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A Few Important Particulars That You Need To Know About Social Security Spouse Benefits When most people think about Social Security, they usually think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, therefore when you're planning for retirement, it's vital to consider the fact that you or your spouse may get Social Security survivor benefits or spousal benefits at some points in their life.
Here, we are gonna discuss the basics of Social Security spousal benefits.
Basically, a married person can receive a spousal benefit equal to half of her husband's basic benefit, also labeled the PIA (primary insurance amount).
Social Security spouse benefits usually come into play when a spouse takes time away from work to raise a family, and therefore has very little or no earnings.
Calculating the Spousal Benefit:
The spousal benefit is actually a combination of both spouses' benefits. If a married person has sufficient credits to qualify for Social Security on her own, then her credit will be calculated first. If it is less than her spouse's benefit, she will get her benefit plus an adjustment to equal half of her husband's primary benefit.
When you should Start the Spousal Benefit:
You can apply for the spousal benefit as early as age 62, as long as the working or higher earning spouse is eligible and has applied for benefits.
It does no good for the lower earning spouse to wait beyond her complete retirement age to apply for spousal benefits because the spousal benefit won't earn credits beyond the full retirement age. Thus, spouses applying for the spousal benefit should do so as soon as they reach full retirement age.
How Early Retirement Affects The Spouse Benefit:
Spouses who apply for the spousal benefit before she is full retirement age will get a reduced benefit just like she would if she applied for her own Social Security benefit before complete retirement age. This reduced benefit is permanent, even if she takes her spousal benefit at the age of 62 and switches to her own benefit at full retirement age.
Other Considerations:
Individuals who start collecting retirement benefits before complete retirement age can only earn up to a definite amount before they have to pay back part or all of their Social Security benefits. In '09, that amount is $14,160. If you earn more than $14,160, you have to pay back $1 for every $2 you earned over the limit.
This earnings test applies to spousal and survivor benefits as well as retirement benefits, so if you expect to work before you reach complete retirement age, you should delay your retirement and spousal benefits.
In this article, I've referred to the wife as the lower earning spouse out of simplicity. But, in today's world, it's not uncommon for the wife to be the higher earning spouse. The good news is that Social Security is gender neutral, so the Social Security spouse benefits can apply to the wife or husband, in addition to the higher or lower earning spouse.
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