3 Social Security Secrets All Married Couples Need to Know Before Retirement | The Motley Fool

Social Security is an integral source of income for millions of retirees. More than 40% of baby boomers expect their benefits to be their primary income source in retirement, according to a 2023 report from the Transamerica Center for Retirement Studies, so it's wise to make the most of them.

If you're married, you may be entitled to extra money each month in the form of spousal benefits. The average spouse of a retired worker collects around $912 per month, as of March 2024. If you qualify for this type of Social Security, it could go a long way.

Spousal benefits can sometimes be confusing and complicated, however, and there are a few things all married couples should know before retirement.

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1. Your spousal benefit will depend on several factors

To qualify for spousal benefits, you must currently be married to someone who is entitled to either retirement or disability benefits. But there are a few other factors that could affect how much you receive and whether you're eligible at all:

• Your age: In general, you must be at least 62 years old to qualify. However, if you're caring for a child who is disabled or under age 16, you may be eligible for spousal benefits regardless of your age.
• Your work history: The maximum you can receive in spousal benefits is 50% of your spouse's benefit at his or her full retirement age (FRA). If you're also entitled to retirement benefits based on your work history, you'll only receive the higher of the two amounts -- not both. If your retirement benefit is higher than your spousal benefit, you won't qualify for spousal Social Security at all.
• The age you file for benefits: While you can file as early as age 62, in most cases, you'll need to wait until your FRA to collect the full benefit you're eligible to receive. Your FRA depends on your birth year, but it's age 67 for everyone born in 1960 or later. File earlier than your FRA, and you'll receive a reduced payment.

Not all married retirees will qualify for spousal Social Security, so it's important to understand the eligibility requirements before you file.

2. Divorce benefits are also available to some retirees

No married couple expects to get divorced, and divorce benefits are a type of Social Security most retirees hope to never need. But in the event that your marriage ends, you may still qualify for extra money in benefits each month.

Divorce benefits are similar in many ways to spousal benefits. You generally have to be at least 62 years old to file, and the maximum you can receive is 50% of your ex-spouse's benefit at his or her FRA. You also can't currently be married (though your ex-spouse can be remarried), and your previous marriage must have lasted for at least 10 years.

Filing for divorce benefits will not affect your ex-spouse's benefit in any way. If your ex has remarried, claiming divorce benefits also won't affect his or her current partner's ability to take spousal benefits.

3. You could qualify for survivors benefits later in life

Survivors benefits are another type of Social Security most people hope to never need, but it's important to know that they are an option. They're primarily available to widows and widowers, though they're also sometimes available to other family members -- such as parents, children, and divorced spouses -- who were financially dependent on a loved one who passed away.

Exactly how much you can receive in survivors benefits will depend mostly on your age and relation to the deceased person. But in the case of widow(er)s, you can generally collect your spouse's entire benefit amount in survivors benefits after your spouse dies.

The average spousal benefit amounts to hundreds of dollars per month, so it's worthwhile to see whether you qualify for this special type of Social Security. Whether you're married, divorced, or widowed, you may be entitled to more than you may think.