What Age Can Spouse Collect Social Security?
Social Security is a crucial component of retirement planning for many Americans, providing a source of income during their golden years. One important question that often arises is: what age can a spouse collect Social Security? Understanding the rules and regulations surrounding spousal benefits can help individuals make informed decisions about their retirement plans.
Eligibility for Spousal Social Security Benefits
Spousal Social Security benefits are designed to provide financial support to married individuals who have not yet reached full retirement age (FRA). Generally, a spouse can start collecting Social Security benefits as early as age 62, but doing so may result in a reduced monthly payment. The FRA for most individuals is between 66 and 67, depending on their birth year.
Full Retirement Age (FRA)
The FRA is the age at which a spouse can receive their full Social Security benefit amount. It is important to note that the FRA is different for each individual, based on their birth year. For example, individuals born between 1943 and 1954 have an FRA of 66, while those born in 1960 or later have an FRA of 67.
Reduced Benefits for Early Retirement
If a spouse decides to collect Social Security benefits before reaching their FRA, they will receive a reduced monthly payment. The reduction is permanent and cannot be recovered once the spouse reaches their FRA. The reduction amount is determined by the number of months before the FRA the spouse starts collecting benefits.
Waiting to Collect Benefits
On the other hand, if a spouse waits until after their FRA to collect Social Security benefits, they will receive a higher monthly payment. This is known as delayed retirement credits, and the amount of the increase depends on the number of months the spouse waits beyond their FRA.
Spousal Benefits for Divorced Individuals
Divorced individuals may also be eligible for spousal Social Security benefits, provided they meet certain criteria. To qualify, the marriage must have lasted at least 10 years, and the divorced spouse must be at least 62 years old. Additionally, the divorced spouse must not have remarried, or if they have remarried, the subsequent marriage must have ended through death or divorce.
Conclusion
Understanding what age a spouse can collect Social Security benefits is essential for making informed decisions about retirement planning. By familiarizing themselves with the rules and regulations, individuals can ensure they maximize their benefits and secure a comfortable retirement. It is always recommended to consult with a financial advisor or Social Security representative to determine the best course of action for your specific situation.
