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Maximum Social Security Retirement Benefit
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June 20, 2024 12:30 pm
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8 min read
Maximum Social Security Retirement Benefit – If you qualify for Social Security spousal benefits, how much you will receive depends on several factors, including your age, the amount of your spouse’s benefit, and whether you have other retirement benefits available.
Who is eligible? If you have reached the eligibility age, your spouse, former spouse or deceased is entitled or entitled to receive benefits.
Maximum Social Security Retirement Benefit
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The maximum spousal benefit you can receive is 50% of your spouse’s full retirement age benefit. The exact amount you get and when you get it depends on many factors, including your spouse’s age and past earnings, your age and past earnings, and more.
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That leaves some room to increase the amount you get. If it’s less than what you would get based on your past earnings, you’ll get a higher amount automatically.
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Below you’ll find out if you’re eligible for Social Security spousal benefits and how to find out how much you’ll get. You’ll read about the end of the once-famous spousal benefits loophole in the Social Security laws. (Hint: It’s not good news.) However, if you know the rules highlighted in this article, you can maximize your Social Security participation benefits.
If your spouse has applied for Social Security benefits, you can collect benefits based on your spouse’s work record if:
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When you apply for spousal benefits, you also apply for benefits based on your work history. If you qualify for benefits based on your income and that benefit amount is more than your spouse’s income, that’s what you’ll get. If it’s less, you’ll get “a combination of two benefits that equal the higher amount,” according to the Social Security Administration (SSA).
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Spousal benefits are based on how much the other spouse will receive if that person begins collecting Social Security benefits at full retirement age. It gradually increases from age 66 to 67. It is 65 for those born in 1942 and earlier. It is 66 for those born between 1943 and 1959. It is 67 for those born in 1960 and later.
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Even if your spouse actually retires or your spouse dies, all of that person’s benefit money is important to you when calculating your spousal benefits.
The SSA has an online calculator that shows early retirement benefits—that is, the percentage of your spouse’s benefits you’ll receive, based on your age when you apply.
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The short answer to the equation is this: As long as you wait to file until your full retirement age, you are entitled to half of your spouse’s benefit amount. If you file early, you will get less.
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The amount you receive depends on when you start claiming benefits. You can claim spousal benefits before age 62, but not as much if you wait until your full retirement age. For example, if your full retirement age is 67 and you choose to claim spousal benefits at age 62, you will receive a benefit equal to 34.6% of your spouse’s total benefit.
Every year the delay increases your income. At your full retirement age (age 67 in this example), you will be eligible for a maximum of 50% of your spouse’s full benefit. So there is no incentive to send spousal benefits later than your full retirement age.
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The calculation becomes even more difficult if you are eligible to receive benefits from a government pension or a foreign employer that is not covered by Social Security. If so, you may be eligible, but the amount will be reduced.
For example, if you have a government pension without Social Security taxes withheld, your spouse’s benefit will be reduced by two-thirds of the amount of your pension. This is known as the Government Pension Offset.
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For example, let’s say you are entitled to $800 in Social Security spousal benefits, and you receive a $300 monthly pension from a government employer that does not withhold Social Security taxes. Your Social Security payment is reduced by $300, or two-thirds of $200, which comes to $900 ([$800 – $200] + $300) per month from all sources.
Your ex-spouse may be entitled to spousal benefits even if your ex-spouse has not yet retired, as long as you have been divorced for at least two years.
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If you are divorced, you may be eligible for spousal benefits based on your ex-spouse’s work record. The rules are pretty much the same, too:
Even if your ex-spouse hasn’t filed for benefits, you can still file for spousal benefits if you’ve been divorced for at least two years. However, you must be at least 62 years old and your spouse must be old enough to qualify for benefits.
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With Social Security survivor benefits, a widow or widower can receive up to 100% of the spouse’s benefit amount if the survivor has reached full retirement age at the time of application.
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If the widower is at least 60 years old but under full retirement age, the payment is reduced from 71½% to 99% of the deceased’s benefits. So it pays to hold off until you reach your full retirement age to maximize your payout.
Even if your spouse dies long before reaching retirement age, you may still be entitled to benefits. Here’s how it works: Every employee and self-employed person collects Social Security credits to work. In 2024, one debt equals $1,730 in income. Once you’ve earned $6,920 (four credits), you’ve maxed out your credits for the year. If your deceased spouse earned 40 credits—that means earning at least $6,920 a year over 10 years of work—then a spousal benefit is available.
Also, if you are receiving spousal benefits and your spouse dies, you need to notify the SSA. Once you have done so, your spouse’s benefit (up to 50% of your spouse’s full retirement age benefit) will be converted to a survivor benefit (up to 100%). Do it quickly. This is usually not a warning.
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You may hear or read about other ways to increase your spouse’s income. Unfortunately, under new Social Security laws, the popular plan has been discontinued.
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Before 2016, workers could file for benefits (making their spouses eligible to claim spousal benefits), then freeze their benefits to increase their deferred filing credits. This so-called file and freeze strategy means that the lower-earning spouse can take advantage of spousal benefits while the primary earner delays retirement credits, thereby increasing his or her benefit amount.
Although it is still possible to file for benefits and suspend payments, any other benefits that are normally available on your account (such as spousal benefits) will no longer be paid during that suspension.
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Each married couple needs to find the best way to maximize their benefits depending on their circumstances.
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The three strategies below can help you take full advantage of your Social Security spouse’s benefits, depending on your circumstances. However, regardless of your circumstances, the higher-earning spouse can receive 50% of what the higher-earning spouse is entitled to at full retirement age.
If a spouse has little or no earnings history, the best strategy is for the earner to delay applying for Social Security retirement benefits until age 70 to get the highest amount. The full retirement age is 66 for everyone born in 1960 or later, but by delaying claiming benefits until age 70, the earner receives delayed retirement credits, which increase monthly payments by a certain percentage each year. delay For people born in 1943 or later, it is 8% per year.
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Note that this does not affect the amount of the spouse’s benefit. If you delay claiming individual retirement benefits past full retirement age, benefits increase over time. However, it will not affect your spouse’s benefits when they reach full retirement age. In other words, there is no benefit to your spouse by delaying your spousal benefit claim past your full retirement age.
On the other hand, if both spouses work and their income is more, less, or equal, their individual Social Security benefits will be greater than the spouse’s benefit. Therefore, the best strategy for both is to delay applying for benefits until age 70.
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You can apply for spousal benefits if you have been divorced for at least two years, and if your marriage lasted 10 years or more. Or if you’re still married and considering a divorce and nearing retirement age, try to file for spousal benefits before your divorce is finalized. If you have been married and divorced more than once, you may choose to receive a higher spousal benefit.
Widows and widowers may receive full survivor benefits when they reach their full retirement age or reduced benefits before age 60. If you remarry, you can apply for spousal benefits based on your new spouse’s record instead.
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