Disclaimer: This is a test on how the author will take study notes in the future and testing the lay-out of the website. Please do not use the below information or on this website for any subject matters or for use of examinations. Furthermore, the author is not rendered any service in accounting, taxation or similar professional services.
Social Security Optimization
I. Spousal Benefits
The spousal benefit is equal to 50% of your spouse’s PIA if you begin collecting it at your own FRA.
Only dependent on when they begin collecting it.
The benefits will be reduced between the age of 62 and FRA.
35% of spouse’s PIA.
Note: This reduction is permanent and does not increase at a later age.
Collecting their own retirement benefit.
Filing for all benefits they are eligible to receive.
Any further increase in spousal benefits by waiting to collect after your own FRA.
II. Divorced Benefits
- Currently single.
- They and their ex-spouse are at least age 62.
- They were married for at least 10 years.
- The ex-spouse is collecting benefits.
If they have been divorced for over two years, they are considered independently entitled and the retiree does not need to have the ex-spouse to collect the benefits.
Affect the benefits of the retiree whose earnings those benefits are being paid on or the benefits of the retiree’s current spouse or other dependents.
Age 62, Spousal/ Ex-spousal Benefits: 35%, My own PIA: 75%.
Age 63, Spousal/ Ex-spousal Benefits: 37.5%, My own PIA: 81.3%.
Age 64, Spousal/ Ex-spousal Benefits: 41.7%, My own PIA: 87.5%.
Age 65, Spousal/ Ex-spousal Benefits: 45.8%, My own PIA: 93.8%.
Age 66, Spousal/ Ex-spousal Benefits: 50%, My own PIA: 100%.
Age 67, Spousal/ Ex-spousal Benefits: 50%, My own PIA: 108%.
Age 68, Spousal/ Ex-spousal Benefits: 50%, My own PIA: 116%.
Age 69, Spousal/ Ex-spousal Benefits: 50%, My own PIA: 124%.
Age 70, Spousal/ Ex-spousal Benefits: 50%, My own PIA: 132%.
III. Survivor Benefits
Children of the deceased, elementary or secondary school students under the age of 19.
Widow(er)s, having a child under age 16 or disabled child in his or her care.
Disable widow(er)s, must be disabled and be at least 50 years old.
Parent of the deceased worker, must have been dependent on the worker and be at least 62 years old.
Family dependents are entitled to a certain percentage of the retired worker’s PIA up to a maximum total.
1). Be at least 60 years old, or 2). have a child under age 16 or disabled adult child in his or her care.
The marriage lasted at least 10 years with the retired worker.
The children of a retired worker include minor children (under age 18), adult children disabled before the age of 22, and high school students under the age of 19.
IV. Non-Marital Legal Relationships
Same-sex marriage became legal and provided these couples with Social Security couple benefits such as spousal and survivor if they meet all other Social Security eligibility rules.
It is a detailed process for determining if other non-marital legal relationships are recognized for benefit purposes and it is a very state-specific decision.
First, it determined if the non-marital relationship can be treated as a marital relationship for purposes of determining entitlement to Social Security benefits.
The second is to determine if it qualifies as a marital relationship using the laws of the state where the worker resides.
Finally, the relationship must meet the duration of the marital relationship and all other requirements for the type of benefit to be claimed.
At least one year to qualify for spousal benefits and at least nine months to qualify for survivor benefits.
