How much does a spouse get from social security? This is a common question among married individuals who are approaching retirement age or have recently lost a spouse. Understanding the amount a spouse can receive from Social Security is crucial for financial planning and ensuring a comfortable retirement. In this article, we will explore the factors that determine the amount a spouse receives from Social Security and provide some insights into how to maximize these benefits.
Social Security is a federal program designed to provide financial support to retired, disabled, and surviving family members. When it comes to spousal benefits, the amount a spouse receives depends on several factors, including the spouse’s own earnings history, the age at which the spouse claims benefits, and the age at which the deceased spouse (if applicable) claimed benefits.
Firstly, the amount a spouse receives from Social Security is based on the deceased spouse’s earnings record. The Social Security Administration calculates the deceased spouse’s primary insurance amount (PIA), which is the monthly benefit amount they would have received if they had claimed benefits at full retirement age. The surviving spouse is entitled to receive a portion of this PIA, known as the survivor’s benefit.
The survivor’s benefit is generally 100% of the deceased spouse’s PIA, but there are exceptions. If the surviving spouse has their own Social Security earnings record, they may receive a reduced benefit based on their own earnings. In such cases, the survivor’s benefit is calculated as the higher of the two benefits.
Next, the age at which the spouse claims benefits plays a significant role in determining the amount they receive. Generally, there are three age brackets for claiming Social Security benefits: full retirement age, early retirement age, and delayed retirement age. Full retirement age is currently between 66 and 67, depending on the year of birth.
If a spouse claims benefits before reaching full retirement age, their monthly benefit will be reduced. For example, if a spouse claims at age 62, they will receive approximately 70% to 80% of the full retirement age benefit. Conversely, if the spouse claims benefits after reaching full retirement age, their monthly benefit will be increased. For every month a spouse delays claiming benefits beyond full retirement age, their benefit increases by approximately 8%.
Another factor to consider is the deceased spouse’s benefit claiming age. If the deceased spouse claimed benefits before reaching full retirement age, the surviving spouse may receive a lower benefit than if the deceased spouse had waited until full retirement age. However, if the deceased spouse claimed benefits at or after full retirement age, the surviving spouse is entitled to the full survivor’s benefit.
It’s important to note that spousal benefits are subject to certain rules and limitations. For instance, if the surviving spouse remarries before the age of 60 (or 50 if disabled), they may lose their spousal benefits. Additionally, if the surviving spouse is eligible for both spousal and own-earned benefits, they can choose which benefit to receive.
In conclusion, the amount a spouse gets from Social Security depends on various factors, including the deceased spouse’s earnings record, the age at which the spouse claims benefits, and the age at which the deceased spouse claimed benefits. By understanding these factors and planning accordingly, married individuals can ensure they receive the maximum possible benefit from Social Security and enjoy a comfortable retirement.
