Can you collect spouse social security and your own? This is a common question among retirees and soon-to-be retirees who are navigating the complexities of the Social Security system. Understanding the rules and regulations surrounding this topic can help ensure that you maximize your benefits and make informed decisions about your financial future.
Social Security benefits are designed to provide financial support to retirees, disabled individuals, and surviving family members. One of the key questions that arise is whether you can collect both your own Social Security benefits and your spouse’s benefits simultaneously. The answer to this question depends on several factors, including your age, your spouse’s age, and your respective earnings histories.
Eligibility for Spousal Benefits
To be eligible for spousal benefits, you must meet certain criteria. First, you must be at least 62 years old. However, if you choose to start receiving spousal benefits before reaching full retirement age (FRA), your benefits will be reduced. The reduction is based on the number of months before your FRA you begin receiving the benefits.
Second, you must be either married for at least 10 years or have been widowed, or have been divorced for at least two years and meet certain requirements. Additionally, your spouse must have already started receiving their own Social Security benefits, or their benefits must have been stopped if they are currently receiving them.
Collecting Both Benefits
If you are eligible for both your own Social Security benefits and your spouse’s benefits, you can choose to collect both. However, there are important considerations to keep in mind:
1.
Start Dates:
You can start collecting your own benefits at any time between age 62 and your FRA. However, if you choose to start collecting your spouse’s benefits before your FRA, your own benefits will be reduced. Conversely, if you start collecting your own benefits before your FRA and your spouse’s benefits after your FRA, your own benefits will not be affected.
2.
Benefit Amounts:
Your spousal benefits are based on your spouse’s earnings history, not your own. As a result, your spousal benefits may be lower than your own benefits, especially if your spouse has a lower earnings history.
3.
Maximizing Benefits:
If you have a lower earnings history than your spouse, it may be beneficial to start collecting your spousal benefits early, even if it means a reduced benefit amount. This can help ensure that you receive some income while you wait for your own benefits to increase to their maximum amount.
4.
Spousal Death Benefits:
If your spouse passes away, you may be eligible for survivor benefits. These benefits can be higher than your spousal benefits and can provide a financial safety net for you and your family.
In conclusion, you can collect spouse social security and your own, but it’s essential to understand the rules and regulations surrounding this process. By carefully considering your options and seeking professional advice, you can make informed decisions that will help you maximize your Social Security benefits and secure your financial future.
