Social Security spousal benefits provide additional retirement income for married couples. To qualify, you must be married for at least one year and be at least 62 years old. Your spouse must also be receiving their own Social Security retirement benefits.
The amount of spousal benefits you receive depends on your age when you start collecting. If you wait until your full retirement age of 67, you can receive up to 50% of your spouse’s full benefit amount. However, if you claim benefits early, starting at age 62, your monthly payment will be reduced.
For example, if your spouse’s full monthly benefit is $2,000 and you claim spousal benefits at 67, you would receive $1,000 per month. But if you claimed at 62, your benefit would be reduced to about $650 per month.
Maximizing Social Security with spousal benefits
It’s important to note that you cannot receive both your own retirement benefits and full spousal benefits. Social Security will pay you either your own benefit or your spousal benefit, whichever is higher. Divorced spouses may also be eligible for benefits if the marriage lasted at least 10 years.
You must be currently unmarried and at least 62 years old. Your ex-spouse must also be entitled to Social Security benefits, but they do not need to be actively collecting yet for you to claim spousal benefits on their record. “Many people don’t realize they may qualify for spousal benefits, especially those who are divorced,” says Mary Johnson, Social Security policy analyst for The Senior Citizens League.
“It’s worth checking with Social Security to see if you’re eligible, as it could significantly increase your retirement income.”
Before deciding when to claim spousal benefits, carefully consider factors like your health, life expectancy, and retirement budget needs. Delaying benefits will result in a higher monthly payment, but starting early may be necessary if you need the income sooner. Consulting with a financial advisor can help you determine the optimal claiming strategy for your situation.
