Boosting Your Retirement Income: Social Security Benefits in Texas
In light of the alarming $27,000 median retirement savings highlighted by Vanguard’s “How America Saves 2023” report, social security benefits in Texas offers an average monthly spousal benefit of $891 or $407 for those married to disabled workers, underscoring the need to grasp these benefits’ nuances for a financially secure retirement.
One simple strategy to maximize these Social Security benefits in Texas is tapping into spousal or divorce benefits. (PHOTO: iSTOCK)
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Social Security Benefits in Texas: A Vital Lifeline for Retirees Amidst Modest Savings, Vanguard Report Reveals
For many retirees, Social Security benefits in Texas can be a lifeline, especially when savings fall short. According to The Motley Fool, Vanguard’s “How America Saves 2023” report highlights a median retirement account balance of just $27,000 among U.S. adults. This emphasizes the importance of making the most of Social Security benefits to make ends meet in retirement.
One simple strategy to maximize these Social Security benefits in Texas is tapping into spousal or divorce benefits. According to the report, these unique benefits are designed for those married to or previously married to someone who qualifies for Social Security retirement or disability benefits. If you’re married to a qualified person, you can claim spousal benefits even if you haven’t worked yourself. Divorce benefits, on the other hand, have a few more conditions, including a marriage lasting at least 10 years and being currently unmarried.
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Exploring Significant Social Security Benefits in Texas – Averaging $891 Monthly – With Insights on Maximizing Retirement Income
The potential financial gain from these Social Security benefits in Texas can be significant. The Motley Fool reported that as of July 2023, the average spousal benefit stands at around $891 per month, and those married to disabled workers receive roughly $407 monthly. However, the actual amount you receive depends largely on your spouse’s or ex-spouse’s work history. It’s important to note that the maximum benefit you can get is 50% of your spouse’s or ex-spouse’s full retirement age benefit. To get this maximum amount, you need to wait until your own full retirement age to claim.
If you’re eligible for both your own Social Security and spousal or divorce benefits, there are rules to follow. The highest amount you can receive is still 50% of your spouse’s or ex-spouse’s benefit at full retirement age. If you’re earning more than that on your own, you won’t qualify for these additional benefits. If your own earnings are lower, you’ll receive the higher of the two benefit amounts.
While Social Security might seem complicated, it can significantly improve retirement finances. By understanding and utilizing these lesser-known Social Security benefits in Texas, retirees can potentially increase their monthly income, providing a more secure retirement.
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