How much can a married couple make on social security?
When it comes to understanding the financial aspects of social security for married couples, it’s essential to know the limits and how it can impact their income. Social security is a crucial component of retirement planning, providing a steady income stream for eligible individuals and couples. However, the amount a married couple can earn on social security depends on various factors, including their combined income, age, and work history.
Income Limits for Married Couples on Social Security
The Social Security Administration (SSA) has specific income limits that can affect the amount of social security benefits a married couple receives. For married couples, the income limit is determined by their combined income, which includes wages, self-employment income, and other taxable income.
If a married couple’s combined income is below a certain threshold, they may not be subject to the income limits, and their full social security benefits will be paid. However, if their combined income exceeds the threshold, their benefits may be reduced.
For the year 2023, the income limit for married couples is as follows:
– If the couple’s combined income is between $32,000 and $44,000, their social security benefits may be reduced by $1 for every $2 of income over the limit.
– If their combined income is above $44,000, their benefits may be reduced by $1 for every $3 of income over the limit.
It’s important to note that these income limits only apply to the primary earner’s benefits. The secondary earner’s benefits are not affected by the couple’s combined income.
Age and Work History
Another factor that affects how much a married couple can make on social security is their age and work history. The age at which a couple starts receiving social security benefits can significantly impact the amount they receive.
For example, if a married couple starts receiving social security benefits at full retirement age (which is currently 66 to 67, depending on the year of birth), they will receive the full amount of benefits they are entitled to. However, if they start receiving benefits early (between age 62 and full retirement age), their monthly benefits will be reduced.
Similarly, if a couple delays receiving social security benefits beyond full retirement age, their monthly benefits will increase. This is because delaying benefits allows them to accrue more credits, which can result in a higher monthly payment.
Additionally, the work history of each spouse plays a role in determining their social security benefits. The more years a spouse has worked and earned income, the higher their social security benefits will be.
Conclusion
Understanding how much a married couple can make on social security is crucial for effective retirement planning. By considering their combined income, age, and work history, married couples can make informed decisions about when to start receiving social security benefits and how it will impact their retirement income. Consulting with a financial advisor or the Social Security Administration can provide further guidance on maximizing social security benefits for a married couple.
