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 income the following conditions must be met: 1. The spouse applying for the spousal benefit must be at least age 62 2. The husband needs to be eligible for benefits, so he should also be at least age 62. In addition, the husband has to actually apply for Social Security retirement benefits in order for his wife to receive benefits based on his earnings. The husband may then choose to delay receiving benefits. This strategy is called "file and suspend". To provide you with an example, if the wife is 62 and the husband is 61, the wife can start receiving benefits based on her own income, but she can not collect based on her husband's earnings until he turns 62 and applies for benefits. Then again, if the wife is 66 and the husband is only 62, then the wife can start collecting based on her husband's income (again the husband needs to apply for benefits before his wife can collect based on his earnings). In the examples stated above, the wife can start receiving benefits calculated on her own earnings as early as age 62 (assuming she has at least forty quarters and also qualifies for benefits on her own), then switch to half of her husband's benefit once her husband becomes eligible for Social Security. Several items to consider before applying for benefits: If a wife applies for her Social Security spousal benefit based on her husband's earnings when she becomes full retirement age (age 66 for people retiring now), then she will receive 50% of her husband's primary insurance amount (PIA). On the other hand, if she applies at age 62, then her benefit will only be 35% of her husband's PIA. It does not help the spouse to apply after her full retirement age, as spousal benefits don't include delayed credits. Additionally, it doesn't benefit the wife if the husband delays applying for benefits because she won't receive any increase in benefits that he will get by waiting to apply. When a spouse reaches full retirement age and is qualified to receive a spousal benefit or her own benefit, she may apply for the spousal benefit now and delay taking her own benefit in order to build up delayed credits on her own benefit. A person can collect Social Security spousal benefits based on an ex-spouse's earnings if you were married for at least ten years and you are currently unmarried. For people with more than one ex-spouse that you meet the criteria for spousal benefits, you will get the highest benefit you are entitled to. One advantage that divorced spouses have over married spouses is that a divorced spouse does not need to wait for a former husband to make an application for benefits as long as the couple has been divorced for not less than two years when she applies. As a final point, the Social Security retirement system is gender neutral, so while this article has assumed that the wife is the one applying for spousal benefits, if the wife earns more than her husband, the husband can sign up for Social Security benefits based on his wife's earnings. Social Security Old Age Earnings: Ideas To Help You Maximize Your Social Security 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: Some Important Information Which You Should Know About Social Security Spouse Benefits When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits Brand New Policies Imply More People Doing Roth IRA Conversions In 2010 As we near the end of 2010, countless people have already done Roth IRA conversions, and many others are questioning if a Roth IRA conversion in 2010 is the right move for them. Simple Methods To Make 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. Three Ways A Financial Planner Can Easily Help You Attain 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. A Few Major Exceptional Roth IRA Withdrawal Rules Which May Help You To Take Money Out Of Roth IRA Roth IRAs are governed by the IRS; as such there are many Roth IRA withdrawal rules that must be followed before you take money out of your account. In this article we'll discuss Roth IRA distributions; when they can be taken, when and if they are taxable, when and if penalties might apply. Social Security Death Benefits Can Aid Financially Once Husband Or Wife Or Other Family Member Has Passed Away Qualifying relatives of individuals who have passed away can receive assistance from social security death benefits. The payments provided vary and depend on a number of things such as the payments that have been made to social security as well as the relationship of the relative to the individual. |
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