A spouse can claim Social Security spousal benefits as early as age 62, as long as the other spouse has already applied for benefits. You cannot claim benefits until your spouse has claimed benefits using their own record. This rule applies to both a current spouse and a divorced spouse.
How much social security will I get at 62?
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). The most your spouse can receive on your work record is 50% of your primary insurance amount, says AARP.
When taking social security at 62 could be wise?
You can begin withdrawing from Social Security at age 62, but there are some good reasons to wait. Your benefits will be reduced until your full retirement age if you make more than the annual earnings limit. If your benefits won't be reduced, or if you don't have any other accounts to withdraw from, you might need to begin withdrawing at age 62.
Can I collect full widow's benefits at age 62?
If you're receiving widows, widowers, or divorced widows or widowers benefits, you can switch to your own retirement benefit as early as age 62. Reminder: Your full retirement age for retirement benefits may not match your full retirement age for survivors benefits. If you start getting benefits at age 1.
Should we take Social Security at 62, 66 or 70?
Your first step in maximizing your Social Security benefits should be to visit the Social Security Administration (SSA) website. (between 66 and 67), and age 70. Remember that you don't have to start taking your benefits at those milestone ages; you and your spouse can start collecting anytime between ages 62 and 70.
Can I file for my Social Security at 62 and switch to ex 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 at age 62?
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.
Can I retire at 62 and collect my husband's Social Security?
Even if they have never worked under Social Security, your spouse may be eligible for benefits if they are at least 62 years of age and you are receiving retirement or disability benefits. Your spouse can also qualify for Medicare at age 65.
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.
When can a spouse claim spousal benefits?
You must have been married at least 10 years. You must have been divorced from the spouse for at least two consecutive years. You are unmarried. Your ex-spouse must be entitled to Social Security retirement or disability 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.
What is the average Social Security benefit at age 62?
According to payout statistics from the Social Security Administration in June 2020, the average Social Security benefit at age 62 is $1,130.16 a month, or $13,561.92 a year.
When can I collect my husband's Social Security?
The earliest a widow or widower can start receiving Social Security survivors benefits based on age will remain at age 60. Widows or widowers benefits based on age can start any time between age 60 and full retirement age as a survivor.
Can I collect spousal benefits 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.
What is the best Social Security strategy for married couples?
Coordinating your benefits with your spouse's benefits can help you both get the most out of your Social Security payments. In some cases, it makes sense for both spouses to claim on the same spouse's earnings record. Many couples use a "split strategy," which means they begin claiming at different ages.
What happens if you stop working at 62 but don't collect until full retirement age?
What happens if you stop working at 62 but don't collect until full retirement age? You will receive the full retirement age benefit based on your top 35 working years — adjusted for COLA.
How long do you have to be married to get half of retirement?
To receive a spouse benefit, you generally must have been married for at least one continuous year to the retired or disabled worker on whose earnings record you are claiming benefits. There are narrow exceptions to the one-year rule.
What percentage of spousal benefits do you get when you turn 62?
Claiming when you turn 62 would provide a spousal benefit equal to 32.9 percent of your mate's full retirement benefit. The proportion increases each month you wait to file, maxing out at 50 percent if you do so at your FRA. Receiving a spousal benefit does not affect the amount of your spouse's retirement benefit.
Can you claim spousal and retirement benefits separately?
Under Social Security's "deemed filing" rule, you can't separately claim retirement and spousal benefits. When you apply for one, you're applying for the other, if you're eligible. Social Security will pay you whichever benefit amount is higher.
How much Social Security benefits are suspended?
Basically, Social Security would need to withhold $1 of benefits for each $2 or $3 that you earn in excess of the exempt amount, which could cause your benefit payments to be suspended for part of a year or the entire year depending on how much you earn .
How much will my retirement rate grow?
Your own retirement rate would continue to grow by 8% per year until you reach 70 as long as you don't opt to start drawing your own benefits until then, so there's a very good chance that waiting until 70 might be the best way to maximize your benefits if you are able to delay them. Best, Larry.
What is WEP in Social Security?
The Windfall Elimination Provision (WEP) can result in the use of a less generous Social Security retirement benefit calculation formula for people who receive a pension based on their work that was exempt from Social Security taxes.
Can I suspend my Social Security benefits if I work before FRA?
Hi Jeff, If you start drawing reduced benefits prior to your full retirement age (FRA), you can't voluntarily suspend your benefits until you reach FRA. Your benefits could be involuntarily suspended, though, if you return to work prior to FRA and earn more than the Social Security earnings test exempt amount.
Can my wife draw her own retirement?
Hi Hal, Your wife cannot start drawing her own retirement benefits at 62 and later switch to a spousal benefit equal to 50% of your benefit amount when you start drawing your benefits. Once a person files for their own retirement benefits, that becomes their primary benefit for life.
Can I file for spousal benefits before full retirement age?
Thanks, Carla. Hi Carla, You can't file for spousal benefits prior to full retirement age (FRA) without also being deemed to file for retirement benefits on your own record, but assuming that you were born prior to 1/2/1954, you could file a restricted application just for spousal benefits only at your FRA and still allow your own retirement ...
What is the reduction factor for spousal benefits?
For a spouse who is not entitled to benefits on his or her own earnings record, this reduction factor is applied to the base spousal benefit, which is 50 percent of the worker's primary insurance amount. For example, if the worker's primary insurance amount is $1,600 and the worker's spouse chooses to begin receiving benefits 36 months ...
What age can a spouse file for Social Security?
When a worker files for retirement benefits, the worker's spouse may be eligible for a benefit based on the worker's earnings. Another requirement is that the spouse must be at least age 62 or have a qualifying child in her/his care. By a qualifying child, we mean a child who is under age 16 or who receives Social Security disability benefits.
How much is spousal benefit reduced?
A spousal benefit is reduced 25/36 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.
Can a spouse reduce their spousal benefit?
However, if a spouse is caring for a qualifying child, the spousal benefit is not reduced. If a spouse is eligible for a retirement benefit based on his or her own earnings, and if that benefit is higher than the spousal benefit, then we pay the retirement benefit. Otherwise we pay the spousal benefit. Compute the effect of early retirement ...
What is the "collect now and later" policy?
This "collect now and later" strategy provides some income in the present while locking in a higher benefit for later. However, due to changes in the Social Security rules that were signed into law in November 2015, only those who reached age 62 on or before Jan. 1, 2016, can file a restricted application for spousal benefits to utilize this ...
What is the threshold for spousal support?
The threshold is $17,640 as of 2019. But if you're owed an additional amount because the spousal benefit is larger than your own when your spouse files, this additional amount will automatically be given to you.
What happens to Kara's Social Security at age 70?
Then, at age 70, she retires and switches to her own, now much larger Social Security benefit. Keep in mind that if Kara was to continue working up until her FRA, she would lose $1 of her benefits for every $2 she earned over a certain income threshold. The threshold is $17,640 as of 2019.
When was Kara born?
Kara was born on or before Jan. 1, 1954, so she files a restricted application for Social Security spousal benefits based on Bob’s earnings record. She collects her spousal benefit while working for the next four years. Then, at age 70, she retires and switches to her own, now much larger Social Security benefit.
What is the "file and suspend" approach?
The Bipartisan Budget Act of 2015 actually eliminated two claiming strategies for a good number of Americans—restricted applications as well as the "file and suspend" approach—unless you're a widow or widower or were born on or before the Jan. 1, 1954, deadline.
Who is Dana Anspach?
Dana Anspach is a Certified Financial Planner and an expert on investing and retirement planning. She is the founder and CEO of Sensible Money, a fee-only financial planning and investment firm. Roger Wohlner is a financial advisor and writer with 20 years of experience in the industry.
Can married couples get more Social Security?
Married couples might be able to receive more income from Social Security by looking at their options as a couple rather than as two individuals. You have a claiming option available that's sometimes referred to as "double-dipping" if one of you was born on or before Jan. 1, 1954. This "collect now and later" strategy provides some income in ...
What Are Social Security Spousal Benefits?
Social Security spousal benefits are retirement benefits paid by the Social Security Administration to the spouse of a primary beneficiary. When Social Security started, many women did not work outside the home.
Who Qualifies For Social Security Spousal Benefits?
There are a few eligibility criteria that must be met to qualify for spousal benefits. Here are the basics, and then we will dive into a few exceptions to the basic rules. First, your spouse must already have filed for his or her own benefits. You cannot apply for spousal benefits until your spouse has already applied for their own benefits.
When Can A Spouse Claim Social Security Spousal Benefits?
A spouse can claim Social Security spousal benefits as early as age 62, as long as the other spouse has already applied for benefits. You cannot claim benefits until your spouse has claimed benefits using their own record. This rule applies to both a current spouse and a divorced spouse.
How Social Security Spousal Benefits Are Calculated
The calculation for spousal benefits is fairly straightforward. If you wait until full retirement age, then your benefit will be 50% of the spouse’s benefit amount. However, starting your benefits early will reduce your monthly payment.
Social Security Spousal Benefits For Divorced & Widowed Spouses
When it comes to retirement planning, many divorced and widowed spouses wonder whether they can still receive spousal benefits. The answer depends on a few different facts. Here are the rules you need to know when it comes to divorced or widowed spouses receiving spousal benefits.
Maximizing Spousal Benefits For Divorced & Widowed Spouses
Now that most of the spousal benefit loopholes have been closed, there are not as many strategies for maximizing your spousal benefits. One of the biggest tips for maximizing your benefits now is to wait as long as possible to start your benefits.
The Bottom Line
A spouse can claim spousal benefits at age 62 as long as the primary spouse has already applied for benefits. The age requirement can be waived if the spouse is caring for a child under 16 or a disabled child. An ex-spouse can claim spousal benefits at age 62 as well, as long as the marriage lasted for ten years.
How much of my spouse's Social Security benefits do I get at age 62?
If your full retirement age is 66 and you begin to receive spousal benefits at age 62, you will receive 30% of your spouse's monthly benefit. If you claim spousal benefits at age 65, you will receive slightly less than 50% of your spouse's monthly benefit, depending on the exact month you start collecting payments.
How long do you have to be married to receive spousal benefits?
You will still need to be married for at least one year before applying for benefits. Spousal benefits differ from personal benefits when it comes to delaying payments. If you delay personal benefits past full retirement age, the benefit increases over time. However, spousal benefits max out at full retirement age.
How long can I file for spousal benefits after divorce?
If you have been divorced for at least two years, you can apply if the marriage lasted 10 or more years. Starting benefits early may lead to a reduction in payments. If you have a work history, you’ll receive either your benefit or the spousal benefit, whichever is greater. To be eligible, your working spouse will need to have already claimed ...
How to apply for spousal benefits?
You can expect the following when applying for Social Security spousal benefits: 1 You can receive up to 50% of your spouse’s Social Security benefit. 2 You can apply for benefits if you have been married for at least one year. 3 If you have been divorced for at least two years, you can apply if the marriage lasted 10 or more years. 4 Starting benefits early may lead to a reduction in payments. 5 If you have a work history, you’ll receive either your benefit or the spousal benefit, whichever is greater. 6 To be eligible, your working spouse will need to have already claimed benefits.
How long do you have to be married to get Social Security?
You should be married for at least one year before applying for Social Security benefits. “You are eligible for spousal benefits if your spouse has filed for Social Security benefits and you are at least age 62,” Moraif says.
What is the full retirement age?
The full retirement age varies by birth year and is usually age 66 or 67 . If you are married and your spouse begins collecting $2,000 per month at full retirement age, your spousal benefit will be $1,000 if you start payments at your full retirement age. How Much You Will Get From Social Security. ]
How much Social Security can I get if I'm married?
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.
How old do you have to be to claim spousal benefits?
To claim a spousal benefit based on an ex-spouse's earnings record, your ex-spouse has to be 62 and eligible for benefits, but there is no requirement that they must have already filed for benefits. 1 . To claim a spousal benefit based on your current spouse's earnings record, your current spouse must have filed for their own benefits already ...
What happens if my spouse has already filed for spousal support?
If your spouse has already filed, you will automatically receive the larger of your own or the spousal benefit. If your spouse has not filed yet but you have, when your spouse files, the deemed filing rules come into play.
What is deemed filing for Social Security?
Deemed Filing Rules. When you file for your Social Security retirement benefits you are deemed to be filing for both your own benefit and a spousal benefit, and you will be given the higher of the two. 3 .
Is Social Security confusing?
Social Security spousal benefits are confusing, and among the most common thing readers ask about. The most frequent cause for confusion comes from one small difference between benefits for a spouse versus an ex-spouse.
Can a spouse collect spousal benefits if their spouse is suspended?
Due to Social Security laws that were passed in November 2015 anyone who suspends benefits after April 30, 2016, will end up suspending all benefits based on their record — which means a spouse cannot collect spousal benefits during a time when their spouse has " suspended" benefits. 3 .
How long do you have to be married to get spousal benefits?
The Two Exceptions to Know Around the 1 Year Marriage Requirement. Normally, you must be married for at least 12 continuous months to meet the spousal benefit duration-of-marriage requirement. However, there are two exceptions to this rule.
How much is spousal benefit?
Depending on how old you are when you file, the spousal benefit amount will range between 32.5% and 50% of the higher-earning spouse’s full retirement benefit. Check out the chart below to get an idea of how the benefit works and what your payment might be if you can take advantage ...
How many people receive Social Security benefits as a spouse?
A recent Social Security report found that 2.3 million individuals received at least part of their benefit as a spouse of an entitled worker. Some of these spouses had benefits of their own, but were eligible to receive higher benefit because the spousal benefit amount was greater than their own benefit. Others never worked outside the home ...
What is the 1 year requirement for Social Security?
The 1-year requirement is also waived if you were entitled (or potentially entitled!) to Social Security benefits on someone else’s work record in the month before you were married. An example of these benefits would be spousal benefits, survivor benefits or parent’s benefits.
What is Julie's reduction to her own benefit?
This means that Julie’s reduction to her own benefit would be based on her age when she filed for her benefit. However, her reduction to the spousal benefit would be based on her age when Joe filed for his benefit. So, if Julie filed when she was 62, her own benefit would be reduced.
How much of my spouse's Social Security is my full retirement?
Remember, in that case, it’s between 32.5% and 50% of the higher-earning spouse’s full retirement age benefit, depending on your filing age. However, it can seem a little more complicated if you have Social Security benefits from your work history.
How much is Joe's retirement?
Joe’s benefit at his full retirement age is $2,000. Assuming they are both full retirement age when they file, Joe will be entitled to a benefit of $2,000 and Julie will be entitled to the greater of her own benefit or half of Joe’s benefit.
Different Social Security rules apply if you're claiming benefits as a spouse
If you're married -- or divorced after at least 10 years of marriage -- you have more choices when it comes to your Social Security checks. Specifically, you may be better off claiming spousal benefits based on your husband or wife's work, record rather than claiming your own benefit.
1. Early filing penalties reduce your monthly income
Spousal benefits could be worth up to 50% of your husband or wife's standard benefit (this is the amount your partner would receive at their full retirement age). So if your spouse whose record you are claiming benefits on was eligible for a monthly payment of $1,500, you could receive up to $750 per month in spousal benefits.
2. You can't claim your spousal benefits until your spouse has
If you're eager to claim spousal benefits, you may be faced with an unpleasant surprise if your partner is putting off filing for their own checks. That's because you can't claim until the primary earner starts getting their own Social Security retirement money.
3. You can't earn delayed retirement credits even though your spouse can
A primary earner claiming benefits on their own work history can actually increase the amount of money they get above and beyond their standard benefit amount.
Premium Investing Services
Invest better with the Motley Fool. Get stock recommendations, portfolio guidance, and more from the Motley Fool's premium services.
The 'Collect Now and Later' Social Security Strategy
The 'File and Suspend' Approach
- The Bipartisan Budget Act of 2015 actually eliminated two claiming strategies for a good number of Americans—restricted applications as well as the "file and suspend" approach—unless you're a widow or widower or were born on or before the Jan. 1, 1954, deadline. If your spouse reached their own FRA prior to April 30, 2016, they had the option to file and suspend benefits. This woul…
Why Doesn't It Work If You Haven't Reached Fra?
- If you apply for Social Security benefits before your full retirement age, you automatically qualify for and are given the higher benefit based either on your own earning record or 50 percent of your spouse’s full retirement age benefit.5 You have more choices if you wait until FRA to apply, and if you were born on or before Jan. 1, 1954. You can apply for benefits and choose to begin collec…
An Example
- Kara, age 66, is still working. Her husband, Bob, is collecting Social Security retirement benefits. Kara was born on or before Jan. 1, 1954, so she files a restricted application for Social Security spousal benefits based on Bob’s earnings record. She collects her spousal benefit while working for the next four years. Then, at age 70, she retires and switches to her own, now much larger So…
What About The (Grand)Kids?
- Minor children—and grandchildren, if they're your dependents—can also collect benefits on a retired spouse's earnings record if the parent is receiving benefits or used the file-and-suspend option prior to May 1, 2016. The child must be unmarried and under age 18, or age 19 if they're still in high school. They are also eligible if they became disabled before the age of 22, regardless of …
A Word of Warning
- The Social Security Administration retains the right to limit overall benefits payable to multiple members of your family. Although your own benefits won't be reduced if your spouse and child are collecting on your work record, total benefits paid to your entire family cannot typically exceed 180 percent of the number of your full retirement benefits.9 An exception to this rule exists if …