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What are Social Security Spousal Benefits? - YouTube
Channel: Citizens National Bank
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(slow piano music)
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- The spouse of a worker who is entitled
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to Social Security may
claim a spousal benefit.
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So, currently, and we'll
talk about this in a minute,
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about 85% of women are able to collect
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on their own benefits.
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They've worked.
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They have some kind of
Social Security benefit
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for themselves.
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But when Social Security first started,
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that was not the case.
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The majority of women
claimed a spousal benefit,
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and not a benefit on
their own work record.
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So "entitled" means the
worker is eligible for
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Social Security and
has filed for benefits.
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So, my husband and I are married.
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I've never worked.
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He's 62, but he hasn't
claimed for benefits.
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Because he has not filed for benefits,
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I cannot claim a spousal benefit.
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I cannot claim a spousal
benefit until he claims his.
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So that's what we're talking about here.
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So Jack and Jill are married.
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They are both 66 years old.
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Jack has paid into Social
Security all of his life.
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His primary insurance
amount, or PIA, is $2,400.
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Jill never worked.
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Once Jack files for
Social Security benefits,
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Jill may file for her spousal benefit.
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Jill's spousal benefit will
be 50% of Jack's primary
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amount, or $1,200.
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That's an easy one,
nice, straight, and easy.
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So, primary insurance
again, if you collect early,
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you're only gonna get 35%,
not 50% of his benefit,
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or her benefit.
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So again, you are getting a deduction.
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If you were born after 60 or later,
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you're only gonna get 32.5%.
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So again, collecting
early, if you're collecting
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a spousal benefit, is a reduction.
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You're already getting a reduction and
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only getting half the benefit,
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now you're getting another
reduction here, as well.
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Women in the workforce,
they told you here,
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in the 1950s only 30% of
the women collected off
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their own work.
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Now we're seeing it close to 50.
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That number is getting bigger.
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Women who qualify for Social
Security on their own record,
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we see men, women, fully
insured for Social Security
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benefits, fully insured
for disability benefits.
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So we're now seeing it get much closer,
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where both husband and
wife or men and women
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are collecting benefit
on their own record.
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So rules for spousal benefits,
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primary worker must have
filed for his or her benefit.
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The spouse must be at least
62 years for reduced benefits
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of 35%, or 66 for the
full 50% of the benefit.
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Spousal benefit is based
on the worker's primary
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insurance and not the actual benefit.
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We'll talk about what that
means here in just a minute.
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No delayed credits on
spousal benefits after
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full retirement age.
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So my worked, decides not
to collect his until 70.
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I do not get that 50%
of the amount at age 70.
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Remember when he was going
to get the 8% increases?
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I am only gonna get 50% of
his primary insurance amount,
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which is the amount he is
eligible to collect at 66.
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So I don't get the benefit
of that extra 8% bump.
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So marriage requirement
is approximately one year.
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It's a little bit less than that.
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So, what if the spouse is also entitled to
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Social Security on their own work record?
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So the spouse will receive the benefit on
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his or her work record first.
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So you're gonna get money on yours first.
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If the spousal benefit would be higher,
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you are paid the additional amount to
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come up to the higher of the two,
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but you're gonna get
paid your benefit first,
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and then the additional to
come up to the other amount.
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So here's our example.
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Jack and Jill again,
they're still married.
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Jack is 66, Jill is 62.
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Jack's primary insurance amount is $2,400.
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Jill's is $800.
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Jack files for benefits at 66.
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She files at 62.
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Jill will receive her own
reduced benefit, $600,
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or 75% of the $800,
and a spousal add-on of
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$280 for a total benefit of $880.
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Spousal add-on formula,
$2,400 times 50% is $800,
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times the 70% equals $280, which is about
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37.%% of his primary.
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Just so you know, you don't
have to do these calculations.
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We will do them for you.
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(slow piano music)
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