Are you worried about what your financial situation will look like in your retirement years? Will your spouse who had a limited work history receive any Social Security benefits? If you are looking for answers to help you make the right financial decisions as you approach retirement, you’ve come to the right place! From spousal benefits eligibility to extra options for those born before 1954, I’ve done the research so you can have all the information you need in one place! Join me as we explore the options available for couples as they plan and prepare for a post-work phase of life, you don’t want to miss it! 

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You will want to hear this episode if you are interested in...

• Social Security benefits that are available for married individuals [0:50]
• Spousal benefits eligibility [5:00] 
• You have to be proactive - Social Security won’t do it for you [8:00] 
• Additional options for those born before January 2nd, 1954 [10:15]
• Closing thoughts [13:00] 

Spousal Benefits 

You might assume that since either you or your spouse did not have a significant work history (30+ years) that you would not be eligible for spousal benefits through social security - not so fast! 

When an individual files for retirement benefits, their spouse may be eligible for a benefit based on their earnings. Another requirement is that the spouse must be at least age 62 or have a qualifying child in her/his care. By a qualifying child, the Social Security Administration means a child who is under age 16 or who receives Social Security disability benefits.

The spousal benefit can be as much as half of the individual's "primary insurance amount," depending on the spouse's age at retirement. If the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit. However, if a spouse is caring for a qualifying child, the spousal benefit is not reduced.

If a spouse is eligible for a retirement benefit based on his or her own earnings, and if that benefit is higher than the spousal benefit, then the Social Security Administration pays the retirement benefit. Otherwise, they pay the spousal benefit.

To hear more about using social security benefits strategically as you approach retirement, make sure to listen to this episode - you can also check out the links to previous episodes that touch on similar topics located at the end of this post. 

Resources Mentioned on This Episode

• Episode #41
• www.ssa.gov

Connect With Morrissey Wealth Management 

www.MorrisseyWealthManagement.com/contact