When can spouse draw social security? This is a common question among married individuals who are approaching retirement age. Understanding the rules and regulations surrounding when a spouse can begin receiving Social Security benefits is crucial for making informed decisions about retirement planning and financial security. In this article, we will explore the various scenarios under which a spouse can draw Social Security benefits and provide guidance on how to determine the best time to start receiving these benefits.
Social Security benefits are designed to provide financial support to eligible individuals and their families during retirement. For married couples, the rules governing when a spouse can draw Social Security benefits are slightly different compared to single individuals. Here are some key factors to consider:
1. Full Retirement Age (FRA): The Full Retirement Age (FRA) is the age at which a person is eligible to receive their full Social Security retirement benefits. For most individuals born between 1943 and 1954, the FRA is 66. For those born in 1960 or later, the FRA is 67. A spouse can begin receiving Social Security benefits as early as age 62, but the monthly benefit amount will be reduced if taken before reaching FRA.
2. Early Retirement: If a spouse decides to retire before reaching their FRA, they can start receiving Social Security benefits at age 62. However, the monthly benefit amount will be reduced by a certain percentage for each month before reaching FRA. For example, if a spouse begins receiving benefits at age 62, their monthly benefit will be approximately 30% less than the full retirement benefit.
3. Delayed Retirement: A spouse can also choose to delay receiving Social Security benefits beyond their FRA. By doing so, they can increase their monthly benefit amount. Each month a spouse delays receiving benefits between FRA and age 70, their benefit amount increases by approximately 8% until age 70.
4. Spousal Benefits: A spouse may be eligible to receive a spousal benefit based on their partner’s earnings record. To qualify for a spousal benefit, the spouse must be at least age 62 and either be married for at least 10 years or have been divorced for at least two years. The spousal benefit amount is typically based on the higher of the spouse’s own earnings record or their partner’s earnings record.
5. Survivor Benefits: In the event of the primary wage earner’s death, the surviving spouse may be eligible to receive survivor benefits. These benefits can be started as early as age 60, or age 50 if the surviving spouse is disabled. The survivor benefit amount is typically based on the deceased spouse’s earnings record.
In conclusion, the question of when a spouse can draw social security depends on various factors, including age, marital status, and individual circumstances. By understanding the rules and regulations surrounding Social Security benefits, married individuals can make informed decisions about their retirement planning and ensure financial security for themselves and their families.
