Posted by Elliot Kravitz, ATP

Social Security Spousal Benefits

Social Security Spousal Benefits

When a spouse dies, his or her social security benefits may be available to the current or former spouse, depending on the circumstances. The benefit of a social insurance spouse is called a "spousal benefit" and is available for:

  • Current spouses
  • Widows
  • Former spouses
  • Eligibility for spousal benefits

Things to know about Social Security Spousal Benefits

  • Spouses and current spouses (if you have been married for more than ten years and have not married before the age of 60), both are entitled to the benefit of your spouse. You must be 62 to apply for or receive a social security spousal benefit. You are not eligible to receive your spousal benefit until your spouse files first for their benefits. Different rules apply to ex-spouses. You can get a spousal benefit based on the background of a former spouse, even if your ex-partner has not yet claimed his benefits, but your ex should be 62 or older.
  • Receiving a spousal benefit does not reduce or change the amount the current spouse, ex-spouse, or spouse of the former spouse can receive.
  • How much do you earn?
  • As a spouse, you can apply for a social security grant based on your income, or you can benefit from your spouse who will give you 50% of the amount of your spouse's social security benefits calculated at retirement age. .
  • Check the Social Security website for FRA because it depends on the year of birth.
  • You are automatically entitled to receive a grant based on your income or a benefit based on the income of your spouse or former spouse. Social security calculates and pays the highest amount.
  • If you were born on 1st Jan. 1954 or after you arrived at FRA, you could choose to receive only the benefit of your spouse by submitting a restricted application. In this way, you are postponed to a later date to receive retirement benefits based on the recording of your earnings. For example, at age 70, you could change from collecting a spousal benefit to being paid your own potentially higher benefit amount.
  • Due to the recent social security legislation that came into effect on November 2, 2015, if you were born on or after 2nd Jan. 1954, you cannot limit your number of applications and only receive benefits from your spouse. Those who were born on 2nd Jan. 1954, when you submit your application, you will automatically be considered a candidate for all the benefits to which you are entitled.

How does retirement provide benefits?

    • If you benefit from your spouse and start receiving this benefit before reaching the FRA, your benefit will be permanently reduced. If you have an FRA benefit, continue working and receive active accruals, you may need some of your social security benefits. Once you have joined FRA, you can take out social insurance and earn any amount without working, without a reduction in benefits or penalties.
    • If your spouse anticipates social security and receives immediate benefits from your spouse, you will significantly reduce the benefits that may be paid during your lifetime, and you will undoubtedly reduce the benefits for offspring for which one of them is eligible.
    • Married couples can benefit more from social security benefits by coordinating how and when they should start receiving benefits. You can run these numbers to see how it works by using an advanced social security computer.
    • If you become a widow or widow, you may be able to claim a 60-year survival allowance. Widows and widowers can limit their claim to claim the benefit themselves or the widow's / widow's benefit, then move on to other benefits. You can do this if the value of your 70-year benefit is greater than that of the widow. You could claim the widow's benefit for many years and then, at age 70, change the benefit.
    • When you and your spouse start receiving social security benefits upon the death of your spouse, you will continue to receive the benefit of your spouse, but not both. Also, a surviving spouse living in the same family is entitled to receive a one-time payment of $ 255 at the time of the death of the spouse.
    • When married couples choose to maximize the benefits of the highest-income spouse by referring to collectors under the age of 70, they are a solid form of life insurance.

In many cases, it presents the equivalent of about $50,000 to $250,000 in life insurance benefits.

In general, married couples, in particular, can maximize their social security benefits by collaborating and making decisions that maximize benefits for spouses and survivors. Many couples ignore this strategy and earn less money for life.

Elliot Kravitz, ATP
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