Unlocking the Future- How You and Your Spouse Can Strategically Collect Social Security Benefits

Can you and your spouse collect social security? This is a question that many married couples ask themselves as they approach retirement age. Understanding the rules and options available for collecting social security benefits can help ensure that you and your spouse receive the maximum benefits possible. In this article, we will explore the various scenarios in which you and your spouse can collect social security benefits and provide guidance on how to navigate the process.

Social security benefits are designed to provide financial support to eligible individuals and their families during retirement, disability, or death. For married couples, there are several ways in which both partners can collect these benefits. Here are some of the key scenarios:

1.

Collecting as a Spouse

One option for married couples is for the lower-earning spouse to collect social security benefits based on the higher-earning spouse’s earnings record. This is known as spousal benefits. To qualify for spousal benefits, the lower-earning spouse must be at least 62 years old and have been married to the higher-earning spouse for at least 10 years.

2.

Collecting as a Widower/Widow

If the higher-earning spouse passes away, the surviving spouse may be eligible to collect survivor benefits. These benefits are based on the deceased spouse’s earnings record and can be collected as early as age 60. If the surviving spouse remarries before age 60, they may still be eligible for survivor benefits from their deceased spouse.

3.

Collecting as a Divorced Spouse

Divorced individuals may also be eligible for social security benefits based on their former spouse’s earnings record. To qualify, the couple must have been married for at least 10 years and the divorced spouse must be at least 62 years old. If the divorced spouse remarries before age 60, they may still be eligible for benefits from their former spouse.

4.

Collecting as a Worker

Both members of the married couple can also choose to collect their own social security benefits based on their own earnings records. This option is available once each spouse reaches the full retirement age (FRA), which is currently between 66 and 67, depending on the year of birth.

When deciding how to collect social security benefits, it’s important to consider the following factors:

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Age at which to start collecting benefits

The age at which you choose to start collecting benefits can significantly impact the amount you receive. Generally, waiting until age 70 to start collecting benefits will result in a higher monthly payment.

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Marital status

Your marital status at the time of collecting benefits can affect the amount you receive. For example, collecting as a spouse may result in a higher benefit than collecting as a worker.

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Earnings record

Your own earnings record will determine the amount of social security benefits you are eligible to receive. It’s important to review your earnings record and ensure that it is accurate.

In conclusion, there are several ways in which you and your spouse can collect social security benefits. By understanding the rules and options available, you can make informed decisions that will help ensure financial security during retirement. It’s always a good idea to consult with a financial advisor or social security representative to discuss your specific situation and determine the best course of action.