No matter where you are in life, it’s probably a good time to start planning for retirement, and that includes knowing the benefits received through Social Security. However, for millions of married women in the U.S., the topic of retirement brings up a mix of emotions and questions. To reduce any anxiety and confusion about social security benefits Wyckoff NJ, use this simple guide to 3 Social Security secrets that every married woman should know.
Being Married Doesn’t Limit Benefits
Whether she is married or not, a woman will get her own Social Security benefit. If she has worked outside the home, she will not be limited to one-half of the Social Security benefits her spouse has earned, but rather be able to receive the credits she has earned if they pay the higher rate.
As an example, if your spouse has earned a Social Security benefit of $1,300 per month and you have earned a benefit of $1,400 per month, the total amount of Social Security benefits you earn on a monthly basis will total $2,700.
Widows May Receive Additional Benefits
Once a widow reaches the age of 60, she is eligible for 71 percent of her spouse’s Social Security benefits. That number jumps to 100 percent once she reaches full retirement age, around 65. If you were living with your spouse when they died, you may also receive a one-time death benefit of over $200.
Divorced Women May Be Eligible for Their Ex’s Social Security
If a woman was married to her spouse for at least 10 years before their divorce, she may be eligible for Social Security benefits based on the credits earned by their ex. It’s important to note that any benefits paid to the divorcee do not interfere with or reduce the benefits given to the ex’s current spouse.
Knowing the Social Security benefits available will enable a woman to plan more confidently for her retirement.