|
   
Spousal Benefits: Applying For Social Security Benefits
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 earnings several requirements will have to be satisfied:
1. The wife needs to be at least age 62
2. The husband must be eligible to receive benefits, hence he must also be at least age 62. What's more, the husband is required to actually apply for Social Security retirement benefits in order for his wife to collect based on his income. The husband can then elect to postpone collecting benefits. This course of action is known as "file and suspend".
To give you an example, if the wife is 62 and the husband is 59, the wife can begin collecting benefits calculated on her earnings, but she is unable to receive benefits based on her husband's earnings until he turns 62 and starts collecting his own benefits.
However, if the wife is age 66 and her spouse is 62, then the wife can start collecting based on her husband's earnings (remember, the husband must sign up for his Social Security benefits before the spouse will be able to collect based on his earnings).
In both cases above, the wife can begin collecting benefits based on her own income as soon as she turns age 62 (assuming she has a minimum of 40 quarters of earnings and qualifies for benefits on her own), then she can change over to one half of her husband's benefit when her husband qualifies for Social Security.
A number of points to think about before applying for benefits:
If a wife applies for her Social Security spousal benefit as determined by her husband's income when she reaches full retirement age (age 66 for folks retiring now), then she'll receive 50% of her husband's primary insurance amount (PIA). However, if she starts receiving benefits at age 62, her benefit will be reduced to just 35% of her husband's PIA.
It doesn't benefit the spouse to wait until after reaching full retirement age to apply for benefits, as spousal benefits will not include delayed credits. In addition, it doesn't help the wife if the husband waits to apply for benefits because she will not get any boost in benefits that he receives by waiting to receive benefits.
Where a spouse reaches full retirement age and is eligible for the spousal benefit or her own benefit, she may claim the spousal benefit now and postpone receiving her own benefit so she can accumulate delayed credits on her own benefit.
An individual can collect Social Security spousal benefits based on an ex-spouse's earnings as long as you were married for a minimum of 10 years and you are also at this time unmarried. Should you have more than one ex-spouse which you meet the requirements for spousal benefits, you will receive the maximum benefit you qualify for. One edge that divorced spouses have over married spouses is the fact that a divorced spouse doesn't have to wait around for a former husband to start receiving benefits as long as the couple has been divorced not less than 2 yrs when she applies.
Finally, the Social Security retirement program is gender neutral, so despite the fact that this article assumes that the wife is generally the one applying for spousal benefits, if the wife makes more than her husband, the husband can apply for Social Security benefits based on his wife's earnings.
Social Security Retirement Income: Ideas To Help You Maximize 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:
Social Security Eligibility Rules: What Are The Requirements For A Homemaker To Collect Social Security?
When Social Security was first established, most families only had one bread-earner, and only the working spouse qualified for retirement benefits. This caused financial difficulties for the spouse who didn't work (and therefore didn't qualify for Social Security) if the working spouse passed away first.
Social Security Survivor Benefits- The Thing Women Should Learn About
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.
How You Will Go With Social Security Survivor Benefits After Your Spouse Passes Away
When Social Security was first established, it only paid retirement income to workers who qualified. It was later amended to include benefits for spouses and survivors, which made it more of a family or insurance plan, instead of just a retirement plan.
3 Ways A Financial Planner Can Help You Realize Your Very Own Financial Objectives
Many people wonder exactly what a financial planner does, and how they can help you. Here are just three ways a financial planner can help you achieve your financial dreams and goals.
What You Need To Know 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.
3 Great Reasons To Use A Fee-Only Financial Advisors
There are three different types of financial advisors: the commission broker who sells a product for a commission, the fee-based advisor who provides investment management for a percentage of the assets invested, and the fee only financial planner who provides a comprehensive financial plan for an hourly fee.
Social Security Benefits: A Useful Discussion On Terms To Get The Benefit & How To Get 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?
Related Posts
Associated Resources
|