Social Security can seem simple at first, but it has many rules that make it confusing for people.
While most think of it as a program for retirees, others—like children, ex-spouses, and disabled individuals—may also qualify for benefits.
Understanding who is eligible, how much they can receive, and the right time to claim benefits is essential for making the most out of this program.
Spousal and Survivor Benefits: What You Should Know
Spousal Benefits
If your spouse is already receiving Social Security, you may qualify for spousal benefits. Here’s what you need to know:
- You must be at least 62 years old.
- If your own benefit is smaller than your spouse’s, you can receive a portion of theirs.
- At full retirement age, you can get up to 50% of your spouse’s benefit.
Survivor Benefits
If your spouse has passed away, survivor benefits might be available. Key points include:
- You must be at least 60 years old, or 50-59 years old if you have a disability.
- You must have been married for at least nine months before your spouse’s death.
- Remarrying before age 60 can disqualify you from benefits.
Who Else Can Get Survivor Benefits?
- Ex-spouses: Must have been married for at least 10 years.
- Children: Benefits are available for children under 18 or disabled children of any age.
If you wait until age 67 to claim survivor benefits, you might receive the full amount your spouse was eligible for.
Smart Financial Planning for Social Security
Budgeting for Retirement
Planning your spending is crucial when relying on Social Security. Financial experts recommend:
- Creating a monthly budget that matches your expected income and expenses.
- Practicing living on a retirement budget a few years before retiring.
- Looking for ways to save, such as shopping for affordable medication or reducing unnecessary expenses.
Investing Wisely
To maintain financial stability during retirement:
- Retirees may need to adjust their investment portfolios to protect against inflation.
- Women, who often live longer than men, should plan for extended savings to cover longer retirement periods.
Why Timing Matters
Deciding when to claim Social Security or survivor benefits can significantly impact your financial future. Remember:
- You cannot receive both Social Security payments and survivor benefits; you can only choose the higher amount.
- Planning as a couple can help maximize the benefits available to both partners.
Understanding Social Security benefits is essential for planning a secure retirement. Whether you’re eligible for spousal or survivor benefits, knowing the rules and timing can make a big difference.
Smart budgeting, financial planning, and considering the effects of inflation are all crucial steps to ensure a comfortable lifestyle in your later years.
Who qualifies for spousal benefits under Social Security?
Spouses aged 62 or older, with lower personal benefits than their partner, can qualify for spousal benefits.
Can ex-spouses receive Social Security benefits?
Yes, ex-spouses can receive benefits if they were married for at least 10 years and meet other eligibility criteria.
What are survivor benefits, and who is eligible?
Survivor benefits are payments made to a deceased person’s spouse, children, or ex-spouse if they meet specific conditions.
How can I maximize my Social Security benefits?
You can maximize benefits by delaying claims until full retirement age or later and planning your retirement budget carefully.
Why is financial planning important for women in retirement?
Women often live longer than men, so planning for extended savings is crucial to ensure financial security.
