spousal benefits
Spousal Benefits: The Importance of Knowing the Rules
With Social Security benefits playing a key role in so many retirement financial plans–and especially for married couples–being fully aware of the many rules that govern eligibility for–and calculation of– spousal benefits is critical. From the provisions for one spouse…
What you should know before you collect spousal benefits
Coordinating your benefits with your spouse’s benefits can help you to get the most out of your Social Security payments. Your first step in maximizing your Social Security benefits should be to know the rules. There are three rules you…
Knowing How Your Benefit Increases (or Decreases) is Important
As most folks are aware, eligibility for Social Security benefits begins at age 62. What many folks are not aware of, however, is how much the benefit claimed at that age will be reduced from what would be available at…
Ask Rusty – Are Spousal Benefits Always a Factor?
Dear Rusty: Both my wife and I have worked our entire lives. When we retire, will we both be entitled to full benefit amount each, or will there always be a spousal factor in there? Also, how are those benefits…
Spousal benefits from Social Security
Being married comes with benefits – Social Security benefits – that is. When a worker files for retirement benefits, the worker’s spouse may be eligible for a benefit based on the worker’s earnings. The spousal benefit can be as much…
Can better communication between spouses lead to more retirement savings?
New research shows that married couples who do not communicate with their spouse about saving for retirement lose, on average, almost $700 in savings every year. The study found that “24 percent of couples failed to coordinate their contributions to…
Ask Rusty – Social Security Disability vs. Spouse Benefits vs. Survivor Benefits (and COLA)
Dear Rusty: I retired from working in June but will not sign up for Social Security until age 70 and, to do that, I plan to draw from my IRA for the next 3 years. My wife is receiving Social…
Ask Rusty – Can My Wife Claim Her Benefit Now, and Switch to a Spouse Benefit from Me Later?
Dear Rusty: Can my wife claim her benefits now (at 63, and we know about the reduction for claiming early) and then, when I retire at 66 years and 10 months of age almost 3 years from now, can she…
Ask Rusty – How Will My Wife’s Social Security Be Affected by her Teacher’s Pension?
Dear Rusty: My wife, born in 1960, was a Texas school teacher for about 10 years and receives a $1,000 per month pension from that work. She didn’t pay into Social Security while teaching, but she paid into it for…
For Those Approaching Social Security: Some Very Basic Fundamentals
If you’re nearing a decision on when to begin drawing Social Security benefits and, especially, if you’re considering filing early, there are some very, very basic questions you need to ask yourself before taking the plunge. If you’ve created a…