Transcript:
This is Money Talks with Chad Olivier, sponsored by Olivier Group.
Hi. I’m Chad Olivier, certified financial planner and CEO of Olivier Group. Today, we’re gonna talk about social security spousal benefits, which are designed to provide financial support to spouses whether they are currently married, divorced, or widowed. Social security spousal benefits are payments provided to the spouse of a worker who is eligible for Social Security retirement or disability benefits. These benefits are intended to provide financial support to spouses who may not have sufficient work credits or earnings to qualify for their own social security benefits. Also, this may benefit spouses whose benefit amount is less than half of their spouse’s benefit. When claimed at full retirement age, the spousal benefit can be up to fifty percent of the primary earner’s full retirement benefit.
It is important to note that claiming spousal benefits does not reduce the amount the primary earner receives. To qualify for social security spousal benefits, certain criteria must be met. In general, you must have been legally married to the worker who is eligible for social security benefits for at least one year, be at least sixty two years old to start receiving spousal benefits. However, if you wait until your full retirement age, which varies based on your birth year, you can receive the maximum spousal benefit based on your spouse’s earnings record. The primary earner must be receiving their own social security retirement or disability benefits for you to receive spousal benefits. And if you are eligible for social security benefits based on your own record, your spousal benefit may be compared to your own benefit, and you’ll receive the higher of the two amounts.
Keep in mind, divorce does not necessarily disqualify you from receiving Social Security spousal benefits, but certain conditions must be met. And if your spouse passes away, you may be eligible for survivor benefits, which has its own rules and criteria to qualify.
Proper planning for social security spousal benefits involves understanding when to claim and how it fits in your overall retirement strategy.
Knowing the status of eligibility, the impact of divorce, and the transition to survivor benefits can help you make informed decisions that maximize your retirement income. Visit our website at Olivier Group dot com for more information on Social Security benefits. That’s why money talks, the planning pays.
This has been money talks with Chad Olivier.
