This Social Security Spousal Rule Is Officially Finished in 2024

Plan Ahead The best use of Social Security spousal benefits entails discussing who should claim and when. MarketWatch stated that Social Security always pays the lower earner the larger of individual or spousal benefits.

Couples seeking benefits should create an online Social Security Administration account to assess their anticipated benefits at different claiming ages.

Avoid Early Benefit Claims As previously reported by GOBankingRates, Social Security benefits depend on job history and filing date. Most workers retire at 67, but you can collect benefits at 62. However, 30% of your benefits will be permanently cut.

If your monthly retirement payout is $2,000 at 67, filing at 62 reduces it to $1,400.  A spouse's Social Security benefit depends on the primary beneficiary's. If your spouse applies for benefits at 62, your spousal benefit will be permanently decreased.

You don't have to wait till 70 to file. Waiting to claim Social Security retirement benefits usually increases your check. Waiting until full retirement age assures you receive the full benefit, whereas waiting until 70 maximizes it.

Workers who delay their Social Security retirement payouts will receive more, just as those who claim early, such at 62, receive less.

Spouses cannot employ the age 70 rule since their payout is limited to 50% of the primary beneficiary's retirement benefit. Your maximum Social Security payment would be 50% of the primary beneficiary's FRA benefit even if your spouse collected at 70.