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If you’re 62 years of age or older, Social Security can provide you a source of income when you retire or can no longer work due to a disability. When it comes to benefits, both spouses can receive Social Security, which is based on their individual earnings records and at what age they claim benefits. In other words, one spousal payment does not offset or affect the other.
That said, Social Security has a maximum family benefit, the maximum amount you can collect monthly based on your earnings record. Right now, the maximum amount is between 150% and 188% of your monthly benefit payment at full retirement age (FRA), according to AARP.
Retirees claiming Social Security have options. Married couples may have more options than a single person because each person in the marriage can claim benefits at different dates and may also be eligible for spousal benefits.
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When you reach age 62, for every year you delay taking Social Security up to age 70, you could receive up to 8% more in future monthly payments, according to Fidelity. However, once you turn 70, the increases stop. Each spouse can claim benefits. However, the amount they receive is based on their own work record.
Or, they can choose to claim up to 50% of their spouse's benefit at full retirement age. If one spouse earns more money than the other, claiming the spousal benefit may make sense. However, before you choose this option, find out how much your own estimated benefits will be at full retirement age.
According to the Social Security Administration, you and your spouse must be married for at least one year before qualifying for spousal benefits. If you parent your spouse’s child, the one-year rule does not apply. If you are or were entitled to benefits under Social Security or the Railroad Retirement Act in the month before you got married, you are also entitled to your spouse’s benefits. However, a divorced spouse must have been married for ten years to get the spousal benefits.
What you need to know:
Before claiming benefits, you must pay Social Security taxes for at least ten years. You can start receiving benefits as early as 62, and the amount you receive is based on your earnings each year. If your spouse has a lower earning record or no record at all, they can collect on your earnings record when they turn 62, and vice versa if you haven’t worked or have a lower earning record.
There are several reasons to take Social Security early, at age 62. If you decide to retire at this age, the benefit payment may be a necessary source of income each month. Or, you may be concerned you won’t live long enough to collect your full benefits due to a serious health condition. On the other hand, the earlier you start to collect Social Security, the less you’ll receive each month.
Although many people don’t start planning for retirement until they reach their 60s, it’s always a good idea to plan ahead when you're young and to start putting money away in a savings account or 401(k). That’s because most financial planners recommend replacing about 80% of your pre-retirement income to maintain the same lifestyle after you retire.
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ContributorFor the past 18+ years, Kathryn has highlighted the humanity in personal finance by shaping stories that identify the opportunities and obstacles in managing a person's finances. All the same, she’ll jump on other equally important topics if needed. Kathryn graduated with a degree in Journalism and lives in Duluth, Minnesota. She joined Kiplinger in 2023 as a contributor.
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