Social Security Spousal Benefits: One More Key To Your Social Security Decision
Can a spouse collect on her husband's social security if she reaches retirement age before her husband? No. In order for a wife to collect Social Security benefits on her husband's income several requirements will have to be satisfied:
1. The spouse applying for the spousal benefit needs to be at least age 62
2. The husband must be eligible to receive benefits, consequently he should also be at least age 62. In addition, the husband must actually apply for Social Security retirement benefits in order for his wife to receive benefits based on his income. The husband can then elect to postpone receiving benefits. This strategy is referred to as "file and suspend".
To give you an example, if the wife is 62 and the husband is 60, the wife can begin collecting benefits calculated on her income, but she can not collect based on her husband's earnings until he turns 62 and starts receiving his own benefits.
However, if the wife is age 66 and her spouse is only 62, then the wife can start collecting based on her husband's income (remember, the husband must sign up for his Social Security before his wife can collect based on his earnings).
In the cases above, the wife can begin collecting benefits calculated on her own earnings at age 62 (assuming she has at least forty quarters of earnings and qualifies for benefits on her own), then she can change over to 1 / 2 her husband's benefit once her husband becomes eligible for Social Security.
A couple of points to consider before applying for benefits:
If a wife applies for her Social Security spousal benefit as determined by her husband's income when she becomes full retirement age (age 66 for people retiring now), then she will receive 50% of her husband's primary insurance amount (PIA). On the other hand, if she starts receiving benefits at age 62, her benefit will be reduced to just 35% of her husband's PIA.
It doesn't help the spouse to apply after her full retirement age, as spousal benefits do not include delayed credits. In addition, it doesn't benefit the wife if the husband waits to apply for benefits because she will not get any rise in benefits that he will get by waiting to apply.
If a spouse reaches full retirement age and is qualified to apply for the spousal benefit or her own benefit, she may claim the spousal benefit now and postpone collecting her own benefit in order to build up delayed credits on her own benefit.
You can collect Social Security spousal benefits based on an ex-spouse's earnings so long as you were married for a minimum of 10 years and you are also at present unmarried. For people with more than one ex-spouse that you qualify for spousal benefits, you will get the maximum benefit you qualify for. One edge that divorced spouses have over married spouses is the fact that a divorced spouse does not need to wait for a former husband to apply for benefits as long as the couple has been divorced for a minimum of 2 yrs when she applies.
Finally, the Social Security retirement program is gender neutral, so though this article has assumed that the wife is the one applying for spousal benefits, if the wife earns more than her husband, the husband can sign up for Social Security benefits based on his wife's earnings.
Social Security Retirement Income: Recommendations To Help You Get The Most Out Of Your Social Security Benefits
As you get closer to retirement, choosing when to take your Social Security may seem like rolling the dice. There are so many decisions to make, such as:
Have You Planned To Start Saving For Retirement?
Getting ready for retirement is a lot harder than it used to be. Companies no longer offer pensions and many are reducing or eliminating matching contributions to 401K plans. In addition, Social Security benefits are expected to be smaller and you may have to wait longer to collect them.
A Few Vital Facts Which You Have To Know About Social Security Spouse Benefits
When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits
How To Transform Your Current Credit Check Score In 5 Painless Actions
Having a good credit check score is an absolute must in today's lending environment. In this lagging economic environment, your credit check score is certainly more important than ever.
Important Information And Facts About Financial Planners
There are many different types of financial planners. Not only are financial advisors compensated differently, but the services they provide vary quite a bit as well. Here is a quick summary of the different types of financial advisors and how they can help you.
Retirement Savings Become Even More Crucial As Pensions Become Extinct And Social Security Changes.
Retirement income is often referred to as the three-legged stool because traditionally retirement income has come from three sources: pensions, Social Security and your own savings. Well, the three-legged stool is looking pretty lopsided for many people these days as pensions become extinct and Social Security changes take place.
Payday Loans:Learn More About It.
Have you ever found yourself in an emergency situation? Do you require a substantial amount of money fast but don't know where to get it? Payday loans may be just the thing you need.
How Are Social Security Benefits Calculated? Few Points & Factors Affecting The Benefits
One of the most popular Social Security questions that I hear from baby boomers getting ready to retire is "how are Social Security benefits calculated?" This is an important question because it could affect how long you need to work, whether you should continue to work during your retirement years
|
