Spousal benefits from Social Security can enhance retirement income for couples who are married. To be eligible, you need to have been married for a minimum of one year and must be at least 62 years of age. Additionally, your spouse should be receiving their own Social Security retirement benefits.
The amount you receive in spousal benefits is influenced by your age at the time you start receiving payments. If you delay your claim until you reach your full retirement age of 67, you can obtain as much as 50% of your spouse’s full benefit. However, if you opt to take benefits early, beginning at age 62, your monthly payment will be lower.
For instance, should your spouse’s total monthly benefit be $2,000 and you decide to claim spousal benefits at 67, you would get $1,000 a month. On the other hand, if you chose to claim at 62, your payment would decrease to approximately $650 each month.
Optimizing Social Security through spousal benefits
It’s crucial to be aware that you cannot receive both your personal retirement benefits and the full spousal benefits simultaneously. Social Security will pay you either your own benefits or your spousal benefits, depending on which one is greater. Divorced individuals may also qualify for benefits if their marriage lasted for a minimum of 10 years.
To be eligible, you must be currently single and at least 62 years old. Your former spouse needs to be entitled to Social Security benefits, although they do not have to be currently collecting those benefits for you to claim on their record. “Many individuals are unaware that they may qualify for spousal benefits, particularly those who are divorced,” states Mary Johnson, a policy analyst at Social Security for The Senior Citizens League.
“It’s advisable to check with Social Security to determine your eligibility, as it can greatly boost your retirement income.”
Before you decide on when to claim spousal benefits, be sure to reflect on considerations such as your health, expected lifespan, and financial needs in retirement. Postponing benefits will lead to an increased monthly payment, but claiming early might be essential if you require the income more urgently. Meeting with a financial advisor can aid in developing the best claiming strategy for your personal circumstances.
