Social Security has helped millions of families make ends meet during retirement, but there's still a lot of confusion about Social Security benefits. For instance, many married couples aren't clear on one essential benefit that's available to them, mistakenly believing that if both spouses work, that benefit isn't available to them.
In the following video, Dan Caplinger, The Motley Fool's director of investment planning, discusses spousal benefits and how they can be useful for all married couples. Dan notes that most people think of the spousal benefit as something that a non-working spouse takes, with two-income couples generally doing better to take benefits based on their own work histories. But Dan runs through some scenarios in which taking spousal benefits in conjunction with and as a supplement to your own benefits can actually boost the total amount you receive from Social Security. With the opportunity to get more from Social Security, Dan recommends looking more closely at your spousal benefits and understanding what you're entitled to from Social Security.
Learn more about Social Security
Spousal benefits aren't the only area of Social Security that trips up retirees and other benefits recipients. Get the information you need to make an informed decision about your benefits options by reading our brand-new free report, "Make Social Security Work Harder For You." Inside, our retirement experts give their insight on making the key decisions that will help ensure a more comfortable retirement for you and your family. Click here to get your copy today.
Neither Fool contributor Dan Caplinger nor the Motley Fool has any position in any stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don'tt all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.