Maximizing Social Security Spousal Benefits for a Better Retirement
Maximizing Social Security Spousal Benefits
You can claim Social Security without an earnings record of your own, but there's a maximum payday you'll be entitled to. Although millions of seniors today receive monthly benefits from Social Security, those payments aren't a given. Generally, in order to receive Social Security, you have to work and pay taxes into the program.
But Social Security also takes care of the spouses of its recipients. So even if you never worked a day in your life, you may still be eligible for Social Security spousal benefits based on a current or former spouse's record.
Determining Spousal Benefits
- Social Security spousal benefits max out at 50% of what your current or former spouse is eligible to receive on a monthly basis at full retirement age (FRA).
- You're allowed to claim spousal benefits from Social Security beginning at age 62.
- Postponing your claim beyond FRA will not increase your spousal benefits.
In a nutshell, Social Security spousal benefits provide essential financial security for retirees, and understanding the claiming strategies can significantly impact your retirement income.
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.