In the first question, both husband and wife are working. One spouse asked about the possibility of waiting until the age of 70 before taking social security benefits. The second question centered on how spousal benefit for Social Security work.Wall Street Journal - Eastern EditionGreeneKelly...
The Bipartisan Budget Act of 2015 changed the rules on filing for spousal benefits underSocial Security, eliminating some popular claiming strategies that once allowed couples to increase their benefits. The new law didn't, however, do away with spousal benefits entirely. If you qualif...
The Social Security benefits formula might seem complicated, but it's not too difficult once you break it down. You may not be able to precisely calculate your benefit if you're too young for Social Security, but keeping these guidelines in mind can help you squeeze the most money possible...
The Social Security Administration doesn’t just pay retirement benefits directly to the worker who earned them. It also payssurvivor benefits, divorced survivor benefits, spousal benefits,divorced spousal benefits, child benefits, and a few other types of benefits.56But because Social Security doesn’...
Social Security spousal benefits pays qualifying spouses the greater of the two: their benefit based on their own work record (if they worked), or up to 50% of their spouse’s benefit. When you apply for benefits, the Social Security Administration calculates it both ways and pays you the ...
. However, additional benefits such as spousal benefits may help supplement income for lower earners. Good to know: If you receive a government or private pension for a job that didn’t contribute to Social Security, the SSA may reduce your benefits. How much the SSA reduces them depends on...
How retirement benefits, spousal benefits, and widow(er) benefits are calculated, How to decide the best age to claim your benefit, How Social Security benefits are taxed and how that affects tax planning, Click here to see the full list. ...
Social Security benefits are primarily retirement payments, but when someone in your family passes away, you might be entitled to survivors benefits.
Also: What to expect for loan interest rates, how Social Security survivor and spousal benefits work, and advice from the Moneyist By Philip van Doorn Last Updated: Sept. 21, 2024 at 6:27 a.m. ETFirst Published: Sept. 20, 2024 at 3:39 p.m. ET ...
years of working while collecting Social Security benefits can also increase the worker’s Average Indexed Monthly Earnings used to calculate those Social Security benefits in the first place, just as ending work early can reduce AIME below what is projected as benefits on the ...