We were recently asked a question that led us to believe this week’s topic might be useful to many of you. While most of us are aware of how Social Security works, here are the five most important things every married couple should know about Social Security.
1) Nothing keeps you from getting your own benefit. If you’ve worked and paid taxes into the SS system for at least 10 years and have earned a minimum of 40 work credits, you can collect your own benefits as early as age 62.
2) There is no marriage penalty or limit to benefits paid to a married couple. If you and your spouse have worked and earned enough credits individually, you will each get your own SS benefit.
3) If you’re due two benefits, you’re generally paid the higher rate, not both. As a spouse, if you are eligible for benefits on both your own work and your spouse’s work record, you generally receive the higher benefit amount.
4) If you’re divorced and were married for at least 10 years, you may be eligible on your ex’s SS Record.
5) When your spouse (or ex) dies, you may be due a widow’s benefit.
If you need more information, call us. We are always here to help you.