When it comes to Social Security benefits, many individuals overlook the potential benefits available to their spouse. However, spousal benefits for Social Security can provide crucial financial support to a spouse who may not be eligible for their benefits or whose benefits may be lower than their spouse’s. In this guide, we will discuss what spousal benefits for Social Security are, who is eligible, how to apply, and other essential factors to consider.
Who is Eligible for Spousal Benefits for Social Security?
To be eligible for spousal benefits for Social Security, the following requirements must be met:
- First, the spouse must be at least 62 years of age or older.
- The individual must be married to the primary Social Security earner for at least one year.
- Finally, the primary earner must be eligible for Social Security retirement or disability benefits.
- The spouse’s own Social Security benefits must be less than the spousal benefits they would receive based on their spouse’s earnings record.
How to Apply for Spousal Benefits for Social Security?
To apply for spousal benefits for Social Security, the following steps should be taken:
- First, contact the Social Security Administration (SSA) to schedule an appointment.
- Gather required documents, such as marriage certificate, Social Security numbers, and income information.
- Third, attend the appointment with the SSA to complete the application process.
- Finally, wait for approval and notification of benefit amounts.
Factors That Impact Spousal Benefits for Social Security
Several factors can impact the number of spousal benefits received, including:
- The age of the spouse when benefits are claimed. Waiting until full retirement age (FRA) will result in a higher benefit amount.
- The length of the marriage. A longer marriage may result in a higher benefit amount.
- The primary earner’s Social Security benefit amount. The higher the primary earner’s benefit, the higher the spousal benefit amount.
- The timing of when benefits are claimed. Claiming benefits before FRA may result in a reduced benefit amount.
Next Steps
Spousal benefits for Social Security can provide crucial financial support to a spouse. Still, it’s essential to understand who is eligible, how to apply, and what factors can impact the number of benefits received. If you or your spouse are approaching retirement age, consider spousal benefits for Social Security as a potential source of income in your retirement years. If you are ready for the next steps, consider requesting a free quote today!
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Frequently Asked Questions
Can a spouse collect both spousal benefits and their benefits?
Yes, a spouse can collect both spousal benefits and their benefits, but the total amount cannot exceed the maximum benefit amount.
Can a divorced spouse receive spousal benefits for Social Security?
Yes, a divorced spouse may be eligible for spousal benefits if they were married to the primary earner for at least ten years, are currently unmarried, and meet other eligibility requirements.
Are spousal benefits for Social Security taxable?
Yes, spousal benefits for Social Security may be subject to federal income taxes depending on the individual’s overall income.