According to the data provided, the maximum social security benefit that a person can obtain is $4555 if they are not married, while for married couples the maximum is $9,110, considering that both claim the aforementioned amount separately. However, it is necessary to know the proper way to apply for it.
On the other hand, the amount may also change considering the age at which you decide to apply for benefits and your earnings records. This information is essential when you want to start preparing for retirement.
Maximum Benefits for Married Couples
You need to understand that the maximum benefit amount may change annually as Social Security adjusts your benefit amounts. Therefore, it is necessary that you keep an eye on the reports that are usually given on agreed dates. However, the spouse who will have the most benefits is the one with the highest primary insurance amounts.
It is also important to understand the separate social security earnings, as we mentioned before, this depends on your income. This should be known when deciding which of the two will collect first, it is recommended that the one with the higher income wait a little longer.
If you don’t have a clear idea of how much your benefits might be, you can search the internet for a calculator that will help you get an approximation of Social Security retirement benefits. That way, you can decide who should apply first.
What is better for social security? One spouse earns $120k or each earns $60k?
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Would it be possible to maximize Social Security benefits?
As a couple, you have the possibility to implement some strategies to increase benefits and enjoy a little more than the estimated amount when you collect. The option applied depends on the objectives and circumstances in which you enter, some alternatives are:
- The spouse with more income will be the one to wait longer, this allows them to have a higher benefit in the long term
- Wait until the age of 70 to retire both, being this the estimated age to receive the highest amount
- Evaluate which is the indicated age at which you will be entitled to 100% of your benefit, this depends on the year of birth. For those born after 1960, it is 67 years of age
The Social Security Rules Every Married Couple Should Know
When planning for retirement, the mission is to have all the information you need to get the maximum benefit and peace of mind. You need to understand that simply being married does not automatically give you more Social Security benefits – according to some surveys, less than 4% of beneficiaries collect spousal benefits.
For starters, you can get up to 50% of your spouse’s total benefit once you reach full retirement age. If you take it earlier, the percentage will go down, so the emphasis is on waiting for the right time. When you claim benefits earlier, you will receive only 32.5% of the principal amount.
It is also essential to understand that you cannot claim both benefits. Although some people do, this is a risk. According to the rules, the benefit will be given to the one with the higher earnings.
Similarly, there is no additional credit for waiting beyond the estimated retirement age. The maximum benefit is granted at age 70; if you collect it after that age, you will continue to obtain the same amount indicated on the date corresponding to your retirement.
Other rules you should know
If your partner suffers from a disability, you cannot claim Social Security disability for them. This is an option that can be requested, only the one who has paid the Insurance and suffers the disability is entitled to claim the benefit.
| Details | |
| If your partner is disabled, you cannot apply for incapacity. | If you have been married for 10 years, you can apply for social security even if he or she is your ex-partner. |
| You can receive 50% of the principal amount of social security. | Survivor benefits are 100%. |
| If your partner with the benefit dies, you can receive 100% of the benefit. | - |
On the other hand, if you were married for at least 10 years, you can claim Social Security from your ex-partner.
The spousal rules in such a case are the same, you will receive 50% of the principal amount of their Social Security. However, if after the divorce you remarry a new partner, you will not be able to claim Social Security from your former partner.
Survivor benefits are up to 100%. When the spouse benefactor dies before you, you will be able to receive up to 100% of the benefit. This applies to benefactors who die at age 60 or at age 50 for those with a disability. To receive this benefit, the marriage must be at least 10 years old.
If you have any doubts regarding spousal benefits, it is advisable to seek advice from professional lawyers in this area. In this way, you will be able to better understand the benefits to which you have access and the conditions that apply to each one.
References
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“Are You Ready for Your Next Vacation?” AARP, https://www.aarp.org/retirement/social-security/questions-answers/social-security-limits-married-couples.html
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“How to Maximize Your Social Security Benefits If You’re Married.” Finance Yahoo!, https://finance.yahoo.com/news/maximize-social-security-benefits-youre-130020483.html