Are there any benefits to being married?
Well I guess it depends on who you ask, but in the context of Social Security, absolutely!
Here is how it works.
As a married person, you can collect:
- EITHER your personal benefit, which is based on your 35 highest income earning years,
- OR you can collect what's called a spousal benefit, which is equal to half of what your spouse would be collecting at their full retirement age.
You choose whichever is higher.
But, you can only collect the spousal benefit if your spouse has already started collecting their Social Security benefit.
So, if there is an age gap between you and your spouse, you might consider collecting your personal benefit first if it is lower than the spousal benefit, and then switching over to the spousal benefit amount once your spouse begins collecting.
Just know you can't go the other way around. You can't go from spousal benefit back to personal benefit, because you are considered what is called "deemed."
Lastly, to be eligible for the spousal benefit, you only have to be married for one year. I guess you could say that's an anniversary gift that keeps on giving - but don't turn them on just because you can! Be sure to check out Social Security Benefits and the Best Time to Collect Them to learn what considerations you should make before you start collecting.