- Will You Qualify for Social Security Retirement Benefits?
- When Can You Collect Full Social Security Retirement Benefits?
- How Much Will You Collect?
- What Can Your Spouse Expect to Receive?
- What If You Want to Receive Social Security Retirement Benefits Early?
- How Much Can You Earn without Reducing Your Benefits?
- What If You Postpone Collecting Your Benefits?
- How About Inflation and Social Security?
- Will Your Social Security Benefits be Taxable?
- Auditing Your Social Security Statement
Your working spouse will receive the higher of his or her own benefit or the non-working spouse's benefit, but not both. The non-working spouse's benefit equals 50% of your benefit. If your spouse never worked, he or she is still entitled to 50% of your benefit. Your spouse (either working or non-working) is eligible to receive that benefit when he or she reaches full retirement age. A non-working spouse can receive a reduced benefit as early as age 62, but he or she can start receiving the benefit only after you begin to receive your benefit.
You will also need to understand the financial consequences if you elect to receive benefits early, as well as how much you can earn without reducing your benefits. You can increase your benefit amount by postponing collecting benefits beyond your full retirement age. You should look into how Social Security compensates for the effects of inflation, and the extent to which your benefits will be taxable.
The Social Security Administration will send you a yearly Social Security Statement, which will help you plan when you will start receiving benefits.
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NHTrust is a trade name of New Hampshire Trust Company. Brokerage services are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Investment and insurance products are subject to investment risk, including the possible loss of value. Products and services made available through Osaic Institutions are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. Osaic Institutions and NHTrust not affiliated.