How The Social Security Spousal Benefit Works 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 the following requirements will have to be satisfied: 1. The wife must be at least age 62 2. The husband will need to be eligible to receive benefits, consequently he should also be at least age 62. Also, the husband needs to actually apply for Social Security retirement benefits in order for his wife to collect based on his earnings. The husband can then elect to postpone receiving benefits. This course of action is called "file and suspend". To give you an example, if the wife is 62 and the husband is 59, the wife can start collecting benefits calculated on her income, but she won't be able receive benefits based on her husband's earnings until he turns 62 and applies for benefits. On the other hand, if the wife is age 66 and her spouse is only 62, then the wife can start collecting based on her husband's earnings (again the husband will have to sign up for his Social Security before his spouse will be able to collect based on his earnings). In both examples mentioned above, the wife can begin collecting benefits calculated on her own income as soon as she turns 62 (assuming she has at least 40 quarters and qualifies for benefits on her own), then she can change over to 1 / 2 her husband's benefit as soon as her husband qualifies for Social Security. Some 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 income when she attains 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 applies at age 62, her benefit will be reduced to just 35% of her husband's PIA. It doesn't help the spouse to wait until after reaching full retirement age to apply for benefits, as spousal benefits don't include delayed credits. Additionally, it doesn't help the wife if the husband delays applying for benefits because she will not get any boost in benefits that he gets by waiting to receive benefits. When a spouse reaches full retirement age and is eligible for a spousal benefit or her own benefit, she may start collecting the spousal benefit now and postpone receiving her own benefit in order to accumulate delayed credits on her own benefit. A person can collect Social Security spousal benefits based on an ex-spouse's earnings as long as you were married for at least 10 years and you are also at present unmarried. In case you have more than one ex-spouse which you meet the criteria for spousal benefits, you will receive the highest benefit you qualify for. One edge that divorced spouses have over married spouses is the fact that a divorced spouse won't have to wait around for a former husband to start collecting benefits as long as the couple has been divorced not less than two years when she applies. Finally, the Social Security retirement program is gender neutral, so though this article has assumed 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 Old Age Earnings: Suggestions 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 Benefits: A Helpful Discussion On Terms To Obtain The Benefit And 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? How You Will Get The Perfect Financial Planner To Reach Your Financial Goal Many people hire financial planners to help them meet their financial goals. Whether you are a beginner investor with very little experience or whether you have a good knowledge and understanding of financial planning topics, a financial planner can be a valuable asset when planning for your financial goals. Social Security Eligibility Criteria: 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. How You Can Enhance Your Credit Check Score In 5 Simple Steps Having a good credit check score is an absolute must in today's lending environment. In this lagging economic environment, your credit check score is certainly more important than ever. Submitting Your Social Security Application: When And How As you get closer to retirement one of your top questions is probably when and how to submit your Social Security application. Should you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement benefits? Tips To Submit An Application For Social Security Benefits Social Security was originally created to provide retirement benefits to workers, but the program has grown tremendously and now Social Security provides disability benefits, death benefits and other family benefits in addition to retirement benefits. 3 Ways A Financial Planner Can Easily Help You Realize Your 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. |
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