Three Things Married Couples Need to Know About Social Security Benefits
Did you know that it’s possible to receive Social Security retirement benefits even if you never worked? According to an article by The Motley Fool, spousal benefits allow individuals to receive benefits based on their husband’s or wife’s earnings. However, it’s not quite that simple.
Here are three important things you should know about Social Security spousal benefits:
- You can’t double dip when it comes to collecting Social Security benefits. You can collect only your own or your spousal benefits, but not both. However, Social Security will pay you the higher of two benefits.
- You can’t claim a spousal benefit until after your spouse files. However, if you’re divorced you may not have to wait for your ex-spouse to file for Social Security to get spousal benefits.
- You can’t grow a spousal benefit by delaying your Social Security filing, so there is no need to wait until after reading full retirement age to claim.
The Seniors Trust is working to improve Social Security through passage of the Social Security Expansion Act. This landmark piece of legislation will increase monthly benefits, establish a fair cost-of-living adjustment (COLA), and secure the long-term solvency of the Social Security program, ensuring it is here for all retirees and their spouses.
