Maximizing Your Benefits

March 16, 2015
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Did you know that it is possible to gain thousands of dollars by utilizing spousal Social Security benefits? Many people are unaware of the opportunities available to them to maximize these valuable benefits. Spousal benefits can be collected by individuals who are or have been married and Yahoo Finance recently listed four strategies that can be used to your advantage depending on your situation:

  1. The first strategy works best for couples when the spouse who makes a higher salary wants to continue working while the lower earning spouse wants to retire. In this case the higher earning spouse files for benefits and then suspends them, allowing their partner to start collecting one half of the filers benefits immediately. During this time delayed retirement credits are being accrued.
  2. The next strategy works best for couples earning similar incomes but one wants to retire before the other is ready. In this situation the retiring spouse files for benefits and the working spouse files a restricted application, which allows them to collect spousal benefits while they continue to work. During this time delayed retirement credits are accrued on their own benefit.
  3. If you are widowed and your spouse had a higher benefit, you are entitled to the higher benefit beginning at age 60.
  4. If you are divorced and at full retirement age you can collect benefits on your ex-spouse’s record if you were married for at least 10 years, your ex is 62 years or older, and you have not remarried.

For further information about each of the strategies listed above visit:

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