The United States Social Security system is very broad and has many sectors that not everyone knows about. Within the benefits we can find benefits for retirees, for people with disabilities and for blind people. But they are not the only people who can receive these benefits from Social Security. There is another class of people who can also receive them: spouses.
Sometimes spouses are the forgotten ones of the Social Security Administration. And not because they do not receive their check every month. It is because many people do not think that this is possible. In addition, you also have to consider that there are tips on how to increase the monthly Social Security check for spouses, so it is good to know all the tricks and tips.
How much does a spouse collect in Social Security?
This question is the biggest of all questions related to spouses and Social Security. Every retiree wants to know how much money their spouse can collect, so it’s an important question. The answer is very simple: a Social Security retiree’s spouse collects 50% of that person’s monthly check on his or her FRA.
Therefore, if a retiree collects $2,500, his or her spouse has access to a benefit of up to $1,250. This is a very large financial benefit for a family home, so it is important to apply in case you are able to receive it because of your spouse. There are ways to increase that amount a bit, although it doesn’t always work.
How to improve the amount of the spousal benefit?
There is one main way to improve this monthly amount. If you want to increase your Social Security spousal benefit, you should wait to collect your benefit as late as possible. Ideally, you should wait at least until you reach age 67. This assumes that you claim your spousal benefit at Full Retirement Age (FRA).
If you are unhappy with the amount of money you will receive on a monthly basis with your spousal benefit, you may well need to have savings set aside. These savings can help you keep going to combat inflation, COLA and everything else. You should also keep in mind that by collecting 50% of your spousal partner’s benefit, that partner should have a good benefit.
If your partner retires at age 62 they will not receive their full pension. This means that your spousal benefit will be less. If your partner retires at age 67, you will receive half of your FRA, which is a noticeable change. With Early Age Retirement, the retiree collects about 80% of Social Security. In the other hand a person retiring with FRA will have 100% of the benefit. So, it all depends on one’s situation, but delaying retirement a bit is good for collecting a little more on a monthly basis.