Baby boomers rely on Social Security, spouses can receive benefits based on partner's work
From Nasdaq.: 2025-02-22 14:00:00
- More than 40% of baby boomers plan to rely on Social Security as their main source of retirement income, with the average spouse of a retired worker receiving over $931 per month in spousal benefits as of January 2025.
- To qualify for spousal benefits, you must be married or divorced from a spouse who is eligible for Social Security, generally be at least 62 years old, and have a retirement benefit lower than your potential spousal benefit.
- Spousal benefits can be affected by your spouse’s passing, potentially leading to survivors benefits instead, which could provide up to 100% of your spouse’s Social Security benefit at your full retirement age. Ex-spouses and other family members may also be eligible.
- It’s important to maximize your Social Security benefits by exploring spousal, divorce, or survivors benefits if you qualify, as they can significantly impact your retirement income.
Read more at Nasdaq.: Here’s How to Tell If You Qualify for Spousal Social Security Benefits