Weekend Reading: The Big Thing Clients Don't Get About Social Security Spousal Benefits
This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
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It’s no secret that Social Security rules and regulations are complex, and spousal benefits aren’t any different. People mistakenly believe they have a choice between claiming their own benefits or their spousal benefits. However, the reality is that spousal benefits are determined through a multi-part calculation and comparison.
READ THE ARTICLEHow it works: Social Security evaluates 50 percent of the higher-earning spouse's primary insurance amount (PIA) and compares it to the lower-earning spouse's PIA. The lower earner may receive a spousal benefit if they don't qualify for their own benefit, and the amount depends on their work record and PIA.
Further, here are two other common misconceptions:
📌 Belief: Lower-earning spouses receive 50 percent of the higher earner's maximum benefit. In reality, they receive 50 percent of the higher earner's PIA, not their maximum benefit.
📌 Belief: Lower-earning spouses can get their own benefit plus half of their spouse's benefit. In reality, they receive a combined benefit if their own PIA is less than half of their spouse's. If their PIA exceeds 50 percent of their spouse's, they only receive their own benefit.
You have a variety of ways to maximize your (and your spouse’s) Social Security benefits, but don’t think you have to go it alone. Make it a joint effort and partner with a professional who can walk you through your options, so you don’t have any costly missteps.