For many older persons, Social Security benefits provide a sizable source of income. Based on information gathered by the Social Security Administration, 37% of men and 42% of women 65 years of age and older depend on their cheques for at least 50 percent of their income. Your past salary, the duration of your work, and the age at which you start claiming are some of the variables that will determine the amount of your payouts. However, the amount of your benefit will also depend on your marital status. You may be eligible for a different kind of Social Security based on your marital status. It pays to find out if you qualify for this kind of benefit, as the average retired person qualified for it will receive approximately $912 per month as of January 2024.
Who Is Eligible For Benefits As A Spouse?
A unique kind of Social Security benefits available to retired couples or single people is called spouse benefits. There are a few conditions you must fulfill in order to be eligible for spousal incentives as a married retiree: You have to be married right now. The Social Security retirement or disability benefits must be available to your spouse. Except in situations where you are providing care for a kid who is perhaps under 16 or else disabled, in cases where this regulation would not always apply, you are required to be not less than 62 years old.
After a divorce, you can still be eligible for additional Social Security benefits through the divorce settlement. However, there are certain differences in the conditions for this kind of benefit: You are not allowed to be married at this time, but it’s acceptable if your previous spouse has remarried. It is required that your prior marriage have lasted a minimum of ten years. You cannot file for divorce payments if you were divorced for fewer than two years and your ex-spouse has not started receiving Social Security. The benefit you receive will not impact the amount that your partner or ex-spouse gets from Social Security, either for spousal or divorce benefits. Furthermore, receiving divorce benefits won’t interfere with your ex-spouse’s eligibility to get spousal benefits if they have remarried.
What Is The Maximum Amount That You Can Get?
The maximum payout for both kinds of benefits is 50% of what your partner or ex-spouse would be eligible to get at FRA. In the event that your own work history qualifies you for retirement benefits as well, the SSA is only going to pay the greater of the two amounts, not both. Let’s take an example where you are eligible for $1,000 monthly pension advantages at your FRA and your spouse is eligible for $3,000 monthly benefits at their respective FRA. Your spouse’s benefit in this scenario could be $1,500 each month. You will receive that amount each month rather than $2,500 because it exceeds your retirement benefit.
You must wait till your FRA is processed in order to obtain the entire amount of spousal or else divorce benefits to which you are entitled. If you start claiming before the age of 66 or 67, your FRA is going to fall between the two ranges, and your monthly payments will be lower. In retirement, Social Security benefits can be quite substantial, and receiving spousal or divorce-related benefits might increase your monthly income by hundreds of dollars. By making the most of all the benefits for which you are eligible, you can position yourself for a more stable retirement.
