Social Security serves as an important source of income for millions of seniors. And if you are married, you have a great opportunity to make the most of these benefits. Here are three things you should know Social security If you are married upon retirement.
1. You can claim a benefit in your husband/wife’s work record
To become eligible for Social Security in retirement, you need to accumulate 40 work credits in your lifetime. The value of work credit can change from year to year, but if you have mostly held very part-time jobs, or if you never worked, you may not have the minimum required credits to be eligible for benefits.
But that doesn’t mean you’re completely lucky. If you are married, you are allowed to collect spousal benefits based on your partner’s work history, and your benefits will equal up to half of what your spouse collects. If your spouse qualifies for the $2,000 monthly benefit, you may be in line for the $1,000 benefit.
Even if you have worked and are eligible for your Social Security benefits, you may still qualify for spousal benefits. Whether you collect it depends on which option pays you more – your own benefit or your spouse’s half. Social Security will pay you the higher of the two, but you can’t double down and collect your benefit Plus marital benefit.