Table of Contents
Understanding how to maximize your Social Security benefits can significantly impact your retirement income. Spousal and survivor benefits are two options that can help increase your total benefits, especially when coordinated effectively.
Spousal Benefits
Spousal benefits allow a spouse to receive up to 50% of the other spouse’s full retirement benefit. This can be advantageous if one spouse has a higher earnings record and the other has a lower or no work history.
To qualify, the spouse must be at least 62 years old and married to the worker for at least 10 years. Benefits can be claimed as early as age 62, but claiming early may reduce the monthly amount.
Survivor Benefits
Survivor benefits provide financial support to the spouse or dependents of a deceased worker. The surviving spouse can receive up to 100% of the deceased’s benefit, depending on age and timing of claim.
Claiming survivor benefits early can reduce the monthly amount, but delaying can increase the benefit, especially if the survivor waits until full retirement age or later.
Strategies to Maximize Benefits
- Coordinate claiming ages to optimize benefits.
- Delay claiming survivor benefits to increase monthly amounts.
- Consider spousal benefits if your spouse has a higher benefit.
- Review your Social Security statement regularly for updates.