The benefits of marriage dont stop at love and companionship.
In some situations, marriage can result in more Social Security.
If you stay married for at least 10 years, those benefits can last even if you get divorced.
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But the rules for marriage and Social Security get complicated.
Here are seven things married couples cant afford not to know.
Fewer than 4% of Social Security recipients collect spousal benefits.
The vast majority of people will get the biggest benefit by claiming on their own record.
Heres how it works.
1. you might get up to 50% of your spouses full benefit.
The maximum spousal benefit is 50% of your spouses primary insurance amount.
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If you take benefits before your own retirement age, youll get less than 50%.
You dont get to claim both benefits.
Sorry, but the perks of marriage dont include double-dipping.
Then theyll use your spouses record to get you the maximum benefit.
Theres no extra credit for waiting past full retirement age for spouses.
When you take Social Security on your own record, youll get the maximum benefit at age 70.
Did you know?
Your benefits will max out once you reachfull retirement age, which is 67 for anyone born after 1959.
You cant claim a spouses Social Security disability.
You cant take disability on someone elses record, including a spouses.
You may still be able to get their benefits.
The same spousal rules apply: Your maximum benefit will be 50% of their primary amount.
Your ex-spouse needs to be at least 62 for you to claim on their record.
Your decision will have absolutely no effect on your ex-spouse.
Likewise, if someone youve divorced takes Social Security on your record, your benefits wont be reduced.
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If youve remarried, you cant claim your exs benefits.
Once you remarry, youre not allowed to claim your exs Social Security.
Survivors benefits are up to 100% of the deceased spouses benefit.
These rules apply to ex-spouses as well, provided that the marriage lasted for 10 years.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
She writes the Dear Penny personal finance advice column.
Send your tricky money questions to[email protected].
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