The following provides an important reminder for many seniors reaching and/or exceeding retirement age. Acknowledgements to the Social Security Administration for much of the detail below…

Social Security can be an important financial asset for married couples when the time comes to apply for retirement benefits.

In many cases, one spouse may have earned significantly more than the other, or may have worked longer. Or it could be that one spouse stayed home to do the work of raising the children, providing care for elderly family members, or managing the household while the other focused on a career.

If you have a spouse who does not earn an income or who earns less than you do, your spouse (including a same-sex spouse) may be entitled to Social Security spouses’ benefits based on your record.

Whatever your situation, Social Security will look at all possibilities to make sure both spouses receive the maximum benefits possible, whether based on each spouse’s earnings record or the higher wage-earner’s record.

Your spouse can apply for benefits the same way that you apply for benefits on your own record. He or she can apply for reduced benefits as early as age 62, or for 100 percent of the full retirement benefits at “full retirement age”, which is calculated based on birth year. (To learn details on ever-changing “retirement ages, visit http://www.socialsecurity.gov/pubs/ageincrease.htm.)

The benefit amount your spouse can receive at full retirement age can be as much as one half of your full benefit. If your spouse opts for early retirement, the benefit may be as little as a third of your full benefit amount. Note that benefits paid to your spouse do not decrease your benefit amount.

If you have already reached full retirement age but continue to work, you can apply for retirement benefits and request to have the payments suspended until as late as age 70. This would let you earn delayed retirement credits that will mean higher payments later, but still would allow your spouse to receive a spouse’s benefit.

People can also apply for spouse benefits based on the earnings record of an ex-spouse or deceased spouse if married for at least 10 years. Spouses can consider a number of options and variables.

Finally, benefits have been expanded to include same-sex couples. Due to a Supreme Court decision, the Social Security Administration will now pay benefits to some same-sex couples.

For additional details and/or to apply online, please visit: http://www.socialsecurity.gov/applyonline

Advertisements