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Is 2024 Your Retirement Year? What Should You Know, Along With Your Spouse

In many respects, retirement may seem like the end of the financial plan, but that isn’t the case. There are a few key points that you as well as your spouse should be aware of if you intend to retire the following year. Making the correct decisions now can help you secure the greatest retirement possible and get you ready for the big choices that lie ahead. Most people’s plans for retirement include Social Security, so it’s a good idea to be fully informed on every aspect of your plan, including spousal benefits.

Benefits From Social Security

Your age at which you start receiving retirement income and the total amount of money you have paid into the system during your working years will determine how much you receive each month from Social Security. Anyone with access to the internet can check their account details of Social Security, including past earnings history and projected benefits, by obtaining an account statement. Establishing budgets and revenue expectations is a helpful tool. Additionally, it can support you in making crucial decisions regarding whether to officially retire and when to start receiving Social Security benefits. If this is the year that you intend to retire, make sure you understand everything there is to know about your retirement benefits.

Benefits to the spouse might be substantial for households with a single primary earner. The lower-earning spouse may be eligible for increased benefits based on the higher-earning spouse’s spouses entitled to substantially larger Social Security earnings than the other. For wedded pairs, the requirements are: Usually, they need to have been wed for a minimum of a year. Spousal benefits must be received by someone who is at least 62 years old. Retirement benefits must be received by the spouse whose work history is used to claim spousal benefits.

Spousal Benefits

When two people live together and meet certain requirements, spouses can get up to 50% of each other’s entire retirement age pension. Similar benefits may also be available to divorced couples, provided that their marriage lasted for a minimum of ten years and that they did not remarry. Just like with regular Social Security income, claimants can optimize their spousal benefits by delaying benefit receipt until they reach full retirement age. Moreover, beneficiaries may be available to surviving earners. You can be eligible for additional Social Security payments if your dead partner puts in enough hours throughout their career. Although qualifying for these benefits is a little more difficult than for other spousal benefits, you can apply by getting in touch with the Social Security Administration.

Annuities And Pensions

Those who have annuities and defined-benefit pension plans will need to make a crucial choice when they retire. These plans are made to ensure income over an extended period, which is useful for creating budgets and providing for emergency funds in retirement. You will probably have to select between a few alternative payment models if you are about to enter the distribution phase of an annuity or pension. Selecting between a joint-and-survivor option and a single-life option is one of the more challenging decisions.

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