What is a restricted application for spousal benefits?
The purpose of using the restricted application is to allow the qualifying spouse to collect spousal benefits only, while deferring their own worker benefit to age 70 if they wish, and earn delayed retirement credits, up to an additional 32%.
How do I apply for spousal benefits on my own record?
“If someone is already receiving spousal benefits and decides later to file for retirement benefits on his or her own record, he or she can apply for these benefits online,” Social Security spokesman Darren Lutz confirmed in an email. Go to www.ssa.gov. On the main page, click on “online services” and then select “apply for retirement benefits.”
Should couples automatically use the restricted application?
Many couples assume that they should automatically use the restricted application. I have written other articles on this subject but want to address in this article, hopefully in a simple fashion, when using the restricted application will produce the greatest amount of benefits.
Can a qualifying high earner spouse use the restricted application?
If the qualifying spouse is the high earner and their Primary Insurance Amount is greater than their non-qualifying spouses Primary Insurance Amount, in almost every situation, it is beneficial for the qualifying high earner spouse to use the restricted application.
Can you file a restricted application for spousal benefits online?
He hears about spousal benefits and now wonders if he can suspend his benefit in order to file for the spousal benefit. The answer is no. Once a person has filed an application for benefits, it is not possible to file a restricted application.
When can I apply for restricted spousal benefits?
You can use a restricted application to claim a spousal benefit while letting your benefit continue to grow if:You were born on or before January 1, 1954.You are currently married; or, you are divorced (and eligible for a benefit on an ex-spouse's record).More items...
Who is eligible for a Social Security restricted application?
If you are age 66 but your spouse is 60, you'll need to wait at least two years to use this maneuver. But if your spouse is, say, 68 and claiming a benefit, you can file a restricted application for a spousal benefit off his record and let your own grow to age 70. Ex-spouses catch a break.
How do I apply for spousal retirement benefits?
You qualify for spousal benefits if:Your spouse is already collecting retirement benefits.You have been married for at least a year.You are at least 62 years old (unless you are caring for a child who is under 16 or disabled, in which case the age rule does not apply).
Can I collect spousal benefit and wait until I am 70 to collect my own Social Security?
You can only collect spousal benefits and wait until 70 to claim your retirement benefit if both of the following are true: You were born before Jan. 2, 1954. Your spouse is collecting his or her own Social Security retirement benefit.
Can I file for my Social Security at 62 and switch to spousal benefits later?
Only if your spouse is not yet receiving retirement benefits. In this case, you can claim your own Social Security beginning at 62 and make the switch to spousal benefits when your husband or wife files.
Can I apply for spousal benefits if my spouse has not filed?
To be eligible for a spousal benefit, your spouse must have filed for their own benefits. An ex-spouse is exempt from that rule.
Can my wife collect spousal Social Security benefits before I retire?
No. You have to be receiving your Social Security retirement or disability benefit for your husband or wife to collect spousal benefits.
What are the rules for spousal benefits of Social Security?
To qualify for spouse's benefits, you must be one of these: At least 62 years of age. Any age and caring for a child entitled to receive benefits on your spouse's record and who is younger than age 16 or disabled.
How much is Social Security spousal benefit?
You will reach normal retirement age in . A spouse can choose to retire as early as age 62, but doing so may result in a benefit as little as 32.5 percent of the worker's primary insurance amount. A spousal benefit is reduced 25/36 of one percent for each month before normal retirement age, up to 36 months.
Does a wife get 50 of husband's Social Security?
You can receive up to 50% of your spouse's Social Security benefit. You can apply for benefits if you have been married for at least one year. If you have been divorced for at least two years, you can apply if the marriage lasted 10 or more years.
Documents you may need to provide
We may ask you to provide documents to show that you are eligible, such as:
What we will ask you
You should also have your checkbook or other papers that show your account number at a bank, credit union or other financial institution so you can sign up for Direct Deposit, and avoid worries about lost or stolen checks and mail delays.
What is restricted application?
Restricted Application is a Social Security claiming strategy that is still available for those who were born before January 2 nd, 1954. People who are born on or after that date cannot use it due to the new “deemed filing” rules adopted by the Bipartisan Budget Act of 2015.
What happens if my spouse's retirement benefits are higher than my retirement?
If these benefits turn out to be higher than the retirement benefits your spouse receive, the higher amount will be locked in for both of you. If so happened to be that you pre-decease your spouse, he or she will be eligible to survivor benefits in the amount of your increased benefits.
How to lock in higher unemployment benefits?
Unfortunately, the only way to lock in higher benefit amount is to wait before claiming them as long as possible. That also means that you will need to either keep working longer or use some other funds to support you while you are waiting. Otherwise, you will need to start your benefits earlier and will be locked at receiving them at a lower amount for the rest of your life.
What is the limit on spousal benefits?
You also need to keep in mind that if you use the restricted application, your spousal benefit may be reduced for the following reasons: Your spouse, who may not have reached their full retirement age, may be subject to the annual earnings limitation, which is $17,640 for 2019.
What is the maximum annual income for a spouse?
Your spouse, who may not have reached their full retirement age, may be subject to the annual earnings limitation, which is $17,640 for 2019
What is deemed filing for Social Security?
Prior to the new law change, deemed filing only applied to people who claimed benefits before full retirement age. Deemed filing is the Social Security rule that says any time you apply for your Social Security benefits, you will be applying for any and all benefits available to you. Since you are always paid your own worker benefit first if you have one, if spousal benefits are available to you, you also will be paid spousal benefits. If you meet the qualifications listed above, you will be able to circumvent the new deeming rules and apply for a spousal benefit only.
Is restricted application good for Social Security?
Although the restricted application is a very valuable tool to use in your Social Security claiming strategy, it needs to be implemented strategically to optimize the results. Always remember, if you take the wrong benefit at the wrong time, it’s always smaller and it’s forever. Dying is cheap – living is expensive!
Can a high earner spouse use restricted insurance?
If the qualifying spouse is the high earner and their Primary Insurance Amount is greater than their non-qualifying spouses Primary Insurance Amount, in almost every situation, it is beneficial for the qualifying high earner spouse to use the restricted application. If the qualifying spouse is the low earner and their Primary Insurance Amount is ...
How to apply for retirement benefits on spouse's record?
Go to www.ssa.gov. On the main page, click on “online services” and then select “apply for retirement benefits.” Since you are currently collecting benefits on your spouse’s record, you should be able to start a new application for retirement benefits under your own Social Security number.
Can you do business online with Social Security?
MBF: One of the silver linings of the pandemic is the Social Security Administration has made it easier to conduct business online and over the phone. In the past, you had to go to your local SSA office in person to switch from spousal benefits to your own maximum retirement benefits. But that’s impossible these days as Social Security Administration suspended face-to-face meetings in field offices in March 2020 due to the pandemic and shifted much of its workforce to handle phone inquiries.
What to bring to the Social Security office for spousal benefits?
You may also have to bring additional information to the Social Security office, such as a marriage certificate, in order to process spousal benefits.
What is restricted application?
The restricted application” is available to people born before Jan. 1, 1954, who have reached full retirement age. The purpose of it is to allow one spouse who has attained full retirement age – and is eligible for their own retirement benefit – to collect a spousal benefit only and defer their retirement benefit to earn delayed retirement credits ...
How many people are eligible for Social Security?
Roughly 10,000 to 15,000 people become eligible each day to file for Social Security retirement benefits, and, as the world goes, the Social Security Administration is driving them to apply for benefits online.
What questions do you ask when applying for retirement benefits?
When you apply for retirement benefits online, you will be asked questions about yourself along with your spouse, children, ex-spouse (if any), work, earnings and any other pensions or annuity income you may receive from employment as public-sector employee.
What is restricted application?
What Is A Restricted Application? If you were born in 1953 or earlier, then you can file a “restricted application.”. This enables you to file for spousal benefits now and retirement benefits later.
Do you have to be collecting spousal benefits for one spouse?
Second, for one spouse to claim spousal benefits, the other spouse must be collecting retirement benefits.
How to apply for retirement benefits on spouse's record?
Go to www.ssa.gov. On the main page, click on “online services” and then select “apply for retirement bene its.” Since you are currently collecting benefits on your spouse’s record, you should be able to start a new application for retirement benefits under your own Social Security number.
Can you do business online with Social Security?
MBF: One of the silver linings of the pandemic is the Social Security Administration has made it easier to conduct business online and over the phone. In the past, you had to go to your local SSA office in person to switch from spousal benefits to your own maximum retirement benefits. But that’s impossible these days as Social Security Administration suspended face-to-face meetings in field offices in March 2020 due to the pandemic and shifted much of its workforce to handle phone inquiries.