The purpose behind the creation of the Social Security Administration is a blessing for the people of America. Usually, many do not acknowledge that the department works as the magical lifeline for the retiree, the widow, the disabled citizen, and, of course, married couples, too.
While much has been talked about ways to claim, save, and plan the social security benefits for disabled people, widows, and several others, this article will focus on how married couples (one has to be married for one year to qualify) can make the most of their social security benefits over time.
Retirement planning as a couple comes with both advantages and unique challenges. While having two potential sources of Social Security income can boost household earnings, it’s extremely essential to discuss it with one’s significant other before withdrawing the Social Security benefits.
As per Nasdaq, here are the top 3 things to keep in mind before withdrawing your benefits as a couple. First, you can begin claiming Social Security at age 62, but you’ll receive your full benefit only if you wait until your full retirement age (generally 67). Delaying even further, up to age 70, can increase your monthly benefit.
However, it’s better that the higher earner between the two delays their benefits, and the other one can start withdrawing if needed. Keep in mind: claiming early permanently reduces survivor benefits for the remaining spouse.
Second, it’s best to switch to spousal benefits, as this can allow one of the partners to claim up to 50% of the other individual’s social security benefits at full retirement age (62-70). Moreover, the good news is that if one feels that, as a spouse, they are getting more benefits than they are, they are allowed to switch, but only after the other one starts collecting their Social Security.
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Don’t hesitate to get in touch with the SSA department about the switch and talk to them before deciding so that they can guide you accordingly. Lastly, this one is very important in case you are somebody who’s a caregiver for a child under 18 (or under 19 if still in school) or an adult child with a disability that began before age 22.
You are eligible to collect Social Security dependent benefits on their behalf. Life is already harder with a dependent citizen, so why not use the extra benefits for an overall increase in the household income? In addition, you can also claim benefits despite being divorced, by the way! Until, of course, you decide to remarry.
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In the event of a spouse’s death, survivor benefits may also be available for the remaining spouse and eligible children. Meanwhile, as per the Congressional Budget Office, there is an average increase of $360 per month for retired workers and an average increase of $700 per month for spousal beneficiaries. For the widows, the checks have increased by an average of $1,190 per month, according to another article on Nasdaq.
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Furthermore, if there’s a shortage of income in a household, Supplemental Security Income (SSI) is available. This particular body provides monthly benefits for people with limited income resources.
Therefore, here is a reminder yet again to discuss with your spouse before making any decisions for your social security benefits. Feel free to contact the SSA department with any further inquiries. We hope the best works in your favor.
