There's a lot more to Social Security than benefits for retired workers. One program that can be extremely beneficial to married couples is Social Security spousal benefits, which provide additional income to couples in which one spouse was the primary earner.
As of the latest data from the Social Security Administration (SSA), about 2.1 million spouses of retired workers collect a retirement benefit. This is most common when one spouse was a stay-at-home parent, but it also applies when one spouse's income was far higher than the other's.
Spousal benefits can be a big financial boost in retirement for those who qualify. They can be worth as much as half the primary earner's full retirement benefit. In other words, if your spouse was a stay-at-home parent and you are entitled to a $2,500 monthly benefit at full retirement age, they can get up to $1,250 per month. That's an additional $15,000 per year in inflation-protected retirement income. Read on to find out if you qualify.
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Do you qualify for spousal benefits?
There are three basic requirements for eligibility for a spousal benefit.
- First, you must be married to someone who is already receiving their own Social Security retirement benefit.
- Second, you must have been married for at least one full year before applying.
- Third, you must be at least 62 years old, unless you are caring for a child under 16 or a disabled person.
With that in mind, there are a few important points to note. First, you'll get either your own Social Security retirement benefit or a spousal benefit, whichever is higher. If your benefit based on your own record is more than half of your spouse's full retirement benefit, a spousal benefit isn't needed.
Second, you don't necessarily need to still be married. Divorced spouses can be eligible if they were married for at least 10 years, are currently unmarried, and their ex-spouse is at least 62.
How much will you get?
As mentioned, spousal benefits can be up to half of your spouse's full retirement benefit, but you'll need to wait until your own full retirement age to get that much. For anyone born in 1960 or later, full retirement age is 67, and if you claim a spousal benefit before that age, it will be permanently reduced.
The best way to determine how much you can get is to log in (or create an account) at www.ssa.gov and view the latest Social Security statements for both you and your spouse.
