Can I Collect My Husband’s Social Security and Still Work?
Navigating the complexities of Social Security benefits can be a daunting task, especially when considering the possibility of working while receiving these benefits. If you are married and are wondering whether you can collect your husband’s Social Security and still work, this article aims to provide you with the information you need to make an informed decision.
Understanding Social Security Benefits
Social Security benefits are designed to provide financial support to individuals who have worked and paid into the Social Security system throughout their careers. For married individuals, there are additional considerations to take into account when it comes to collecting benefits.
Eligibility for Spousal Benefits
If you are eligible for spousal benefits, you can collect a portion of your husband’s Social Security benefits while still working. To be eligible, you must meet the following criteria:
1. Be at least 62 years old.
2. Be currently married or have been married for at least 10 years.
3. Not have remarried after age 60 (age 50 if disabled).
Collecting Benefits While Working
Once you have determined that you are eligible for spousal benefits, you may wonder how working will affect your benefits. Here are some important points to consider:
1. Earnings Limit: If you are collecting spousal benefits, your earnings may be subject to a limit. For those who are under full retirement age (age 66 or 67, depending on your birth year), there is an earnings limit of $18,960 in 2023. For every $2 you earn above this limit, $1 will be deducted from your Social Security benefits.
2. Reduced Benefits: If you start collecting spousal benefits before reaching full retirement age, your benefits will be reduced. However, if you wait until your full retirement age to start collecting, the reduction will not apply.
3. Benefits Increase: If you continue working and delay collecting your benefits until after your full retirement age, your benefits will increase. This is due to the fact that your earnings will continue to be credited to your Social Security record, potentially increasing your monthly benefit amount.
Maximizing Your Benefits
To maximize your Social Security benefits, consider the following strategies:
1. Delay Benefits: If you are eligible for both your own benefits and spousal benefits, consider delaying the start of your benefits until after your full retirement age to increase your monthly benefit amount.
2. Work Part-Time: If you are under full retirement age, you can still work part-time while collecting spousal benefits. Just be mindful of the earnings limit to avoid deductions from your benefits.
3. Consult with an Expert: If you are unsure about how to navigate the Social Security system, consider consulting with a financial advisor or a Social Security expert who can provide personalized guidance.
In conclusion, you can indeed collect your husband’s Social Security and still work, but it is essential to understand the rules and regulations surrounding these benefits. By doing so, you can make informed decisions that will maximize your financial security in retirement.
