Social Security can make or break retirement for millions of older adults. More than 40% of baby boomers say that their benefits will be their primary source of retirement income, according to a 2023 report from the Transamerica Center for Retirement Studies.
While Social Security isn't designed to be a sole source of income in retirement, it can go a long way toward making your senior years more affordable. It's wise, then, to ensure you're squeezing every penny out of your benefits.
If you're married, you could be entitled to extra payments each month in the form of spousal benefits. Not everyone will qualify for spousal benefits, but if you're eligible for this special type of Social Security, you could receive hundreds of dollars more per month. Here's exactly how much the average married couple collects each month.
What are spousal benefits?
Spousal benefits are a special type of Social Security reserved specifically for married couples. To qualify, you must currently be married to someone who is entitled to either retirement or disability benefits, and you have to be at least 62 years old to begin claiming.
You can receive spousal benefits even if you've never worked. If you do qualify for retirement benefits based on your own work history, you may still be eligible for spousal benefits, but it will depend on the size of your checks.
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The maximum you can receive in spousal benefits is 50% of your spouse's benefit at their full retirement age (FRA). If your retirement benefit is higher than that, you don't qualify for spousal benefits. If your benefit is lower, you'll receive your payments first, then you'll earn an additional amount each month in spousal benefits.
So, for example, say that you qualify for $800 per month in retirement benefits based on your work history, and your spouse will collect $2,000 per month at their FRA -- making your maximum spousal benefit $1,000 per month. In this case, you'll receive your $800 per month first, and then you'll earn an extra $200 per month in spousal benefits so that your total payment is $1,000 per month.
It's also important to note that your actual benefit amount will depend on what age you file. To receive the full spousal benefit you're entitled to, you'll need to wait until your FRA to begin claiming. If you file before that (as early as age 62), you'll receive a reduced payment each month.
How much does the average couple receive?
Because your spousal benefit depends primarily on your partner's benefit amount, payments will vary significantly. But it can still be helpful at times to see how much the average person receives.
As of November 2023, the average retired worker collects around $1,845 per month in retirement benefits, and the average spouse of a retired worker receives around $886 per month in spousal benefits.
If your partner is collecting disability benefits, you could still qualify for spousal Social Security. In November 2023, the average disability benefit was around $1,489 per month, and the average spouse of a disabled worker received around $407 per month.
Social Security can go a long way toward making ends meet in retirement, so it's wise to take full advantage of all the types of benefits you're entitled to collect. If you qualify for spousal benefits, you could potentially receive hundreds of dollars more per month, setting yourself up for a more financially secure retirement.
