Social Security Update: Spousal Benefits Explained NOW!
URGENT UPDATE: Social Security benefits for couples are more critical than ever as many approach full retirement age. A recent inquiry reveals vital information about how spousal benefits might impact your Social Security claims.
A concerned wife, who has been married for 46 years, reached out to experts regarding her potential benefits. She is contemplating signing up for Social Security now that she has reached her full retirement age in June. Her husband is already receiving his benefits, raising questions about whether her claim will affect what they both receive.
According to Russell Gloor, a certified Social Security advisor with the AMAC Foundation, since both spouses have reached their respective full retirement ages (FRA), they can receive their full benefits without any reductions. The wife, who has yet to file, is currently accumulating Delayed Retirement Credits (DRCs) at a rate of 0.667% for each month she delays her claim.
It’s crucial for couples to understand the concept of the “spousal boost.” If the wife’s Social Security benefit at her FRA is less than 50% of her husband’s benefit, she is eligible for a boost, increasing her total payout. This adjustment is designed to ensure that both partners can benefit fairly from their lifetime earnings.
Gloor clarifies, “If you are entitled to a spousal boost, it’s best to claim your benefits now and request retroactive payments to your FRA month in June.” Conversely, if she qualifies for her own benefit that exceeds 50% of her husband’s, she will receive only her earned amount.
For those considering their options, delaying benefits can result in a higher monthly payout. DRCs can increase benefits up to age 70, potentially reaching as much as 127% of the FRA amount if individuals wait to claim.
This news impacts many couples navigating their retirement plans and highlights the importance of understanding individual entitlements and spousal benefits. With Social Security being a critical component of financial security for retirees, timely action is essential.
For personalized advice, individuals are encouraged to visit the AMAC Foundation’s website or contact their Social Security advisors.
Stay informed on your financial rights and benefits—this knowledge could significantly impact your retirement lifestyle. Share this article to help others understand their Social Security options today!
