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. But about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's critical to consider the fact that you or your spouse might collect Social Security survivor benefits or spousal benefits at some points in their life. In this article, we're going to discuss the basics of Social Security spousal benefits. Generally, a married person can get a spousal benefit equal to half of her husband's basic benefit, also called the PIA (primary insurance amount). Social Security spouse benefits usually come into play when one spouse takes time away from work to raise a family, and thus has little or no earnings. Calculating the Spousal Benefit: The spousal benefit is actually a combination of both spouses' benefits. If a married person has sufficient credits to qualify for Social Security on her own, then her credit will be figured first. If it's less than her spouse's benefit, she will receive her benefit together with an adjustment to equal half of her husband's primary benefit. When Should You Start the Spousal Benefit: You can apply for the spousal benefit as early as at the age of 62, as long as the working or higher earning spouse is eligible and has applied for benefits. It does not good for the lower earning spouse to wait beyond her full retirement age to apply for spousal benefits because the spousal benefit will not earn credits beyond the complete retirement age. Therefore, spouses applying for the spousal benefit should do so as soon as they reach complete retirement age. How Early Retirement Affects The Spouse Benefit: Spouses who apply for the spousal benefit before she is complete retirement age will receive a reduced benefit just like she would if she applied for her own Social Security benefit before full retirement age. This reduced benefit is permanent, even though she takes her spousal benefit at age 62 and switches to her own benefit at full retirement age. Other Issues: Individuals who begin collecting retirement benefits before full retirement age can only earn up to a certain amount before they've to pay back part or all of their Social Security benefits. In 2009, that amount is $14,160. If you earn more than $14,160, you have to pay back $1 for each $2 you earned over the limit. This earnings test applies to spousal and survivor benefits and retirement benefits, so if you expect to work before you reach full retirement age, you should delay your retirement and spousal benefits. In this article, I have referred to the wife as the lower earning spouse out of convenience. However, in today's world, it's not uncommon for the wife to be the higher earning spouse. The good news is that Social Security is gender neutral, therefore the Social Security spouse benefits can apply to the wife or husband, as well as the higher or lower earning spouse. 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 must be met: Social Security Widow Benefits - What Happens To Your Social Security Income When One 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. 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 Major 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. 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. How You Will Get The Best Financial Planner To Reach Your 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 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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