Maximize Your Social Security Benefits: Essential Tips for Spouses and Ex-Spouses
By Jeffrey Meenes, CFP® (Published Date June 20, 2024)
Many people know they're eligible for Social Security benefits, but did you know there's also a provision to provide for spouses, regardless of whether they've contributed to the program? You might also be eligible to claim spousal benefits if you're widowed and, in some cases, even if you're divorced.
You may be surprised to learn that if you apply for Social Security when you are married, you automatically apply for spousal benefits. This was added to recognize the many spouses who were stay-at-home parents and either never entered the workforce or didn't enter the workforce for long enough to qualify for their benefits.1,2
How does claiming spousal benefits work? For spouses to receive benefits, they must:
- Be at least 62 years old or older
- Caring for a child 16 years old or younger or receiving Social Security disability benefits. If you're in this situation, Social Security benefits are not reduced.
- Your husband or wife must also claim Social Security benefits.
- You and your spouse must have been married for at least one year.1,2
Spousal benefits are capped at 50% of the benefits your spouse would have received at their full retirement age. Moreover, if your spouse claims their benefits before retirement, your benefits will also be reduced.1,2
It's important to note that if your spouse dies, you should apply for survivor benefits and not spousal benefits. For widowed people, if your spouse's benefits are higher than yours, you might be eligible to receive their full benefit amount instead of spousal benefits. However, if you remarry, you won't be eligible to receive your late spouse's Social Security benefits.3,4
Certain conditions also allow you to receive spousal benefits even if you're divorced. The following conditions must be met:
- You and your ex-spouse must have been married for at least ten years.
- If you remarry after you reach the age of 60 (50 if you have a disability), the remarriage will not affect your eligibility for survivor benefits.
- Your ex-spouse must be entitled to Social Security retirement or disability benefits.
- The benefits you would have received from your work record must be less than the spousal benefits.3,4
Spouses enjoy much flexibility thanks to Social Security spousal benefits. As you near retirement, you'll want to explore options to take advantage of the program and maximize your benefits. Keep in mind that optimizing your Social Security claiming strategy can significantly impact the probability of success of your financial plan and retirement.
- https://www.cnbc.com/2021/09/02/how-claiming-social-security-early-affects-your-spousal-benefits.html
- https://www.bankrate.com/retirement/social-security-spousal-benefits/
- https://www.marketwatch.com/story/how-do-i-claim-social-security-from-my-exs-earnings-11630534142
- https://www.investopedia.com/ask/answers/110614/how-does-my-spousal-social-security-benefit-work.asp
This content is developed from sources believed to provide accurate information provided by Meenes Wealth Partners. It may not be used to avoid any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.