The amount you receive if you qualify for Social Security spousal benefits will depend on several factors, such as your age, your spouse’s benefit amount, and whether you are eligible for other retirement benefits. Who is eligible? After you reach the eligibility age, anyone whose spouse, ex-spouse, or deceased spouse was or is eligible for benefits is eligible.
The highest amount of spousal benefits you are eligible to receive is 2050 percent of your spouse’s benefit upon reaching retirement age. The exact amount and timing of your payout are contingent upon a number of factors, such as your age and previous income as well as that of your spouse.
That gives you some leeway to increase the amount that you get. And you will automatically receive the higher amount if that amount is less than what you would have received based on your own prior income.
Find out below if you are eligible for Social Security spousal benefits and how much you will receive. Additionally, you will discover what happened to a few formerly well-liked Social Security regulations that related to spousal benefits. (Hint: Its not good news. Nevertheless, you can optimize your Social Security spousal benefits if you are aware of the guidelines outlined in this article.
Yes, you can collect both your own Social Security retirement benefits and a portion of your spouse’s benefits. This is known as the “combined benefit” option. Under this option, you will receive the higher of the two benefit amounts.
Here’s how it works:
- You must be eligible for both your own retirement benefits and your spouse’s benefits. This means you must have enough work credits to qualify for your own benefits and your spouse must be eligible for retirement benefits.
- We will calculate your own retirement benefit amount and your spouse’s benefit amount.
- We will then compare the two benefit amounts and pay you the higher amount.
- If your spouse’s benefit amount is higher than your own benefit amount, you will receive a combination of the two benefits that equals the higher amount.
For example, let’s say your own retirement benefit amount is $1,000 and your spouse’s benefit amount is $1,500. Under the combined benefit option, you would receive $1,500 per month.
Here are some additional things to keep in mind:
- You must apply for both benefits to receive the combined benefit. You can apply for benefits online, by phone, or in person at your local Social Security office.
- You can choose to receive your benefits at any time after you reach your full retirement age. However, if you choose to receive your benefits before your full retirement age, your benefits will be reduced.
- You can change your mind about which benefit option you want to receive at any time. If you decide you want to switch to the other benefit option, you will need to contact Social Security.
Here are some frequently asked questions about the combined benefit option:
- What if my spouse is not yet eligible for retirement benefits? You can still apply for the combined benefit option. However, you will only receive your own retirement benefit amount until your spouse becomes eligible for retirement benefits.
- What if my spouse dies? If your spouse dies, you will continue to receive your own retirement benefit amount. However, you will no longer be eligible for the combined benefit option.
- What if I get divorced? If you get divorced, you may still be eligible for a portion of your ex-spouse’s Social Security benefits. However, there are certain requirements that you must meet.
For more information about the combined benefit option, please visit our website or contact your local Social Security office.
Additional Information
Here is some additional information about Social Security benefits for spouses:
- You can qualify for spouse’s benefits if you are at least 62 years old and your spouse is receiving retirement benefits.
- You can also qualify for spouse’s benefits if you are any age and have in your care a child who is younger than age 16 or who has a disability and is entitled to receive benefits on your spouse’s record.
- Your spouse’s benefit amount will be reduced if they choose to receive benefits before their full retirement age.
- You can choose to receive your spouse’s benefits at any time after you reach your full retirement age.
- If you choose to receive your spouse’s benefits before your full retirement age, your benefits will be reduced.
The combined benefit option is a great way to maximize your Social Security benefits. If you are eligible for both your own retirement benefits and your spouse’s benefits, you should consider choosing this option.
Strategy for Late Claimers
The best course of action for the wage earner is to wait to apply for Social Security retirement benefits until age 70 in order to receive the maximum amount possible if one partner has little or no earnings history. For most baby boomers, the full retirement age is 66, and for those born in 1960 or later, it is 67. However, if a wage earner waits until age 70 to begin receiving benefits, they will accrue delayed retirement credits, which will raise the monthly payments by a specific percentage for each year of delay. For individuals born in 2019 or later, the rate is 8% annually.
Remember that this will not impact the amount of the spousal benefit. The benefit grows over time if you wait to begin receiving personal retirement benefits after reaching full retirement age. But since your spouse’s benefits max out at full retirement age, that won’t affect them. Stated differently, your spouse will not benefit from postponing the spousal benefit claim past your full retirement age.
However, if both partners work and earn roughly the same amount, their individual Social Security benefits will exceed the spousal benefit; therefore, waiting until age 70 to apply for benefits is the best course of action for both.
How Do Social Security Spousal Benefits Work?
If you are married, divorced, or widowed and your spouse is or was eligible for Social Security, you are eligible for spousal benefits. Generally speaking, spouses and ex-spouses are entitled to receive up to half of the spouse’s benefits. Widows and widowers can receive up to 100%.
Benefits may be claimed in accordance with your own employment history or your spouse’s. Youll automatically get the larger amount.
If you are no more than three months away from age 62, you can apply online or by phone. If you plan to put off applying to get the largest payment possible, wait until youre no more than three months from full retirement age. Thats 65, 66 or 67, depending on your birth year.