When it comes to planning for retirement, Social Security spousal benefits are a crucial consideration for married couples. This often-overlooked aspect of Social Security can make a significant difference in household income during retirement. The Social Security Administration (SSA) offers benefits that can help both the primary earner and their spouse, ensuring that both partners can enjoy financial stability in their later years.
Retirement planning as a couple comes with both advantages and unique challenges. While having two potential sources of Social Security income can certainly boost household earnings, it’s essential to discuss the best approach before making any decisions regarding withdrawals. For married couples, here are a few things to keep in mind about Social Security spousal benefits.
Social Security Spousal Benefits: Delaying Benefits for Increased Earnings
You can start claiming Social Security at age 62, but to receive your full benefit, you’ll need to wait until your full retirement age (typically 67). If you delay benefits further—up until age 70—you can increase your monthly Social Security payment.
For couples, it’s often a good strategy for the higher earner to delay their Social Security claim to maximize benefits. The lower earner can start withdrawing benefits early if needed. But it’s important to remember that claiming early will permanently reduce the survivor benefits for the remaining spouse. This is where understanding Social Security spousal benefits becomes key to securing a better financial future for both partners.
Switching to Spousal Benefits
One way to optimize your Social Security benefits is by switching to spousal benefits. This option allows a spouse to claim up to 50% of the other spouse’s Social Security benefits once they reach full retirement age (62–70). Even better, if the claiming spouse feels they are receiving less than their share, they can switch benefits after their spouse has begun collecting theirs. It’s a great idea to consult with the SSA to ensure that you’re making the best decision and to explore how Social Security spousal benefits can work for your situation.
Additionally, if you are a caregiver for a child under 18, or an adult child with a disability, you may also be eligible to collect Social Security dependent benefits for them. This extra financial support can provide relief for families who are already managing additional responsibilities.
Conclusion
Overall, Social Security spousal benefits can significantly enhance a couple’s financial stability in retirement. Be sure to carefully consider how and when to claim, taking into account both your and your spouse’s unique needs. The SSA can provide detailed guidance to help you navigate the best options for you.
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Source: www.inquisitr.com
