You could be entitled to more than you think from Social Security.
Social Security is an integral source of income for millions of retirees. More than 40% of baby boomers expect their benefits to be their primary income source in retirement, according to a 2023 report from the Transamerica Center for Retirement Studies, so it’s wise to make the most of them.
If you’re married, you may be entitled to extra money each month in the form of spousal benefits. The average spouse of a retired worker collects around $912 per month, as of March 2024. If you qualify for this type of Social Security, it could go a long way.
Spousal benefits can sometimes be confusing and complicated, however, and there are a few things all married couples should know before retirement.
1. Your spousal benefit will depend on several factors
To qualify for spousal benefits, you must currently be married to someone who is entitled to either retirement or disability benefits. But there are a few other factors that could affect how much you receive and whether you’re eligible at all:- Your age: In general, you must be at least 62 years old to qualify. However, if you’re caring for a child who is disabled or under age 16, you may be eligible for spousal benefits regardless of your age.
- Your work history: The maximum you can receive in spousal benefits is 50% of your spouse’s benefit at his or her full retirement age (FRA). If you’re also entitled to retirement benefits based on your work history, you’ll only receive the higher of the two amounts — not both. If your retirement benefit is higher than your spousal benefit, you won’t qualify for spousal Social Security at all.
- The age you file for benefits: While you can file as early as age 62, in most cases, you’ll need to wait until your FRA to collect the full benefit you’re eligible to receive. Your FRA depends on your birth year, but it’s age 67 for everyone born in 1960 or later. File earlier than your FRA, and you’ll receive a reduced payment.