Planning for retirement is essential and Social Security has lots of tools and ways to support you throughout the process. If you are in your early 60s, you must be thinking about the date to file for benefits.
What is more, you may not live on your own. Having a spouse and a child or 2 may be more than likely in many cases. Besides, many married couples try to plan retirement together.
In this way, they can start collecting Social Security benefits at the same time. However, not all married couples can collect monthly payments on their record. So, it could be disappointing.
SO WHAT IS THE ONE-YEAR YEAR SOCIAL SECURITY SET?
This rule is part of the marriage requirements to get Social Security spouse’s benefits. In general, you and your spouse must have been married for 1 year to qualify for spouse’s benefits.
Therefore, you cannot file for spouse’s benefits if you have not been married for at least 12 months. Some of you must be wondering if there are any exceptions to this marriage rule.
Indeed, some spouses may avoid the 1-year rule regarding marriage requirements. As a matter of fact, it is only possible to dodge this rule if you and your spouse have had a child.
Consequently, if you are the parent of your spouse’s children or child, the 1-year rule does not apply at all. Thus, it could be possible for some applicants to avoid this Social Security rule.
HOW MUCH MONEY COULD SPOUSES OF RETIRED WORKERS RECEIVE?
Bear in mind that there is not a fixed amount. Nevertheless, there are average payments. The last monthly statistical snapshot Social Security published states that the average payment for spouses of retired workers is $912.
For your information, retired workers get an average payment worth $1,907. Even if the largest Social Security payment is $4,873 in 2024, very few workers are eligible.
Do not forget that the earlier you file for Social Security, the lower your payment will be. Some married couples decide that only one of them claims retirement benefits.
In this way, the one who retires at the age of 70 can get about 24% extra per month. The full Retirement Age is when applicants can get 100 percent of their benefits. So, make use of the annual Social Security Statement to see eligibility for spouse’s benefits and amounts. Be wise and see the money you will get!