If You’re Getting Married in March 2022, Here’s How to Maximise Your Social Security Benefits|

In the event that you and your spouse are married, there are a few things you and your husband may do to ensure that you get the most out of any Social Security payments you may be entitled to.

As a reminder, your personal Social Security payment is determined by the number of years you worked and the amount of money you earned during those years.

What you can do, aside from taking your personal earnings history into consideration, is take advantage of the additional perks available to married couples.

Your total financial health is dependent on your ability to make the best financial decisions for you and your spouse together.

Try out your patience by playing the Waiting Game.

While it is possible to claim Social Security payments at any age if both spouses work — or even if just one does — the ideal course of action is to wait until you reach the age of 70.

It doesn’t matter if you claim at age 62 (the earliest age feasible to claim) or age 70, the total amount you receive over the course of your life will be the same.

However, your monthly check will be larger if you claim later in life.

When both spouses wait, the same applies. Thus, both spouses receive a larger payment at 70 than they would have received at 62, with some checks being up to 30% larger at 70 than at 62.

It should be noted, however, that personal circumstances may prevent this from being the case in all situations.

Social Security Benefits

Benefits for your spouse might be claimed.

If you work, you will receive either your own benefit or the spousal benefit, whichever is the bigger of the two amounts.

In fact, if you didn’t work and have been married for at least a year, you may be eligible to receive up to 50% of your spouse’s retirement benefits.

For you to be able to claim on their earnings record, the working spouse must have previously claimed their benefits.

In the event that you did not work, or if your earnings were much lower than those of your spouse throughout your own work history, taking advantage of spousal benefits is the most efficient approach to maximize your own social security income.

Your benefit will be lowered as well, so if your spouse claims at the age of 62, you would only receive 30 percent of their benefit instead of 50 percent.

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One thing to keep in mind is that if you are caring for a spouse’s child who is under the age of 16 and that spouse receives Social Security benefits,

you will be entitled to collect spousal benefits early without the spousal benefit amount being reduced.