Because so many retired Americans depend on Social Security as a primary income source, retired couples must understand how spousal benefits work. If one partner has qualified and claimed Social Security benefits, the other may be able to do so as well. Yahoo Finance notes three important things to understand:
- You may be eligible to claim the spouse benefit even if you have no work history.
- Once you reach your full retirement age (FRA), the benefit maxes out.
- Should your spouse die before you, your benefit might get an increase.
Most people might not know the spousal benefit can be as much as 50 percent of your spouse’s monthly check. Depending on your age, you may want to wait to claim the spousal benefit until you reach your FRA. Claiming earlier can cut the benefit to as little as 32.5 percent of your spouse’s benefit.
If your partner should die before you, the spousal benefit comes to an end. But then you are eligible for a survivor’s benefit, which may be larger than the spousal benefit.
Council of Seniors Works to Keep Social Security Strong for You
More Social Security retirement income gives seniors the cushion needed in inflationary times. That’s why Council of Seniors believes getting Congress to pass The SAVE Benefits Act is crucial for the future. You need this legislation because the annual Social Security cost-of-living adjustment (COLA) has proved inadequate over several years. If we succeed, seniors will be reimbursed the $581 missing from their benefits.
Please take time right away to sign our petition. Let’s work together to show Washington politicians the growing number of Americans supporting this bill.
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