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how to maximize social security with spousal benefits

by Dr. Keven Padberg MD Published 3 years ago Updated 2 years ago
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How can I maximize my spouse's Social Security benefits?

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. Starting benefits early may lead to a reduction in payments.

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.

Can you collect 1/2 of spouse's Social Security and then your full amount?

Your full spouse's benefit could be up to one-half the amount your spouse is entitled to receive at their full retirement age. If you choose to begin receiving spouse's benefits before you reach full retirement age, your benefit amount will be permanently reduced.

Can you collect your own Social Security and spouse benefits?

Can I collect spousal benefits if I earned my own Social Security benefit? En español | Technically, yes, you can receive both spousal benefits and your own retirement payment. As a practical matter, however, you'll get the higher of the two amounts, and no more.

Do married couples get 2 Social Security checks?

Not when it comes to each spouse's own benefit. Both can receive retirement payments based on their respective earnings records and the age when they claimed benefits. One payment does not offset or affect the other.

How much Social Security will I get if I make 80000 a year?

Initial Social Security retirement benefits by age and income levelAnnual Income (Inflation-Adjusted)Age 62Age 70$60,000$1,554$2,741$70,000$1,695$2,990$80,000$1,787$3,152$90,000$1,879$3,3135 more rows•Aug 21, 2018

Can I collect ex 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.

Can I take my Social Security at 62 and then switch to spousal benefit?

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 collect my husband's Social Security if he is still alive?

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.

How much will my Social Security be reduced if I have a pension?

We'll reduce your Social Security benefits by two-thirds of your government pension. In other words, if you get a monthly civil service pension of $600, two-thirds of that, or $400, must be deducted from your Social Security benefits.

How does SSA spousal benefit work?

The spousal benefit can be as much as half of the worker's "primary insurance amount," depending on the spouse's age at retirement. If the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit.

What percentage of Social Security benefits does a widow receive?

Widow or widower, full retirement age or older—100% of your benefit amount. Widow or widower, age 60 to full retirement age—71½ to 99% of your basic amount.

What is the maximum spousal benefit?

The maximum spousal benefit is 50% of the other spouse's full benefit.

What is the percentage of Social Security for spouse?

The percentage of your spouse's Social Security that you receive starts at 32.5% at age 62 and steps up gradually to 50% at your full retirement age, 66 or 67 depending on your year of birth. The amount is based on your spouse's benefit at full retirement age. 15 . The important point is this: Don't bother delaying past your full retirement age.

How long can you be married before you can get spousal benefits?

If you have been divorced for at least two years, you can apply for spousal benefits if your marriage lasted 10 or more years . If, on the other hand, you are still married and considering a divorce, and are near retirement age, try to apply for spousal benefits before your divorce is final.

How much can a widow receive?

A widow or widower can receive up to 100% of a spouse's benefit amount. That's if the survivor has reached full retirement age at the time of the application. The payment is reduced to somewhere between 71% and 99% of the deceased's entitlement if the widowed person is at least 60 but under full retirement age. 8 .

What is offset in Social Security?

For example, if you have a government pension for which Social Security taxes are not withheld, the amount of your spousal benefit is reduced by two-thirds of the amount of your pension. This is known as a government pension offset. 5 

How old do you have to be to collect Social Security?

If your spouse has filed for Social Security benefits, you can also collect benefits based on the spouse's work record, if: You are at least 62 years old. Regardless of your age, if you care for a child who is entitled to receive benefits on your spouse’s record, and who is under age 16 or disabled. 2 .

When can disabled people apply for Social Security?

Disabled people can apply as early as age 50. The agency has a streamlined application process to avoid delays in the first payment. You may be eligible for benefits even if your spouse died long before reaching retirement age. Every employee racks up annual Social Security "credits" for working.

Who Is Eligible For Social Security Spousal Benefits?

The name would imply that a spouse of a benefit recipient is eligible to receive these spousal benefits. While that is true, there are also some special cases which we will cover here. The most basic case of eligibility is the spouse of a benefit recipient. If your spouse qualifies for benefits, then you are entitled to spousal benefits as well.

How Much To Expect From Spousal Benefits

The general answer to this is simple, although the devil is always in the details. Generally, the amount of your spousal benefits will be 50% of the amount of benefits to which your spouse is entitled. That is assuming that you wait until full retirement age to begin receiving your benefits.

Spousal Benefits For Divorced & Widowed Spouses

If you are divorced or your spouse is deceased, you can still be eligible to receive monthly benefits because of your former spouse’s work history. Here we will cover the details of how each of these situations is handled.

3 Tips For Maximizing Your Spousal Benefits

Everyone wants to receive the maximum benefit possible, and that just makes sense. It makes retirement planning easier and gives you a little more room to breathe with your budget.

The Bottom Line

There are a few key takeaways here that we will highlight when it comes to receiving spousal benefits from Social Security. First, you need not be currently married to receive these benefits. Even if you are divorced or your spouse is deceased, you can still receive these benefits in many cases.

Frequently Asked Questions (FAQ)

Spousal benefits follow the same tax rules as primary Social Security benefits. Whether or not your benefits are taxed depends on your overall household income. If your combined income is less than $32,000, then you will not owe any income taxes on your benefits.

Social Security Spousal Benefits Eligibility

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.

How Much to Expect for Spousal Social Security Benefits

Your spousal benefit will be 50% of your spouse’s benefit if you start payments at full retirement age or older. The full retirement age varies by birth year and is usually age 66 or 67.

When to Claim Social Security Spousal Payments

If you decide to begin collecting spousal benefits before your full retirement age, you can expect to receive a lower amount. 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.

Divorce and Social Security Spousal Benefits

If you are divorced, you must have been married for at least 10 years to be eligible for a spousal benefit through your ex-spouse. In addition, you’ll need to have been divorced for at least two years and be currently unmarried.

What Happens to Social Security Spousal Payments if a Spouse Passes Away

Your benefits could be impacted by certain events, including the death of your spouse. You may be eligible to receive a Social Security survivor benefit equal to the full benefit your spouse was receiving.

What age does a spouse get spousal benefits?

Mix and Match. In this case, one spouse takes a regular benefit at age 67 while the other takes a spousal benefit. Jane files for her regular benefit of $2,000 while Bill uses the restricted application to file for spousal benefits of $1,000 per month, deferring his own benefits until age 70.

How much of a deceased spouse's benefit is a surviving spouse entitled to?

A surviving spouse is entitled to an amount up to 100% of the deceased spouse’s benefit, assuming the surviving spouse is at retirement age. The following examples illustrate the calculation of benefits:

How much does Social Security increase if you wait to retire?

Social Security provisions allow you or your spouse to delay benefits past your normal retirement ages, a valuable option if you are able to afford it. For each year up to age 70, your benefit increases 8% per annum. So if Mary is due to receive $1,000 at age 67, that figure increases to $1,240, or 24%, if she waits until age 70.

How long do Social Security benefits last?

Social Security benefits continue until the month after the death of the recipient. Poor health of one or both spouses should affect your decision about when to begin benefits. For example, a high-earning spouse in poor health may elect to defer taking payments past normal retirement age in order to maximize the widow or widower benefit. Conversely, the best decision may be to take benefits early in order to enjoy time together.

What is the normal age for Social Security?

Under Social Security regulations, your “normal retirement age” is the statutory age established by Congress at which you or your spouse can receive normal retirement benefits. For example, if you were born in 1960 or later, it is age 67.

Is it better to receive spousal benefits or retire?

The right to receive spousal benefits is even more valuable in retirement planning when you consider the following options available to Social Security beneficiaries. Making the right decisions can significantly increase monthly benefits, as well as the total funds received over a lifetime.

How many quarters of employment are eligible for Social Security?

Americans who pay Social Security taxes for at least 40 quarters of employment are entitled to retirement benefits. The amount you receive depends on the taxes you paid and your number of years of enrollment.

How to file restricted application for spousal benefits?

If you want to file a restricted application for spousal benefits only, you may need to speak to someone high up the chain of command at your local Social Security office. Some Social Security representatives may be unaware of the strategy or think it no longer applies to anyone. You may need to speak to a supervisor to resolve the issue. ...

How much is the Social Security benefit at age 70?

Your combined benefits will be $2,100 a month until you hit age 70. At that time, you can switch to a benefit worth $2,904. You and your spouse will then bring in a total of $4,304 a month, plus annual cost-of-living adjustments.

How old do you have to be to claim Social Security?

In addition, you must have reached full retirement age, and your spouse must have already claimed benefits, which means he or she must be at least 62 years old. If you are 66 and your spouse is 60, for instance, you would have to wait at least two years to claim spousal benefits. Claim Social Security Early or Wait?

What is the biggest boost from delayed retirement credits?

Use that income, along with income from other sources, to pay expenses while the higher earner’s benefits —which will get the biggest boost from delayed retirement credits—continue to grow until the higher earner turns 70. retirement planning. social security. retirement.

Can I collect my own Social Security at 70?

Question: If I take spousal benefits at 66 (my full retirement age), can I collect my own Social Security benefits at 70 and collect delayed retirement credits? Answer: Yes, but only if you were born on or before January 2, 1954.

How much is spousal benefit reduced?

Should you claim spousal benefits early at 62 (and all other years before reaching full retirement age), your benefit will be reduced by about 35% . While collecting early does make sense for some couples, ensure that you have weighed the pros and cons before permanently reducing your benefit.

What is spouse social security?

Spousal Social Security benefits allow one spouse to claim benefits off of another spouse’s work record. This benefit was put in place to allow income for both spouses when one person served as the primary income earner. There are a variety of factors that determine the amount of your benefit including your age, your spouse’s primary insurance amount, and whether you have your own benefits available to you.

How old do you have to be to claim spousal benefits?

A spousal benefit could be up to 50% of the benefit of the primary income earner. For a current spouse to claim spousal benefits they must be at least 62 years old, married for one year, and their spouse already filed for their own benefits. Remember, in order to receive the maximum benefit, you would need to wait to claim spousal benefits until your full retirement age which is 67 for those born after 1960.

What does it mean to be a husband and wife?

As husband and wife, you have been there to support, love, and encourage each other through all of life’s journeys. Amidst the trials and tribulations through to the pure moments of comfort and jubilation. Each day has been a promise to stand by and walk with one another no matter where the path may lead.

Does Social Security pay for a spouse's work history?

But if both spouses have a work history and are eligible for their own benefits, the Social Security Administration will pay the higher of the two amounts. So if Alex were running a successful business and was eligible for $1,750 based on her own work record, she would receive that amount as opposed to the maximum $1,000 she could have received from a spousal benefit. However, if Alex’s benefit on her work record was only $750, her spousal benefit is higher and she would receive $1,000.

Can a widow file for survivor's benefits?

Widows and widowers do have different options when it comes to filing for their benefits. They can restrict their application and apply for either their survivor’s benefit or their personal benefit and at a later point switch those applications. For those who have a work record, they might file for survivor’s benefits early, while delaying their own benefits and switching at 70 to receive the maximum amount they are able on their own record.

Can a married couple get Social Security?

Spousal Social Security benefits can offer a great deal of income support for many married couples and widowed spouses alike. No two relationships are exactly the same. Your needs as a couple are unique and it is important that you are able to create a plan that honors your needs both now and in the future.

How much does a spouse get on Social Security?

The average Social Security check is about $1,551 per month, but if you're married, you can easily bump up your household benefits by 50% or more. You and your spouse just have to work together to determine the best times for each of you to sign up.

What is the maximum spousal benefit for a spouse at 67?

Say both partners have FRAs of 67. At that age, one will qualify for a $3,000 monthly check while the other would qualify for a $1,000 benefit. The maximum benefit the lower earner could qualify for on their own would be $1,240. But the largest spousal benefit they could qualify for would be $1,500. Rather than delaying benefits unnecessarily, the lower-earning spouse could choose to start taking benefits early -- claiming on their own work record -- to bring in some extra money for the household.

What happens if you don't claim Social Security early?

Survivors benefits -- funds the Social Security Administration pays to the surviving family members of deceased workers and retirees -- are based on the Social Security benefit the deceased qualified for. If they claim benefits early, that will reduce the survivors benefits their widow or widower would qualify for. So if a couple doesn't need Social Security to help cover their bills, the ill spouse may help their partner out more by not claiming early, thus providing them with a larger survivors benefit later.

How much Social Security does a 62 year old get?

If the lower-earning spouse signed up at 62, they'd only get $700 per month. But they could bring in $67,200 in benefits between 62 and 70. Then, when the higher-earning spouse applies for benefits, the Social Security Administration will automatically switch the lower-earning spouse over to their $1,500 spousal benefit, while the higher earner collects their maximum benefit of $3,720 per month.

What does Survivors Benefits mean?

Survivors benefits -- funds the Social Security Administration pays to the surviving family members of deceased workers and retirees -- are based on the Social Security benefit the deceased qualified for. If they claim benefits early, that will reduce the survivors benefits their widow or widower would qualify for.

How much of your FRA benefits do you get if you are 62?

If your FRA is 67, and you start at 62 (the earliest you can claim benefits), you'll only get 70% of your "full" benefit. But you could get up to 124% if you delay until 70, when you qualify for your maximum benefit. For those with an FRA of 66, the range is anywhere from 75% to 132% of your full benefit, depending on when you sign up.

How to come up with a Social Security strategy?

In order to come up with the best Social Security strategy, you will both need an idea of how much you can expect from the benefits program. The easiest way to get that information is to create a my Social Security account through the agency's website.

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