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Don't Overlook The Social Security Spousal Benefit Can a non-working spouse receive Social Security benefits based on her husband's earnings? Yes, a spouse can collect a Social Security spousal benefit if the following requirements are met: 1. The wife is required to be at least age 62 2. The husband will need to be eligible to receive benefits, so he should also be at least age 62. What's more, the husband must actually apply for Social Security retirement benefits for his wife to collect based on his income. The husband may then elect to delay receiving benefits. This course of action is referred to as "file and suspend". To give you an illustration, if the wife is 62 and the husband is 59, the wife can begin receiving benefits calculated on her own income, but she is unable to collect based on her husband's earnings until he becomes 62 and starts collecting his own benefits. Having said that, if the wife is age 66 and the husband is only 62, then the wife can start collecting as determined by her husband's earnings (remember, the husband will need to sign up for benefits before his spouse can collect based on his income). In both instances shown above, the wife can begin receiving benefits calculated on her own income at age 62 (assuming she has as a minimum 40 quarters of earnings and also qualifies for benefits on her own), then she can change over to half of her husband's benefit as soon as her husband qualifies for Social Security. A couple of areas to take into account before applying for benefits: If a wife applies for her Social Security spousal benefit as determined by her husband's earnings when she attains full retirement age (age 66 for folks retiring now), then she will receive half of her husband's primary insurance amount (PIA). However, if she applies for her spousal benefit at age 62, then her benefit will be reduced to just 35% of her husband's PIA. It does not help the spouse to wait until after reaching full retirement age to apply for benefits, as spousal benefits do not include delayed credits. In addition, it won't help the wife if the husband waits to apply for benefits because she won't get any increase in benefits that he gets by waiting to receive benefits. If a spouse reaches full retirement age and becomes qualified to apply for the spousal benefit or her own benefit, she may start receiving the spousal benefit now and postpone taking her own benefit in order to accumulate delayed credits on her own benefit. You can collect Social Security spousal benefits based on an ex-spouse's income so long as you were married for not less than ten years and you are also currently unmarried. In case you have more than one ex-spouse which you qualify for spousal benefits, you'll receive the largest benefit you are entitled to. One edge that divorced spouses have over married spouses is that a divorced spouse doesn't need to wait around for a former husband to apply for benefits as long as the couple is divorced not less than 2 yrs when she applies. As a final point, the Social Security retirement program is gender neutral, so while this article has assumed that the wife is generally the one applying for spousal benefits, if the wife earns more than the husband, the husband can apply for Social Security benefits based on his wife's earnings. Social Security Income: Suggestions To Help You Make The Most Of Your Social Security Retirement Income 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: Present Situation Regarding Social Security Spouse And Survivor Benefits When Social Security was established most women did not work. Lower or no earnings combined with a longer life span meant poverty for many women when their husbands passed away. Social Security recognized these challenges and have implemented several changes to the system to help women avoid poverty. Social Security Benefits: An Effective Discussion On Conditions To Obtain The Benefit & Ways To Collect After A Family Member's Death The loss of a family member can be devastating, both emotionally and financially. Social Security is meant to be a survivor program as well as a retirement program. Most people are aware of Social Security retirement benefits, but are you aware that there are Social Security death benefits as well? A Few Significant Particulars That You Require 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 Social Security Benefits: Several Key Facts On COLA For the second year in a row people who rely on Social Security will not be receiving a cost of living increase. This is only the second time since the cost of living adjustment (COLA) was adopted that recipients have not received an increase. How Are Social Security Benefits Calculated? Several Points And Issues Having Effect On 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 Retirement Savings Become Extremely Important 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. Brand New Regulations Mean Much More Men And Women Doing Roth IRA Conversions In 2010 As we near the end of 2010, countless people have already done Roth IRA conversions, and many others are questioning if a Roth IRA conversion in 2010 is the right move for them. |
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