Many elder credit their long-term happiness to having a loving and lasting marriage. The emotional support of a constant partner can provide a sense of home that does not exist elsewhere.
Those same long-term unions, it turns out, can provide another benefit in the form of increased social security benefits.
Spouses can boost each other’s social security income
Spouses can receive up to 50% of the higher earner’s social security benefits, if that amount is higher then the individual’s benefits based on their own work record. For couples where one spouse earned relatively little, or did not work at all, this can be an enormous benefit.
Claim Twice
Couples who both worked can claim Social Security twice, both as a spouse and based on their own work record. For example, an individual may choose to file for the spouse’s benefits only, while continuing to accrue delayed credits based on their own work record. When that individual retires, they may then file and receive a higher monthly benefit because of the delayed credits.
Family members are eligible
Individuals eligible for social security who have children under 16, or children who are disabled, are eligible to receive social security for the child and the spouse caring for the child, even when the spouse is under 62. The benefits are capped at certain amounts—children can receive up to 50% of the retiree’s full benefit, and the total family amount is capped between 150%-180% of the retiree’s benefit amount.
6 Ways Couples Can Maximize Social Security Payouts | Yahoo Finance
(photo: alancleaver_2000)
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Randall Ryder is consumer rights attorney in Minnesota, where he suesabusive debt collectors and is a publisher of Elder Parent Help.