Navigating the waters of Social Security can be confusing, but I’ve got some insights that retired couples should be aware of.
It’s fantastic to know we can support each other even in retirement! Here are 4 key points every retired couple should understand about spousal benefits:
✅No Need to Wait on Each Other!
Usually, you’d think both partners must be receiving retirement benefits to enjoy the perks. If you’re divorced, you can collect benefits based on your ex-partner’s work record, even if they aren’t retired yet.
✅Ex-Partners & New Flames Don’t Mix – No Worries!
Your ex tying the knot again can bring mixed emotions, but here’s a spark of good news: It doesn’t affect your Social Security benefits. If you’re divorced, and meet the conditions, you can still get Social Security benefits based on their work record.
✅Timing is Money!
Patience can be rewarding. Claim your spousal benefit at full retirement age, and you get half of your partner’s Primary Insurance Amount (PIA). Consider it a 50% bonus to your retirement plan! However, early birds catching the worm will find a smaller worm – claiming early can reduce that benefit to less than 50%.
✅Little Known Fact – Avoid Surprise
Many don’t know that if you claim before your full retirement age, your benefits could be scaled back. It’s not just about claiming early; it’s about understanding how much that decision may cost you in the long run!
If you know someone stepping into retirement, or considering it, please share these tips. Understanding these nuances can make a significant difference in how we enjoy our retirement years.
Let’s retire smartly