This week, Craig Siminski, of CMS Retirement Income Planning, shares an article offering an overview of spousal benefits, which could make a big difference in funding retirement for a married couple:
More than 2.3 million Americans currently receive Social Security spousal benefits. The average benefit is almost $800 per month, and some spouses receive significantly more.
These valuable benefits can make a big difference in funding retirement for a married couple and might result in higher total benefits, even if both spouses have their own work records.
Basic Spousal Benefits
To receive a spousal benefit, you generally must be age 62 or older and married for at least one year to an eligible worker who is receiving or has filed for Social Security benefits. The maximum spousal benefit is equal to 50% of your spouse’s primary insurance amount (PIA), the amount he or she would receive at full retirement age.
If you elect to receive a spousal benefit before your full retirement age, you will receive a permanently…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 22 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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