Knowing your rights regarding Social Security benefits is crucial for securing a comfortable retirement. This is especially true for the over 40% of baby boomers who depend on Social Security as their primary source of retirement income. This significant statistic comes from a 2023 report by the Transamerica Center for Retirement Studies, highlighting the importance of Social Security in retirement planning.
Table of Contents
- 1 Spousal Benefits
- 2 Divorced Individuals
- 3 Survivors Benefits
- 3.1 Eligibility
- 3.2 FAQs
- 3.3 Can I receive both my Social Security and spousal benefits?
- 3.4 At what age can I start collecting spousal benefits?
- 3.5 Can divorced individuals claim spousal benefits?
- 3.6 Does claiming divorce benefits affect my ex-spouse?
- 3.7 What happens to Social Security benefits if my spouse dies?
Spousal Benefits
Retirees aren’t the only ones eligible for Social Security benefits. Spouses, whether they work or not, may also qualify for spousal benefits, boosting their retirement income. As of March 2024, the average spousal support payment is $912 per month.
Factors
To collect spousal support, you generally need to be married to someone eligible for retirement or disability benefits. However, there are additional criteria to meet:
Age Requirement
You must be at least 62 years old to start collecting spousal support. There are exceptions if you are the caregiver to a child under 16 or a permanently dependent child receiving Social Security payments. These cases require individual evaluation, so it’s wise to explore your options if applicable.
Benefit Comparison
Your spousal benefit must be greater than your own Social Security payment. Spousal benefits amount to 50% of your spouse’s benefit at their full retirement age (FRA). If your own benefits are higher, you will receive the higher amount, not both. The system ensures you get the maximum possible benefit.
Timing Your Benefits
While you can start collecting at 62, it may not be the best strategy. Payments are reduced if taken before your FRA, typically 67 years old. Waiting until FRA ensures you receive the full benefits you’re entitled to. Unlike regular Social Security benefits, delaying past this age does not increase your spousal benefits.
Divorced Individuals
Divorce doesn’t negate the benefits earned during marriage. If a spouse earned significantly less, Social Security provides a way to balance retirement income.
Eligibility for Divorce Benefits
To qualify for divorce benefits, you must be at least 62 years old and the benefit must be higher than your own retirement benefits. Additionally, you need to meet the following conditions:
- Marital Status: You must remain unmarried, though your ex-spouse can remarry.
- Marriage Duration: Your marriage to your ex-spouse must have lasted at least ten years.
Applying for divorce benefits won’t affect your former spouse or their current partner’s ability to collect their own benefits.
Survivors Benefits
Survivors benefits are crucial when a partner with a higher pension passes away. These benefits may also extend to other dependents like children or parents who were financially dependent on the deceased.
Eligibility
As a spouse, you may be entitled to receive the full pension amount after your partner’s death. The exact amount can vary, but it’s designed to support those who relied on the deceased’s income.
FAQs
Can I receive both my Social Security and spousal benefits?
No, you receive the higher of the two, not both.
At what age can I start collecting spousal benefits?
You can start at 62, but waiting until your full retirement age (67 for most) ensures maximum benefits.
Can divorced individuals claim spousal benefits?
Yes, if the marriage lasted at least ten years and you remain unmarried.
Does claiming divorce benefits affect my ex-spouse?
No, it does not impact their benefits.
What happens to Social Security benefits if my spouse dies?
You may be entitled to receive their full pension amount as a survivor benefit.