WPBN: People often believe that Social Security compels them to make retirement investments. That is a largely true opinion. Employers must also contribute to the retirement accounts of their staff members.
Furthermore, Social Security has a twist that allows couples to get benefits based on their spouses’. How do these spouses’ Social Security benefits work? All retired couples should be aware of these four points.
In the US, these are the most frequently asked questions about spouse Social Security benefits.
What is the eligibility period for spousal Social Security benefits?
The fact that you cannot get spousal Social Security payments before your spouse does is crucial to remember. However, before your spouse reaches full retirement age, you might be eligible to receive a spousal benefit from Social Security. Furthermore, your spouse can qualify for retirement or disability benefits from Social Security.
Your age is also a factor. You must be at least 62 years old to be eligible for spousal benefits, as this is the earliest age at which you can get retirement benefits.
All beneficiaries should be aware of the one exemption to this regulation, though. If you have a child under sixteen or your spouse has a disabled child who is qualified for Social Security benefits, you can apply for spousal benefits at any age.
What is the anticipated amount of a spouse’s Social Security benefit?
Your spouse’s entitlement to Social Security at full retirement age determines how much they will get. If you wait to claim spousal benefits until you reach full retirement age, you may be eligible to receive up to half of your spouse’s benefit. However, there’s a catch once more.
The amount of spousal benefits you could receive based on your spouse’s benefits is compared to the amount of retirement benefits you would receive based on your work history by the Social Security Administration (SSA). You will therefore get the greater of the two sums in these cases.
Keep in mind that you have to apply for both your retirement benefit and your spousal benefit simultaneously. We refer to this as “deemed filing.” In order to stop people from simultaneously applying for several benefits in an attempt to boost their income, it entered into force in January 2016.
Is it feasible to receive spouse benefits prior to reaching retirement age?
You can, indeed. However, your payments will be lowered by 25/36 of 1% for each month you take benefits before to your typical retirement age, up to 36 months. If you retire more than 36 months before your full retirement age, you will receive a five-twelfths of one percent monthly discount.
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Does it make sense for couples to delay spousal benefit applications after they reach full retirement age?
Your spouse can receive greater retirement benefits if you wait until after the full retirement age to file for Social Security benefits. Retirement benefits for those born in 1943 or later increase by 8% per year if benefit claims are postponed until age 70. For many, waiting can yield a respectable return on investment, with a maximum increase of 24 percent.
Does it help couples to postpone spousal benefit claims once they reach full retirement age? Unfortunately, no. Your maximum spousal benefit is half of what your spouse would receive if they reached full retirement age.
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Is it possible for a divorced spouse to get spousal benefits?
Even if you are divorced, you may still be eligible for spousal Social Security benefits based on your ex-spouse’s employment history. The catch is that you must have been married for at least ten years.
Additionally, “some valid non-marital legal relationships” may be eligible for spousal payments, per the laws of the Social Security Administration.
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