Editor’s Word: This story initially appeared on The Penny Hoarder.
The advantages of marriage don’t cease at love and companionship. In some conditions, marriage may end up in extra Social Safety advantages. Should you keep married for a minimum of 10 years, these advantages can final even in the event you get divorced.
However the guidelines for marriage and Social Safety get difficult.
You don’t mechanically get extra Social Safety advantages simply since you’re married. Many, if not most, individuals will get the most important profit by claiming on their very own work file.
But when your work historical past is restricted and also you marry somebody who earns considerably more cash than you do, chances are you’ll get extra from Social Safety by claiming spousal advantages. Listed below are a number of issues married {couples} can’t afford to not know.
1. You possibly can stand up to 50% of your partner’s full profit
The utmost spousal profit is 50% of your partner’s major insurance coverage quantity. That’s the profit they’ll qualify for as soon as they’re full retirement age, which is 67 for anybody born in 1960 or later.
Should you take advantages earlier than your personal retirement age, you’ll get lower than 50%. For instance, in the event you begin your advantages at 62 — the earliest age you’ll be able to take Social Safety — you’d obtain simply 32.5% of their major quantity.
2. You don’t get to say each advantages
Sorry, however the perks of marriage don’t embrace double-dipping. Social Safety provides you with whichever is greater: your personal profit or your spousal profit, however not each.
Should you qualify for some advantages primarily based in your earnings historical past, technically Social Safety will use your personal file first. Then they’ll use your partner’s file to get you the utmost profit.
3. There’s no further credit score for ready previous full retirement age for spouses
Whenever you take Social Safety by yourself file, you’ll get the utmost profit at age 70. That’s as a result of for yearly you delay Social Safety previous full retirement age, you increase your profit checks for all times by 8%, due to delayed retirement credit.
However in the event you’re taking spousal advantages, you’ll be able to’t earn delayed retirement advantages. Your advantages will max out when you attain full retirement age, which is 67 for anybody born after 1959.
4. You possibly can’t declare a partner’s Social Safety incapacity
You possibly can solely declare Social Safety Incapacity Insurance coverage (SSDI) in the event you’ve paid into Social Safety your self and have a qualifying medical situation.
You possibly can’t take incapacity advantages on another person’s file, together with a partner’s.
5. Divorcing? You should still be capable to get spousal advantages
Should you had been married for a minimum of 10 years and also you’ve been divorced for a minimum of two years, you’ll be able to declare your ex’s Social Safety.
The identical spousal guidelines apply: Your most profit shall be 50% of their major quantity. You’ll obtain a decrease quantity in the event you declare early, and also you received’t earn delayed retirement credit for ready previous your full retirement age.
Your ex-spouse must be a minimum of 62 so that you can declare on their file. Your determination could have completely no impact in your ex-spouse. Likewise, if somebody you’ve divorced takes Social Safety in your file, your advantages received’t be decreased.
6. Should you’ve remarried, you’ll be able to’t declare your ex’s advantages
When you remarry, you’re not allowed to say spousal advantages in your ex’s Social Safety. However when you’ve been married for a yr, you’ll be able to qualify for advantages in your present partner’s file.
Should you’ve had a couple of marriage that lasted 10 years or extra and resulted in divorce, Social Safety will take a look at everybody’s file — yours and every ex-spouse’s — and provide the greatest profit.
7. Survivor advantages are as much as 100% of the deceased partner’s profit
In case your partner dies earlier than you, you’ll be able to qualify for as much as 100% of their Social Safety advantages by means of survivor advantages in the event you wait till your full retirement age.
You can begin survivor advantages as early as 60 (or 50 in the event you’re disabled), however you’ll obtain a decreased quantity. These guidelines apply to ex-spouses as properly, supplied that the wedding lasted for 10 years.
As with spousal advantages, you’ll get whichever is larger: your personal profit or the survivor profit, however not each.
There’s additionally an exception to the remarriage rule for surviving spouses: Widowed and ex-spouses who qualify for survivor advantages can remarry at 60 (or 50 if disabled) and proceed to obtain their late partner’s advantages.