When people talk about Social Security benefits, they often refer to the checks available to retired workers. However, spousal benefits are another important option, sometimes even worth more than the retirement benefit you’d qualify for on your own.
It’s essential to understand how spousal benefits work so that you can plan for your retirement expenses effectively.
Who Qualifies for Spousal Social Security Benefits?
You may assume that if you’re married to someone eligible for Social Security, you automatically qualify for a spousal benefit. But the rules are a bit more nuanced.
1. Length of Marriage
You need to have been married for at least one year before you can claim spousal benefits. However, there are exceptions:
If you’re the parent of your spouse’s child, you qualify for spousal benefits immediately after marriage.
If you were eligible for Social Security or Railroad Retirement benefits in the month before getting married, you can claim spousal benefits right away.
2. Divorced Spouses
If you’re divorced, you may still qualify for spousal benefits based on your ex-spouse’s work record. To be eligible:
The marriage must have lasted at least 10 years.
You must be at least 62 to claim benefits.
If your ex has remarried, it doesn’t affect your eligibility.
If your ex hasn’t yet claimed Social Security, you must wait until two years after the divorce before you can claim benefits on their record.
3. Claiming Age
You must be at least 62 to claim spousal benefits, but the month you turn 62 matters. If you turn 62 on the 1st or 2nd of the month, your eligibility begins that month. If not, eligibility starts in the month after you turn 62.
4. Spouse’s Claiming Status
If you’re married, you need to wait until your spouse has applied for Social Security benefits before you can claim a spousal benefit. Divorced spouses don’t need to wait for their ex to claim, but the two-year waiting period still applies if your ex hasn’t yet claimed.
How Much Will Your Spousal Social Security Benefit Be?
Your spousal benefit can be worth up to one-half of your spouse’s (or ex-spouse’s) full retirement age (FRA) benefit.
Full Retirement Age (FRA)
If you were born in 1960 or later, your FRA is 67.
If you were born before 1960, your FRA is slightly earlier.
Early Claiming Penalty
To receive the maximum spousal benefit, you must wait until your own FRA. If you claim earlier than 67, you’ll face a 35% early claiming penalty. For example, if your spousal benefit is projected to be $1,000 per month, claiming at age 62 would reduce it to $650 per month.
No Benefit for Delayed Claims
Unlike retirement benefits, there is no delayed retirement credit for spousal benefits if you wait past your FRA. Therefore, delaying your spousal benefit past FRA won’t increase your monthly check.
Choosing the Larger Benefit
You can’t receive both your own retirement benefit and the spousal benefit. The Social Security Administration will pay you the larger of the two. So, if your own retirement benefit is higher than your spousal benefit, you’ll only receive your retirement benefit.
Annual COLA Adjustments
Spousal benefits are eligible for the same annual cost-of-living adjustments (COLA) as regular retirement benefits, meaning they will rise slightly each year to help keep up with inflation.
Estimating Your Spousal Benefit
You can estimate your spousal benefits by creating a free my Social Security account. Here’s how:
Your spouse’s benefit at their FRA (available on their own my Social Security account) will help you calculate your potential spousal benefit.
You can use the benefit estimator tool to compare your retirement benefit and spousal benefit at different claiming ages. This will give you an idea of how much you’ll receive, whether you’re eligible for a higher spousal benefit or your own.
The $23,760 Social Security Bonus Most Retirees Overlook
If you’re like most Americans, you may be behind on your retirement savings. However, there are little-known Social Security strategies that can help increase your retirement income. These “Social Security secrets” could provide you with an extra $23,760 in retirement benefits.
Understanding how spousal Social Security benefits work is crucial for maximizing your retirement income. Whether you’re married, divorced, or widowed, knowing the rules and the options available to you allows you to plan and claim the best benefit for your situation.
Be sure to consider factors like your eligibility age, marriage length, and your spouse’s claiming status when planning for the future.
