Ep 16: Social Security Benefits for Spouses – What to Know
One question that comes up a lot from our clients that are in their 60s and starting to ponder Social Security is what benefits are available to spouses?
For many families, one couple often works more over a career while the other sacrifices more for children or other reasons. In that scenario, earnings are skewed and it leaves one without a significant benefit in retirement. The good news is, yes, you are entitled to a portion of your spouse’s benefit with some qualifications.
Today we’ll break it all down for you and explain everything you need to know about spousal benefits. You might be able to claim a benefit of up to 50% without cutting into your spouse’s amount, and this is still true if you’ve gone through a divorce, but you need to know the specifics of how this all works.
If you have any questions after listening to the show, let us know and we’ll be happy to work through your Social Security situation personally.
Here’s some of what you will learn in this episode:
- What you need to be qualified for these spousal benefits. (3:59)
- Your spouse needs to be collecting their benefit for you to receive yours. (6:07)
- Does this change if you’re divorced? (10:22)
- The scenario where you could claim Social Security benefits if a spouse passes away before retirement age. (12:22)
- A quick recap of everything you need to know. (13:58)
If you have any questions about what we discussed or anything else in your financial plan, email us at ask@bulmanwealth.com.
REFERENCES FOR THIS EPISODE:
https://www.forbes.com/advisor/retirement/social-security-spousal-benefits/
https://www.ssa.gov/planners/retire/applying6.html
https://www.ssa.gov/planners/retire/retirechart.html
