What Are Spousal Benefits?
Spousal benefits are available to married individuals, divorced individuals (if the marriage lasted at least 10 years), and surviving spouses. The Social Security Administration allows a spouse to claim up to 50% of their partner’s full retirement benefit if it’s higher than their own. This can be a game-changer, especially for those who spent years out of the workforce raising a family or caring for others.
How Do Spousal Benefits Work?
You can claim spousal benefits once your spouse has filed for their own benefits. If you file before your full retirement age (typically between 66 and 67), your spousal benefit will be reduced. But if you wait until your full retirement age, you can receive the full 50% of your spouse’s benefit.
It’s important to note that claiming spousal benefits doesn’t reduce your spouse’s benefit. It simply allows you to receive additional income based on their work record.
What About Divorced or Widowed Individuals?
If you were married for at least 10 years and are now divorced, you may still qualify for spousal benefits based on your ex-spouse’s work record — as long as you’re not remarried. The same 50% rule applies.
Widows and widowers have survivor benefits, which can be up to 100% of the deceased spouse’s benefit. This is a crucial support for those facing retirement without their partner.
Should You Claim Your Own Benefit or Spousal Benefits?
This decision depends on your personal situation. If your spousal benefit is higher than what you would receive based on your own work record, it often makes sense to claim the spousal benefit. However, timing is key. If you can wait until your full retirement age, you’ll maximize the amount you receive.
Also, if you’re eligible for both your own benefit and a spousal benefit, you may be able to start with one and switch to the other later, depending on the strategy that works best for you.
How Spousal Benefits Fit into Your Bigger Retirement Puzzle
Social Security isn’t a standalone plan — it’s just one piece of the puzzle. You have to coordinate it with:
- 401(k) and IRA distributions
- Pension income
- Investment strategies
- Health care and long-term care planning
- Tax planning
By fitting spousal benefits into your larger financial strategy, you can help ensure you and your family have greater financial security.
Why Personalized Advice Matters
The rules around spousal benefits can be confusing, and what works for one person might not work for another. With so many factors to consider — including age, health, longevity, other retirement income, and tax implications — it’s important to have a strategy tailored to your life.
Working with a financial advisor can help you:
- Evaluate whether spousal or survivor benefits apply to you
- Decide when to file to maximize your income
- Minimize taxes on your benefits
- Integrate Social Security with your broader retirement income plan
Take the Next Step
Did you know spousal benefits can boost your Social Security income? Let’s explore what’s best for you.
You’ve worked hard and made sacrifices for your family. Now, it’s time to make smart decisions for your own financial future. If you’re feeling unsure about how spousal benefits fit into your plan, we’re here to help.
Let’s sit down and fit all the pieces of your retirement strategy together so you can feel confident about what’s ahead.
The concepts illustrated here have legal, accounting and tax implications. Neither Janney Montgomery Scott LLC nor its Financial Advisors give tax, legal, or accounting advice. Please consult with the appropriate professional for advice concerning your individual circumstances.
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