There are many routes to face upon planning for Spousal Social Security Retirement Benefits. What if you have been in and out of the workforce taking care of others, or your spouse has made more money than you?
Are you able to receive spousal Social Security benefits? If you’ve been (or were) married for 10 years or more, you may qualify for Spousal Social Security benefits. Note that when one spouse dies, the conversation turns instead to Survivors’ rather than Spousal, Social Security benefits.
You may be eligible to collect up to 50% of your spouse’s benefits “or” 100% of your own, whichever is greater. Note the use of “or,” rather than “and” – you cannot double-dip when it comes to Social Security benefits.
That means your spouse must have made significantly more money than you in order for it to be worth it to you to collect on your spouse’s Social Security earnings record rather than your own.
Navigating Social Security retirement benefits
When attempting to plan for the Social Security retirement benefits projected to a spouse, the rules are many and can be confusing to navigate.
If you are currently married and your spouse is still living, you’ll be able to collect Spousal benefits (50% of your spouse’s benefits or 100% of your own) only if:
- Your spouse has already filed for Social Security benefits for him/herself; and
- You are 62 years old or older; – or –
- You are younger than 62, but caring for your child who is either
- disabled or
- under the age of 16; and
- You are younger than 62, but caring for your child who is either
- Married for at least one year; – or –
- Married less than one year but you’ve had a child with your spouse
- (If married less than one year and you have not had a child together, you must collect on 100% of your own earnings, rather than on 50% of your spouse’s)
For the most part, those who divorce and then remarry are no longer eligible for Spousal benefits, except in special circumstances. Those complexities will be covered in a future article.
Spousal Social Security retirement benefits for married and divorced couples
If you have divorced and never remarried, however, you may still be eligible for Spousal Social Security benefits if you were married for at least 10 years. In fact, unlike with currently married spouses, ex-spouses do not need to wait for the ex to start collecting spousal benefits. And if you have more than one ex, and each of those previous marriages lasted at least ten years, you can pick the ex-spouse that will provide the greatest spousal benefit to you.
For example, Jeanette is 65 years old and is happily single. Jeanette married Bill when she was 22, and that marriage lasted for 12 years. On her 40th birthday, she married Niko, divorcing him on her 55th birthday. If Jeanette wants to retire in two years, she could plan for taking either:
- 100% of her own Social Security benefits – or –
- 50% of the Spousal benefits from either Bill or Niko, whichever has a higher earnings record over the course of his career.
Jeanette does not need to track down both Bill and Niko to decide which benefit to take. The Social Security Administration will automatically determine which earnings history will generate the greatest benefit to Jeanette. They will then award her that amount when Jeanette files for benefits.
Do you need help determining if you might be eligible for Spousal Social Security benefits?
Click here to initiate a conversation with me. I can help you navigate the nuances of the rules and regulations and determine how to plan your retirement. Whether that may be around your own or Spousal Social Security benefits. Learn how you can start planning for a long(er) and comfortable retirement!
As a financial consultant, specializing in the financial needs of women (whether they are married, divorced, single, or…), Kathleen Connors understands that you want to work with an adviser who is relatable and trustworthy. She focuses on life’s unique goals and takes the time to educate her clients about their financial future. Kathleen is passionate about helping women reach clarity and confidence around their finances. It doesn’t matter where a client may be within their life’s journey. She brings warmth and compassion to the financial planning process, with no judgments.
