Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Investments»3 Things All Retired Couples Should Know
    Investments

    3 Things All Retired Couples Should Know

    October 27, 20244 Mins Read


    Millions of people other than retirees claim Social Security benefits, and spouses of retirees who don’t qualify on their own are one of these cohorts. In fact, nearly 1.9 million people claimed Social Security through the spousal benefit in September of this year. The average monthly check size was about $909, which comes out to about $10,908 annually.

    The Social Security program can be complex. That’s why all retired couples should carve out some time each year to examine the spousal benefit, to see if one of them qualifies and if it’s a good option based on their specific situation. Here are three things retired couples should know.

    Two people sitting at table with computer and note pad.
    Image source: Getty Images.

    The purpose of the spousal benefit is to provide benefits for someone who doesn’t qualify for Social Security benefits as a retiree. Workers with 40 work credits, the equivalent of working for at least 10 years, qualify for Social Security benefits. The spousal benefit becomes an option when someone is married to someone who fully qualifies and has already filed for benefits.

    Spouses must be 62 years old, although they can be younger if they have a child younger than 16 or with a disability and are owed benefits on the spouse’s record.

    Spouses who claim benefits early will see their benefits reduced, similar to what happens with full retirees. Claiming spousal benefits at 62 can lower benefits to 32.5% of the full amount the spouse’s partner might be entitled to if they retire at their full retirement age (FRA), which is 67 for people born in 1960 or later. The Social Security Administration (SSA) lowers spousal benefits by 25/36 of 1% for every month before the FRA. However, if the number of months is more than 36, benefits are further lowered by 5/12 of 1% monthly. Spouses who retire at their FRA could receive as much as half of their partner’s benefit amount at their FRA.

    Workers who earn 40 Social Security credits and qualify as retirees on their own may also reap the benefits of the spousal benefit if it is higher than their own. If you are eligible for both benefits, you only have to apply once thanks to “deemed filing.”

    First, the SSA will pay out your retirement benefit. If your spousal benefit happens to be higher, the SSA will bridge the gap so your benefit is the higher of the two. For instance, let’s say your monthly benefit is $750 and your spousal benefit is $1,000. The SSA will first pay the $750 of your retirement benefits and then add $250 so your benefit is equal to the higher of the two options.

    A spouse can qualify for the spousal benefit if they’ve been married to their partner for just one year. However, if you divorced your partner, you would only qualify for the spousal benefit if you were married for at least a decade.

    A person can also only qualify for a spousal benefit of a divorced partner if they remain unmarried. Otherwise, they would likely qualify for benefits through their new partner. A spouse can still take advantage of the spousal benefit even if their former partner remarries.

    If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. Simply click here to discover how to learn more about these strategies.

    View the “Social Security secrets” »

    The Motley Fool has a disclosure policy.

    Spousal Social Security Benefits: 3 Things All Retired Couples Should Know was originally published by The Motley Fool



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    L’intégrale de C’est Votre Argent du vendredi 20 juin

    Investments

    Couchbase rachetée par Haveli Investments pour 1,5 milliard de dollars : le titre s’envole

    Investments

    Alternative investments: Gardening offers more than just savings – Mary Holm

    Investments

    Kevin Durant devient actionnaire minoritaire du Paris Saint-Germain

    Investments

    PSG – Officiel : Une superstar a signé, l’annonce du Qatar !

    Investments

    Une star mondiale au PSG, c’est officiel !

    Investments
    Leave A Reply Cancel Reply

    Top Picks
    Cryptocurrency

    Digital Fort Knox: Trump establishes US bitcoin reserve with seized crypto assets, sparking market jitters

    Investments

    Les Philippines lèvent 525 millions de dollars en proposant des T-bonds

    Cryptocurrency

    Altcoins Gaining Momentum: The Cryptocurrency Revolution Outshining Bitcoin! These Four Will Change the Market This Autumn!

    Editors Picks

    Solum Global Inc. and DEBAARS Announce Strategic Joint

    July 26, 2024

    This High-Yield Dividend Stock Is Down 10% in 2025. Here’s Why It’s a Buy Now.

    February 10, 2025

    Thursday – The Shib Daily

    October 10, 2024

    Ripple Enters The Crypto Custody Market with New Services for Banks and Fintech Firms

    October 11, 2024
    What's Hot

    India Gold Metaverse courts prospects in local gold market

    June 4, 2025

    Chinese coastal cities eye diversified green energy development-Xinhua

    July 22, 2024

    Victorian property investors are fleeing the state as Queensland activity picks up: ABS

    October 29, 2024
    Our Picks

    CEWEP Awards : IPALLE et Octave Energy remportent le prix de l’innovation technologique

    June 6, 2025

    Economist: Inflation rate rises to 3%, could be bullish for commodities

    February 19, 2025

    FIP Silver Caltanissetta – Début difficile pour les Tricolores

    April 4, 2025
    Weekly Top

    Gold Cup | Jesse Marsch minimise la dernière procédure disciplinaire de la CONCACAF

    June 20, 2025

    Le président d’Ecofin Global Utilities annoncé son départ lors de la prochaine assemblée générale

    June 20, 2025

    Regal Investments Commits $30 Million to Cryptocurrency Prop Trading Initiative

    June 20, 2025
    Editor's Pick

    Why Bitcoin and Trump Are Once Again Crypto’s Biggest Story

    July 26, 2024

    Yes Bank annonce que CA Basque Investments cède 2,62 % de sa participation dans la société

    June 4, 2025

    Socio Economic Outlook 2024 points to significant change in distribution and number of agricultural landholdings in Telangana

    July 29, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.