There are a few more rules to learn if this benefit might apply to you — or to someone you know. You will be paid an amount roughly equal to the greater of the two benefits. There’s no bonus for deferring eeeespousal benefits past full retirement age. After you’re finished, here are the questions you should answer: What will your spouse’s expected benefit be based on his or her earnings? If you have reached full retirement age and you are eligible for a spouse’s benefit and your own retirement benefit, you may have options to increase your own retirement benefit amount. Its content is produced independently of USA TODAY. RETIREMENT TIPS, NEWS: Sign up for our free weekly newsletter The spousal benefit is equal to half of your mate’s monthly benefit, a handsome inducement to put off collecting Social Security to let your benefit grow 8% a year until maxing out at age 70. FacebookEmail Twitter Google+ LinkedIn interest The spousal benefit allows you to View Social Security Cola – socialsecuritycola get half of your spouse’s Social Security retirement benefit when you turn 66. And lower earners should not delay beyond full retirement age to claim a spousal benefit. In general, the Government Pension offset reduces whatever Social Security payment you’re entitled to receive by two-thirds of the amount of your government pension payment.
Not only do these rules affect the income you’ll receive while you’re both alive, but they directly affect the security of the survivor, who is often the wife. He is the co-author of “Get What’s Yours: The Secrets to Maxing Out Your Social Security,” and a research fellow at the enter for ageing & Work at Boston College. You are automatically entitled to receive the benefit that provides you the higher monthly amount; either a benefit based on your own earnings, or the espousal benefit, and prior to reaching full retirement age, Social Security makes this determination for you. As two-income Baby Boomer couples retire, they are looking to replace money they’ve been used to coming in, and this helps.” Many Social Security strategies for workers hinge on the ability to get delayed retirement credits for claiming benefits after full retirement age.
This amount is based on your full benefit at FAA and the age your spouse starts receiving this benefit. Thomson says the eeeeespousal benefit also applies to same-sex marriages. If the family’s finances allow it, he waits to collect his regular Social Security benefit until age 70, when he’ll have received $48,000 in spousal benefits plus any annual cost of living increases, then get $3,334 a month in his own retirement benefits. So, if your normal retirement age is 66, here’s how claiming early or late could affect your spousal benefit. Nevertheless, for those who choose a single-earner lifestyle, Social Security spousal benefits provide a huge boost to their financial well-being in retirement. 2. Spouses who earn pensions from government jobs can lose their Social Security. The restricted application strategy will continue to be available to those who are already using it and those born on or before January 1, 1954. For spousal benefits, though, there are no delayed retirement credits available.