planner or Social Security expert who can provide personalized guidance and advice based on your specific situation.

In conclusion, understanding the rules and options around spousal Social Security benefits is crucial for maximizing your retirement income. By doing your research and seeking professional guidance, you can make informed decisions about when to start taking your spousal benefit and optimize your overall Social Security benefits in retirement.