Cutting the long and tedious talk short and understandable, Social Security is an essential program to support disabled and retired workers and their families by providing a guaranteed source of lifetime income for those who meet designed criteria.
This government program collects taxes from working Americans and gives the funds to qualifying disabled workers, retirees, and their families to be financially secure.
That includes that if you didn’t live enough to claim the money, your loved ones will claim Social Security and be financially stable.
Though the criteria and process get complicated when claiming the Social Security comes in spouse hands. Here are some factors to consider before filing the Social Security.
If your spouse outlives you
One should consider the possibilities that if your spouse will outlive you. Age difference, health issues, or drinking or smoking habits can be the deciding tools.
Anyway, in this case, if you are a higher-wage earner, then it would be better to delay your filing as long as possible.
That would land your spouse in a position to claim the survivors’ benefits category from Social Security.
Furthermore, the monthly sum your spouse is eligible for will equal the amount you collect each month.
Do not delay your filing in this case
A worker typically must earn 40 credits to qualify for Social Security, but if they die or are disabled young, they may qualify with fewer credits.
Hence, it concluded that a Social Security claim is based on earning enough credits if the amount of spousal benefits is larger than what you get you to come in line to claim it.
The spouse may be eligible for up to half of the monthly benefit at FRA, so if you’re collecting $2,000 a month, your spouse will receive $1,000.
But for your partner to collect spousal benefits, you’ll need to file a claim of your own. If your goal is to delay your filing as long as possible, you may, in the process, prevent your spouse from getting access to any Social Security income.
One should make a combined decision with a conclusive discussion.
If a partner wants to claim benefits at FRA or maybe sooner to collect a spousal benefit, they may want to delay the filing to secure a higher survivors benefit.
In the end, the decision should prevail on considering the circumstances and future planning.