Baby boomers rely on Social Security, spouses can receive benefits based on partner's work

From Nasdaq.: 2025-02-22 14:00:00

1. 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.
2. 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.
3. 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.
4. 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