Breaking Down The Complex World Of Social Security Spousal Benefits

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

Social Security is part of the bedrock of retirement security in the United States. For one-third of all retirees, Social Security represents nearly all of their retirement income. For two-thirds of retirees, Social Security makes up more than half of their retirement income. Overall, Social Security represents nearly one-third of all retirement income for retirees. A recent Gallup research study showed that roughly 57 percent of retirees indicated that Social Security is a “major” retirement income source.

The importance of the system is obvious as is the need to understand the best claiming strategies.

Many people are familiar with how their own Social Security benefits work – but fewer are aware of how spousal benefits work. And spousal benefits can be complex with numerous claiming options and factors to consider.

The concept is simple, though: If you’re married, you’re generally entitled to a spousal benefit. Even if you never paid into Social Security, you might be entitled to spousal benefits based on your spouse’s work history. This recognizes the important role non-working spouses play in raising families.

Full article on Forbes

Share:
facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

RECENT POSTS

COVID’s Financial Toll Isn’t What You Think

By Erin Wood, Senior Vice President, Financial Planning and Advanced Solutions Just a few years ago, Rose retired with a decent-sized 401(k). With some careful budgeting and a part-time job, her retirement finances were on track. Rose was looking forward to traveling, reigniting her passion …

Emerging Financially Healthy After a Gray Divorce

By: Erin Wood, CFP®, CRPC®, FBS®, Senior Vice President, Financial Planning, Carson Group   Laura and Caroline are in their late 50s. Friends since meeting at a playgroup for their toddlers, both were in long-term, seemingly happy marriages.
1 2 3 26 27 28

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation