As we near the end of the Social Security Retirement Benefits portion (Medicare up next), the final/next Three Parts will be directly related to spousal benefits. Spousal benefits are EXACTLY the same no matter gender, so insert your preference for the easiest understanding.
The Next Three Parts (8-10) will deal with the status of the spouse and how it effects retirement benefits for the other spouse:
- Living
- Deceased
- Divorced
As just a heads up, each section will become more detailed and complicated – so let’s get started on the various spouse benefits depending on the other’s status!
In Part 8, from our Social Security Event earlier this year, Expert, Mr. Tom Clark, continued with the specifics of Social Security, Retirement Benefits for living spouses …. that Social Security Provides. Part 1 Here , Part 2 Here , Part 3 Here, Part 4 Here, Part 5 Here, Part 6 here, Part 7 here, and Direct Audio Here on our site for your viewing/listening pleasures:
Retirement Benefits for Living Spouses
The following bullets and audio will expel many false items you may have heard …
- Spouse (wife in Clark’s examples) CAN receive benefits based on her spouses benefits, ONLY if she will not receive more benefits by drawing her own benefits
- If she were to receive a benefit check greater than one half of her spouses benefit, she MUST draw the higher amount due from her benefit
- One time based exception to the above statements – this exception is quickly fading due to timing of the laws passed –
- Spouse must be age 62
- Other spouse MUST be drawing own benefits in order to have spousal benefit
- All spousal benefits are based on one half the other spouse full retirement age benefit
- Benefit is reduced for spouse based on early age i.e. Spouse is 62 benefit will be reduced – Read next -Important
- If spouse is older than wage earning spouse, the benefit will NOT be discounted and will be half of the wage earnings spouses full benefit – in effect greater than one half the early retiring spouses benefit – Great Example at 2 minute mark of audio
Wow, there is so much clarity in the following 2+ minutes of audio, we hope you enjoy – feel free to listen more than once – it took at least a dozen times to get this edited …
Wave file format:
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Click Here for Direct Link to All Parts Audio Posted on our Special Social Security Page
Have a Great “” Day!
John A. Kvale CFA, CFP