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Spousal benefits allow you to receive benefits on your spouse's earning record. To receive spousal benefits, one does not need to be fully covered (40 credits). Only one spouse in a marriage can claim spousal benefits. The amount of your spousal benefit depends on how old you are when you collect it. A spousal benefit is worth up to 50% of the worker's primary insurance amount (PIA) if collected at the spouse’s full retirement age, less if collected earlier. Spousal benefits are available as early as 62. But just like retirement benefits, collecting spousal benefits before your full retirement age includes a reduction in payments. For instance, a spouse who is 62 years-old will receive only 35% of their spouse’s PIA amount.
If a spouse files for benefits before they reach full retirement age, they cannot choose which benefit to receive. They must collect the largest benefit to which they are entitled. Both retirement and spousal benefits are permanently reduced if claimed before full retirement age. One of the conditions for filing for spousal benefits is that the spouse whose earnings record is being used to fund spousal benefits must be receiving benefits themselves. Exception: For divorced spouses, one spouse need not be receiving their retirement benefits for an ex-spouse to receive spousal benefits on their earnings record.
At Carr Wealth Management, LLC, anyone who sets goals for themselves qualifies to be a client. Choosing the best strategy for maximizing social security benefits is essential to planning for your future. Please contact us to schedule a no-charge consultation or if you have a question about Social Security Benefits.
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