Key Insights on Social Security Spousal Benefits All Retired Couples Should Know
Saturday, 20 April 2024, 10:06
Spousal Social Security Benefits: 3 Things All Retired Couples Should Know
Social Security spousal benefits can be an important part of retirement planning for couples considering that option. As you work throughout your career, a good portion of the taxes you pay go toward Social Security. For decades, Social Security has been one of America's most important social programs, especially when it comes to retirement. Social Security benefits provide guaranteed income for retirees and help keep many people out of poverty.
How Social Security spousal benefits are calculated
- A spouse can receive Social Security benefits based on their partner's earning record if certain criteria are met.
- At full retirement age, a spouse can be eligible to receive 50% of their partner's primary insurance amount.
How the age you claim affects your monthly benefit
- Claiming benefits before or after full retirement age impacts the monthly benefit amount.
- Benefits reduce based on the number of months before full retirement age at the time of claiming.
What happens to benefits if a spouse passes away
- Spousal benefits are converted to survivors benefits after the death of a spouse.
- Survivors benefits can be claimed as early as age 60 but are reduced if claimed before full retirement age.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.