Raise your social security IQ

Carla Christian

50plus Magazine

Your marital status isn’t just a personal matter. It’s a financial game-changer when it comes to your Social Security benefits. Understanding how is key to making smart decisions about retirement income. The following can help make the most of your Social Security benefits.

What if I’m married?

You can receive 100 percent of your own benefits or 50 percent of your spouse’s benefits, whichever is

larger. You qualify for spousal benefits if:

1) your spouse is already collecting retirement benefits

2) you have been married for a minimum of one year

3) you are at least 62 years old

What if I’m widowed?

You may be eligible for survivor benefits based on your deceased spouse’s earnings. Survivor benefits can begin as early as age 60, or you can wait until your FRA to claim 100 percent of your late spouse’s benefit. If you’ve remarried, it won’t affect survivor benefits as long as you’re 60 or older. You may be able to claim survivor benefits as soon as you are eligible and switch

to your own maximum benefit when you reach age 70.

What if I am divorced?

You may be eligible to receive benefits equal to half of your ex-spouse’s benefit if you are at least 62 years old, remain unmarried, and were married to them for at least 10 years. 

Can I collect my own benefits and spousal benefits?

If you qualify for both your own retirement benefits and spousal benefits, you can choose the higher of the two but not both simultaneously.

CORRECTION

Full Retirement Age noted Aug/Sept issue had errors

Following are correct FRA brackets

Birthdate             FRA (Full Retirement Age)

1943-1954            66

1955                       66 + 2 months

1956-1959            66 + 4 months

1957                       66 + 6 months

1958                       66 + 8 months

1959                       66 + 10 months

1960 or later      67