Security spousal benefits can be a lifeline of significant financial assistance for married couples, particularly if one spouse has earned much less during their career. Spousal benefits enable the lower-earning spouse to receive as much as 50% of the more-advantaged spouse’s Social Security retirement income. To get the most out of your monthly payments, it is important to know the rules of eligibility, the application process, and the possibility of reduction.
Understanding Social Security Spousal Benefits
Spousal benefits are intended to help those who might not have accrued sufficient work credits to become eligible for generous Social Security payments on their own. Even when a spouse is not employed at all, the spouse can draw benefits on their partner’s behalf. The biggest benefit of spousal benefits is that they add to someone’s income without cutting into the main breadwinner’s Social Security checks.
Who is Eligible for Spousal Benefits?
To be eligible for Social Security spousal benefits, you need to have the following conditions:
You must be at least 62 years of age.
Your spouse already receives Social Security retirement or disability benefits.
You must have had at least a one-year marriage.
If you are divorced, you must have been married for at least 10 years and not be currently married.
If you have worked and are eligible for your own Social Security benefits, you can still receive spousal benefits. The Social Security Administration (SSA), however, will first pay your benefit amount. If your spousal benefit is greater, you will receive the difference in the form of an additional payment.
How Much Can You Receive?
The most you can receive in spousal benefits is 50% of your spouse’s full retirement benefit. But how much you get is based on when you start receiving benefits:
- If you begin receiving benefits at your full retirement age (FRA) (which ranges from 66 to 67, depending on the year you were born), you will get the full 50%.
- If you apply for benefits before FRA, the amount will be lowered permanently. Taking benefits at age 62 might cut your spousal benefit in half from 50% to around 32%.
- Spousal benefits don’t go up after FRA, so it is not a good idea to wait beyond this age.
The Application Process
Social Security spousal benefit application is quite simple. This is how you can apply:
Gather Necessary Documents
You will require your Social Security number, marriage certificate, birth certificate, and your spouse’s Social Security number. In case you are divorced, you might require a divorce decree.
Apply Online, By Phone, or In Person
- The quickest way is to apply online via the SSA website.
- You may also call the SSA at 1-800-772-1213.
- You can also go to your local Social Security office if you wish.
- Supply Additional Information if Required
- The SSA can request further documentation of marriage or work experience. Be prepared to provide any needed documents.
- Get Confirmation and Wait for Approval
- After you submit your application, the SSA will process it and tell you your approval status and benefit rate.
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Maximizing Spousal Benefits
For the largest benefit possible, try these strategies:
- Wait Until Full Retirement Age
Taking spousal benefits at your full retirement age guarantees you a maximum of 50% of your spouse’s benefit. If you take benefits early, your benefit is reduced permanently.
- Synchronize With Your Spouse’s Retirement Strategy
Because spousal benefits are not available until your spouse begins receiving Social Security, coordinate accordingly. If your spouse waits to receive benefits to earn delayed retirement credits, your eligibility for spousal benefits will be delayed as well.
- Think About Survivor Benefits
If you die, your survivor benefits will be paid at the full rate. If your spouse dies, you can receive up to 100% of their benefit. If you are receiving spousal benefits already, you might have your payments raised to the full survivor benefit.
What Happens if You’re Divorced?
Divorced spouses can still qualify for Social Security spousal benefits under these conditions:
- The marriage must have lasted at least 10 years.
- You must be at least 62 years old.
- Your former spouse has to be eligible for Social Security benefits.
- You have to stay unmarried (unless your subsequent marriage ends).
- Notably, receiving spousal benefits on an ex-spouse’s record does not affect their benefits or their new spouse’s eligibility.
Conclusion
Receiving Social Security spousal benefits can be a great source of financial assistance for retirees, but it needs to be planned carefully. Knowing the rules on eligibility, optimizing your benefit level, and preventing reductions will maximize your benefits. By waiting for full retirement age, keeping track of earnings, and synchronizing with your spouse’s benefits, you can prepare for a more secure future. Always take time to review your choices and contact the Social Security Administration for the best facts before applying
