While many methods can help increase your monthly checks, it’s easy to overlook the impact of your marital status.
Millions of retirees rely on Social Security benefits as a significant source of income, and maximizing these benefits can be critical.
Social Security offers spousal and divorce benefits to those who qualify, even if they’re already eligible for retirement benefits. Spousal benefits are available to anyone who’s currently married to someone eligible for Social Security and is at least 62 years old. Divorce benefits are available to anyone who was previously married for at least ten years and is not currently married. If your ex-spouse has remarried, it won’t impact your eligibility for benefits.
The average spousal benefit amount as of March 2023 is around $898 per month, but the final benefit amount can vary depending on a few factors. For both spousal and divorce benefits, the maximum amount you can receive is 50% of your spouse’s or ex-spouse’s benefit amount at their full retirement age (FRA).
It’s possible to qualify for spousal or divorce benefits while also being eligible for Social Security benefits based on your own work record
However, you’ll only receive the higher of the two amounts. Claiming before your FRA can result in a reduction of up to 30% in your monthly payments.
Understanding Social Security benefits can be challenging, but knowing which benefits you’re entitled to can help prepare you for retirement. By considering your marital status, you may be eligible for additional benefits that could significantly increase your monthly income.
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