The MOST POPULAR Reasons to Take Social Security Spousal Benefits Early

The Social Security Spousal Benefit is one of the most underrated offerings from the SSA. This benefit has turn many a sparse retirement into one of comfort and enjoyment. Yet as important as this add-on really is, the Social Security Spousal Benefit does have significant financial penalties for claiming early. So why do so many husbands and wives take this early?

This video covers the most cited reasons for taking the benefit early (outside of, "I've paid into the system for 40 years so I'm due," (which is #1 by a long shot :) ).

Will you kindly consider liking the video and subscribing so that you are alerted the next time I upload a video - I post about twice a week.

Links Mentioned in this Video:

Other Important Links:

Social Security Administration Application for Benefits

Current Social Security Cost of Living Adjustment

Social Security Payment Estimator

THE CHANNEL’S MOST POPULAR VIDEOS

Should You Take Social Security at Age 62 and Invest it?

7 GOOD REASONS to File for Social Security Benefits at Age 62

Average Retirement Savings by Age 60. Are You Almost Ready to Retire?!?

The BEST AGE to File for Social Security Retirement Benefits

3 Social Security "Little Known Facts" That Are REALLY Important

Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[dangottwald]

My wife is older than me and has been a homemaker all her life. She has no earnings record, no social security. As such I have had to purchase her health insurance despite her age being greater than 65. I plan on taking social security at FRA, at that point her Medicare will be paid by her spouse benefit. I have, however, been able to deduct her Medicare payments as I am self-employed.

Hard choices!

[scottsinnott]

Why don't financial advisors consider the time value of money when calculating the break even point? That makes a big difference.

[michaelh]

I think you should take social security asap.

By the time you retire. You should have enough in investments to support yourself. Social security should be used to keep up your investments.

[bartpascoal]

I have an adult disabled son and if I retire early he can get on my benefit and my wife could retire at 60 but the rules around that are so hard to find. What benefit level would my spouse get if she retired earlier than 62? (This is allowed because of my son) Anyway it's a really confusing part of SS I wonder if you could touch on it?

[ritchgilleland]

When you have time, would you please address Social Security issues involving individuals and their spouses who have pensions - (WEP and GPO)? Thanks for all of your VERY informative videos :)

[dennishassler]

Would it make sense to take it early to be able to qualify for Medicare benefits?

[bombdawg]

When I am at FRA, my wife will be turning 62. As of now-and this is not expected to change at this late date-she would draw a lot less at FRA than I will be. We're both in good health, and let's assume that will continue to be the case. Should she apply for spousal benefit, or draw her own at 62? We are going to retire when I'm at FRA and she's 62, but want to know which scenario is prefferable.

[richardlin]

Does the primary earner needs to wait until FRA to file or he can file as early as 62 and his spouse can begin to collect spousal support as long as she reaches 62 (assuming she does not have SSI)?

[triskerslake]

Greetings Geoff. I've found your series on DSS matters most informing. I'm married to a US citizen and we're both living in Melbourne, Australia. To complicate matters further, I am not a US citizen either (British). I know there are a significant number of people in the same boat as us, so a discussion of the problems of claiming social security while resident overseas might be something to consider doing as a video. Thank you for all your hard work.

[bananapatch]

We are both outta here at 62...moving to Mexico where the cost of living is about 35% of our costs here in the US.

[sicilianfriend]

How about compounding interest if you don't need the money? If I take early (chart at 2:40) and earn 5% annually, I come out ahead even at age 83 ("End of Period" as FPs say).

[rockmeloud]

Mr. Schmidt do you know if as a Veteran I will be able to collect SS, military pension, and VA disability?

[jerrythomas]

Good info !! But do you have a video on survivor benefits? I just retired at 64 and not ready to or have a need for my own SS. I'm hearing that I can draw on my deceased wife's benefits for now until I decide to draw on my own . Is this true? We were married for 36 years.

[sweetsalo]

Great information! Do you have any videos with regards to Windfall provision and how much that affects your SS payment?

[stephenbouchelle]

Can my spouse take retirement at 62 and then apply to ‘top up’ her benefit when I take my benefit (four years later) at 67 to then end up getting 50%?

[CAMusicFan]

Geoff, thanks for your great work! I've seen your discussion about the break-even analysis of when to retire, and I understand that the same considerations apply for the spousal benefit. That said, can you put together a break-even analysis of a *different* scenario: when a spouse files for benefits on their OWN earnings at age X, then SWITCHES to spousal benefits when their spouse files at age Y? (The assumption is that the spousal benefits will be higher than the spouse's own benefits.)

For example, my wife and I are the same age, and her own benefit at FRA would be about 40% of mine. If I decide to start taking benefits at FRA, it makes sense for her to wait and claim spousal benefits at the same time; the break-even point is in our 70s. However, If I decide to wait until age 70 to claim benefits, it could make more sense for her to claim her own benefits as soon as possible, even though her spousal benefits will be lower once she switches - by my own rough calculations, our break-even age (if she waited until age 70 to start claiming spousal benefits) is well into our 90s! I think this would be a very useful tool for couples in the same situation as ours.

[MrCaveman]

My Wife had to have both her Hips replaced and her Rt shoulder replaced. She has COPD and some other issues. She was denied SSDI three times! (Two times using an Attorney) Even when she was bedridden for 2 years the SSA denied her! She still cannot work and this has been going on for over 8 years. She's 61. I haven't worked in about 9 years. I'm military retired and receive a pension. I also was blown up a couple times so I also receive a VA disability pension. And since I can't work I receive SSDI. I have to supplement my Wife's living by basically giving her an allowance from the funds I get. Would it make sense to have her file for her regular SSA benefits at 62 since they keep denying her SSDI?

[kathystewart]

I am 58 and on ssdi. When my husband (63 in 2021) starts his retirement at age 65, am I able to take spousal too, , since I'm on ssdi? Ty

[robRobblah]

Hey Jeff, Great sequence of videos on SS! Could you do a video sometime soon that addresses those whose spouses are immigrants to US, and may or may not be on a path to citizenship. For example: What about a US Citizen that marries a younger spouse who has immigrated to the US and is younger, say 10ish years. How do spousal bebenfits work in that scenario especially if the couple will reside in two countries together, alternating based on good weather :).

Cheers and thanks for all you are doing!

[ChrysanthsMum]

I’m not certain what you mean by spousal benefits. My husband and I have both worked full time and out social security difference is only about $300. Does that make a difference? We were born 2 weeks apart so I’m hoping we retire at the same time.