In the United States there are many ways to enjoy Social Security. The government offers a wide range of benefits such as disability, retirement or blindness. But there are also different benefits for companions. Among these benefits we find that the Social Security Administration has a section for spouses. Within the benefit for spouses there are some limitations, but it can be beneficial in some situations.
The choice between self or spousal retirement benefits makes many Americans hesitant. Not everyone knows which option is best, so it is good to have as much information as possible. If you are in doubt as to whether one of these two benefits is better for your own financial stability, pay attention to clarify your doubts and then apply for the one you prefer.
Spousal benefit VS Retirement Social Security
Within these two benefits it is good to know that for both it is necessary to reach a minimum of 62 years of age. You cannot apply for any type of Social Security if you have not reached the minimum retirement age. Therefore, in this section neither of these benefits has an advantage, since you must wait until this age to apply for it.
As far as the retirement age is concerned, the Social Security itself does have an advantage, and that is that it does not depend on another person. In order to apply for the spouse’s benefit, however, it is mandatory that your partner is retired. This means that the other person must be at least 62 years old. In the case of a disability benefit, the situation changes a bit, since people over 50 with a disability have advantages in the SSA.
Payment at retirement and Spousal benefit
Here comes also a very important point and a huge change. In this regard, the payment changes a lot. The amount a spouse receives from his or her spousal benefit is 50% of his or her partner’s Full Retirement Age (FRA). This is not the case in one’s own retirement, which depends on other factors such as retirement age, years worked and salary as a worker.
In addition to that, there is no minimum number of years worked for spousal benefits. If you want to apply for a retirement benefit you do need to have at least 40 work credits. This means that for Social Security you need to reach what corresponds to 10 years in the working world. In short, the two benefits are different and have their advantages and disadvantages, so you should choose the one that is best for you.