Spouses of retirees who are eligible for Social Security benefits may receive benefits through their partner.
Millions of people who are not retirees claim Social Security benefits, and spouses of retirees who are not eligible themselves are among these groups. In fact, in September of this year, nearly 1.9 million people claimed Social Security benefits through spousal benefits. The average monthly check amount is approximately $909, or approximately $10,908 per year.
Social Security programs can be complex. That’s why all retired couples should take some time each year to consider spousal benefits and find out whether either of them is eligible and whether it’s a good option based on their particular circumstances. you need to check. Here are three things retired couples should know.
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1. Who qualifies? How much does it cost?
The purpose of spousal benefits is to provide benefits to those who are not eligible for Social Security benefits as retirees. Workers with 40 work credits, equivalent to at least 10 years of work, are eligible for Social Security benefits. Spousal benefits will be available to you if you are married to someone who is fully eligible and has already applied for benefits.
Your spouse must be 62 years old, but can be younger than 62 if you have children under 16 or if you have a disability and have a benefit obligation on your spouse’s record. .
Spouses who claim benefits early will see their benefits reduced, just as if they were fully retired. Claiming spousal benefits at age 62 can reduce the amount of benefits you would receive if your partner retired at Full Retirement Age (FRA) (age 67 if born after 1960) to 32.5% of the full amount. There is sex. The Social Security Administration (SSA) reduces spousal benefits by 1% per month 25/36 prior to FRA. However, if the number of months exceeds 36, the amount will be further reduced by 5/12 of 1% per month. A spouse who retires at FRA can receive half of their partner’s benefits at FRA.
2. Spousal benefits may apply even if you have a complete work history
Workers who earn 40 Social Security credits and qualify as retirees on their own can also benefit from spousal benefits if they are higher than theirs. If you are eligible for both benefits, you only need to apply once due to ‘deemed declaration’.
First, the SSA pays your retirement benefits. If your spousal benefit happens to be higher, SSA will fill in the gap so your benefit is the higher of the two. For example, let’s say your monthly benefit is $750 and your spousal benefit is $1,000. SSA will first pay you $750 in retirement benefits and then add $250 to equal the benefit of the higher of the two options.
3. Divorce can be a deal breaker.
Spouses can be eligible for spousal benefits if they have been married to their partner for less than a year. However, if you divorce your partner, you will only be eligible for spousal benefits if you have been married for at least 10 years.
Additionally, you are only eligible to receive spousal benefits for your divorced partner if they remain unmarried. If not, you may be eligible to receive benefits through your new partner. Spousal benefits are available to spouses even if their ex-partner remarries.
