|
|
A Few Key Points Which You Must Know About Social Security Spouse Benefits
When most of the people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, therefore when you're planning for retirement, it's critical to consider the fact that you or your spouse may get Social Security survivor benefits or spousal benefits at few points in their life.
In this article, we are gonna discuss the basics of Social Security spousal benefits.
Generally, a married person can receive a spousal benefit equal to half of her husband's basic benefit, also labeled the PIA (primary insurance amount).
Social Security spouse benefits generally come into play when one spouse takes time away from work to raise a family, and therefore has very little or no earnings.
Calculating the Spousal Benefit:
The spousal benefit is actually a combination of both spouses' benefits. If a married person has sufficient credits to qualify for Social Security on her own, then her credit will be calculated first. If it is lower than her spouse's benefit, she will receive her benefit plus an adjustment to equal half of her husband's primary benefit.
When you should Start the Spousal Benefit:
You can apply for the spousal benefit as early as at the age of 62, as long as the working or higher earning spouse is eligible and has applied for benefits.
It does no good for the lower earning spouse to wait beyond her complete retirement age to apply for spousal benefits as the spousal benefit will not earn credits beyond the full retirement age. Thus, spouses applying for the spousal benefit should do so as soon as they reach complete retirement age.
How Early Retirement Affects The Spouse Benefit:
Spouses who apply for the spousal benefit before she is full retirement age will get a reduced benefit exactly like she would if she applied for her own Social Security benefit before full retirement age. This reduced benefit is permanent, even if she takes her spousal benefit at the age of 62 and switches to her own benefit at full retirement age.
Other Issues:
Individuals who start collecting retirement benefits before complete retirement age can just earn up to a certain amount before they have to pay back part or all of their Social Security benefits. In '09, that amount is $14,160. If you earn more than $14,160, you require to pay back $1 for each $2 you earned over the limit.
This earnings test applies to spousal and survivor benefits as well as retirement benefits, so if you expect to work before you reach complete retirement age, you must delay your retirement and spousal benefits.
In this article, I have referred to the wife as the lower earning spouse out of simplicity. But, in today's world, it's not uncommon for the wife to be the higher earning spouse. The good news is that Social Security is gender neutral, therefore the Social Security spouse benefits can apply to the wife or husband, as well as the higher or lower earning spouse.
Some Key Exceptional Roth IRA Withdrawal Rules That May Help You To Take Money Out Of A Roth IRA
Roth IRAs are governed by the IRS; as such there are many Roth IRA withdrawal rules that must be followed before you take money out of your account. In this article we'll discuss Roth IRA distributions; when they can be taken, when and if they are taxable, when and if penalties might apply.
Social Security Survivor Benefits- The Thing Women Should Know About
When Social Security was established most women did not work. Lower or no earnings combined with a longer life span meant poverty for many women when their husbands passed away. Social Security recognized these challenges and have implemented several changes to the system to help women avoid poverty.
Social Security Benefits: Ideas To Help You Make The Most Of Your Social Security Retirement Income
As you get closer to retirement, choosing when to take your Social Security may seem like rolling the dice. There are so many decisions to make, such as:
Discover How To Apply For Social Security
If you areapproaching retirement, you are probably already looking into how to apply for Social Security benefits. Generally, you can apply once you are within 120 days of your 62nd birthday. There are several things you should know to make the application process as smooth as possible.
With Regards To Social Security Disability: What You Ought To Be Aware Of Ahead Of Filing For Disability Benefits
Most people think of retirement when they hear Social Security, however Social Security provides benefits to people who are disabled as well. The list of requirements that must be met for Social Security disability benefits is pretty long, and many people don't meet those requirements.
Social Security Eligibility Rules: What Are The Requirements For A Homemaker To Collect Social Security?
When Social Security was first established, most families only had one bread-earner, and only the working spouse qualified for retirement benefits. This caused financial difficulties for the spouse who didn't work (and therefore didn't qualify for Social Security) if the working spouse passed away first.
3 Great Reasons To Use A Fee Only Financial Planner
There are three different types of financial advisors: the commission broker who sells a product for a commission, the fee-based advisor who provides investment management for a percentage of the assets invested, and the fee only financial planner who provides a comprehensive financial plan for an hourly fee.
Social Security Death Benefits Can Certainly Help Monetarily Once Husband Or Wife Or Other Loved One Has Passed Away
Qualifying relatives of individuals who have passed away can receive assistance from social security death benefits. The payments provided vary and depend on a number of things such as the payments that have been made to social security as well as the relationship of the relative to the individual.
Gold Coins: Putting Revenue In Your Portfolio
Some invest in coins for their durable value, which has increased reliably. Offering protection against inflation, gold coins do not diminish in buying power like cash. Whatever the buyer's motive, gold coin prices
Here Is Some Information On The Americans Buying Gold Coins
Buy gold coins is becoming popular as an investment for two key reasons. First, they can be easily purchased and easily sold because they are guaranteed by the United States government. Buying gold coins in trust Gold Eagles
|
More Articles
Blogroll
|
