Navigating spousal Social Security benefits effectively can significantly enhance your retirement income.
Understanding Work Credits for Social Security
To qualify for spousal Social Security benefits, partners must consider the essential requirement of earning at least 40 work credits. In 2025, one credit is defined as $1,810 in annual earnings, with a cap of four credits per year. This means that to be eligible for Social Security retirement benefits, it’s crucial to have substantial work history or be married to someone who has. If you've been out of the workforce, perhaps due to caregiving responsibilities, you still have the opportunity to qualify based on your spouse's work record. This flexibility is vital for many couples, especially those where one partner may not have a complete work history.
The Importance of Claiming Social Security at the Right Age
Delaying your Social Security claim until your Full Retirement Age (FRA) is essential for maximizing your spousal benefits. Claiming early can reduce your monthly income significantly—up to 35% if you start drawing at the age of 62 rather than waiting until your FRA of 67. For instance, if your spouse qualifies for a $2,000 monthly benefit, waiting until your FRA could allow you to claim a maximum of $1,000 per month. However, if you claim at 62, your benefit could shrink down to around $650 per month. This illustrates the financial risk of early claims versus strategic delays.
Average Spousal Social Security Check: How Much Does it Cover?
As of January 2025, the average spousal Social Security check sits at $931 monthly, translating to approximately $11,000 yearly. In comparison, a retired worker receives an average of $1,979 per month, amounting to about $23,700 annually. Combining a retirement benefit and a spousal benefit could give you just under $35,000 a year, which may not be sufficient to live on without additional savings. Therefore, engaging in proactive financial planning is vital to ensure a comfortable retirement.
Supplementing Social Security with Personal Savings
Most retirees find that Social Security alone is not enough to cover their expenses. It’s wise to have personal savings or investments that can supplement your income. Depending on your financial landscape, consider the following strategies:
- Work longer and save more: The earlier you start saving, the better positioned you are to enhance your retirement lifestyle.
- Claim strategically: If you're eligible for both a retirement and a spousal benefit, evaluate which one to claim first. Claiming one early could allow your partner to wait for larger checks.
- Create a budget: Understanding your expenses will give you a clearer picture of what you need to save to meet your retirement goals.
Claiming Spousal Benefits: Key Considerations
Typically, you cannot claim a spousal benefit until your partner has signed up for Social Security. There’s an exception for divorced couples—you can claim spousal benefits on your ex's work record if you were married for at least ten years and have been divorced for at least two years. This is a valuable consideration that often goes unnoticed.
Planning Ahead for Social Security Benefits
Partnering with your spouse for a strategic plan is crucial. Set up a my Social Security account to estimate your retirement and spousal benefits at various ages. Knowing your expected benefits allows you to determine how much more you need to save independently or to adjust your retirement lifestyle goals. It’s essential that married couples take a collaborative approach to planning when to apply for benefits, as timing can vastly impact the total available funds during retirement.
By examining the details of spousal Social Security benefits, understanding your eligibility, and having a clear plan, you can work towards maximizing your income in retirement. Striving for a blend of Social Security, personal savings, and perhaps strategic investments will help ensure a more secure financial future for yourself and your spouse.