In retirement, Social Security benefits can go a long way, especially if your personal resources are running out. As a result, it’s a good idea to make sure you’re getting all of the advantages you’re entitled to.
The most frequent sort of Social Security benefit is retirement, but if you’re married or divorced, you may be eligible for additional benefits. Even if you’ve never worked, you could receive $800 or more each month from Social Security with little effort.
What are the benefits of marriage and divorce?
You’re normally eligible for retirement benefits based on your own work record if you’ve worked and paid taxes for at least 10 years. However, spousal or divorce benefits may be available if you haven’t worked long enough or just qualify for a small amount in retirement benefits.
You’ll get a monthly payment based on your spouse’s or ex-wages spouses with these forms of benefits. In all circumstances, the most you can get is half of what your spouse (or ex-spouse) can get when they reach full retirement age (FRA).
According to the Social Security Administration, the average monthly payout is roughly $1,657. If you’re currently married and your spouse is eligible for that amount under their FRA, you might earn up to $828 in spousal benefits every month.
Are these benefits available to you?
Spousal and divorce benefits are not available to everyone. You must be married and your spouse must be a Social Security recipient to be eligible for spousal benefits. To file a claim, you must be at least 62 years old.
Your former marriage must have lasted at least 10 years in order to qualify for divorce compensation, and you cannot be married right now. However, if your ex-spouse remarries, it will not affect your eligibility to claim divorce benefits based on his or her job record.
You’ll also have to wait until your ex-spouse files for benefits before you can start claiming if you’ve been divorced for less than two years.
What is the maximum amount you can receive?
You can still earn spousal or divorce payments if you are eligible for Social Security based on your own employment history. Your benefit amount, on the other hand, must be smaller than what you’d get from other sorts of benefits, and you’ll only get the higher of the two.
For example, let’s say your personal record qualifies you for $700 per month, while your spouse qualifies for $2,000 per month at their FRA. In this situation, you’d be eligible for $1,000 per month in spousal benefits, so your total monthly benefit would be $1,000, not $1,700.
You wouldn’t be eligible for spousal benefits if you were receiving $1,500 a month based on your own record.
Finally, remember that the standard claiming rules still apply. You must wait until your FRA to file for spousal or divorce benefits in order to earn the maximum amount. If you file a claim before that age (as early as age 62), your benefit amount will be decreased.
Social security: making the most of it!
In retirement, Social Security might be a lifeline, so make sure you’re getting all of the benefits you’re entitled to. Spousal and divorce benefits can increase your monthly payments by hundreds of dollars, and if you take full advantage of them, you can plan for a more comfortable retirement.
Most retirees overlook the $18,984 Social Security bonus.
If you’re like most Americans, you’re behind on your retirement savings by a few years (or more). However, a few little-known “Social Security secrets” may be able to help you increase your retirement income.
For instance, one simple method may get you an extra $18,984 every year! We believe that once you understand how to optimize your Social Security benefits, you will be able to retire with confidence and the peace of mind that we all seek.