Does Taking Social Security Early Affect Spousal Benefit?

Can a wife collect half of her husband’s Social Security?

As a spouse, you can claim a Social Security benefit based on your own earnings record, or collect a spousal benefit in the amount of 50% of your spouse’s Social Security benefit, but not both.

You are automatically entitled to receive whichever benefit provides you the higher monthly amount..

How does early retirement affect spousal benefits?

A spouse can choose to retire as early as age 62, but doing so may result in a benefit as little as 32.5 percent of the worker’s primary insurance amount. A spousal benefit is reduced 25/36 of one percent for each month before normal retirement age, up to 36 months.

Should my spouse take Social Security early?

Starting Social Security Spousal Payments Early If you decide to begin collecting spousal benefits before your full retirement age, you can expect to receive a lower amount. “Filing early reduces your income forever,” says Gregory W. … At the age of 65, you would receive 45.84% of your spouse’s monthly benefit.

Can I collect spousal benefits and wait until I am 70 to collect my own Social Security?

En español | You can only collect spousal benefits and wait until 70 to claim your retirement benefit if all of the following are true: … You have reached your full retirement age. Your spouse is collecting his or her own Social Security retirement benefit.

How do I collect spousal Social Security benefits?

Form SSA-2 | Information You Need to Apply for Spouse’s or Divorced Spouse’s Benefits. You can apply: Online, if you are within 3 months of age 62 or older, or. By calling our national toll-free service at 1-800-772-1213 (TTY 1-800-325-0778) or visiting your local Social Security office.

Does taking Social Security early affect survivor benefits?

If you are the widow or widower of a person who worked long enough under Social Security, you can: receive full benefits at full retirement age for survivors or reduced benefits as early as age 60.

Can I switch from my Social Security benefit to a spousal benefit?

In this case, you can claim your own Social Security beginning at 62 and make the switch to spousal benefits when your husband or wife files. … When you apply for your retirement benefit, you’re also automatically deemed to be applying for spousal benefits, if you’re entitled to them.

What is the maximum Social Security spousal benefit?

$2,788 per monthHow big can a spousal benefit be? The maximum Social Security benefit for someone retiring in 2018 at full retirement age is $2,788 per month.

When should lower earning spouse claim Social Security?

To claim a spousal benefit, the low earner must wait until the later of (1) reaching age 62 or (2) the month in which the high earner claims his own-record benefit.

What is the difference between spousal benefits and survivor benefits?

Spousal benefits are based on a living spouse or ex-spouse’s work history. Survivor benefits are based on a deceased spouse or ex-spouse’s work history. … The benefit is based on the worker’s FRA benefit and is not enhanced by delayed retirement credits. Age 62 is the earliest a spouse can claim a spousal benefit.

Can I collect half of my husband’s Social Security at 62?

If you did not work enough in your life to qualify for Social Security benefits on your own, you could get one half of your spouse’s full retirement benefit once you reach full retirement age, and you will qualify for your spouse’s Medicare at age 65. … At age 62, you’d get 35% of your spouse’s full benefit.

When can a spouse collect spousal benefits?

You qualify for spousal benefits if: Your spouse is already collecting retirement benefits. You have been married for at least a year. You are at least 62 (unless you are caring for a child who is under 16 or disabled, in which case the age rule does not apply).

Is it better to take Social Security early or use savings?

But the bottom line is this: If you can manage it, you’re generally better taking Social Security later rather than sooner, as a higher benefit that’s pegged to inflation acts as a form of longevity insurance that can help you maintain your standard of living throughout retirement, regardless of how the financial …

What are the disadvantages of taking Social Security at 62?

Benefit Reduction As of 2012 and assuming Congress makes no changes, taking your Social Security retirement benefit at age 62 instead of waiting until age 66 locks you into a 25 percent lower monthly benefit for the rest of your life. This is the single-biggest danger from taking benefits early.