If you are married and want to make the most of social security benefits, you need to understand spousal benefits. Even a spouse who has never worked can receive a social security check based on their spouse’s earnings. To begin with, a spouse is entitled to a benefit equal to the greater of their own benefit or 1/2 of their spouse’s benefit. So, for example, once a husband has filed for social security benefits his wife (who has never worked) is entitled to a benefit equal to 1/2 of his benefit at his full retirement age.
If you would like to learn more about social security claiming strategies, please contact us at Horizon Advisors. In addition, Rob Kron, managing director of BlackRock has written a more comprehensive article on spousal benefits which you can read by clicking here.