Social Security: How To Increase Your Monthly Income By $800 With Affiliate Benefits – Community News
Social Security

Social Security: How To Increase Your Monthly Income By $800 With Affiliate Benefits

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Spousal benefits are one of the best ways to increase your monthly Social Security check — or get you a Social Security check if you don’t qualify yourself. When an employee claims retirement benefits through Social Security, the employee’s spouse may also be eligible for benefits, based on the employee’s income. Other requirements include that the spouse is at least 62 years old (the minimum age at which you can receive benefits) or has an eligible child in their care. Eligible Child means a child under the age of 16 or someone receiving Social Security disability benefits.

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There is no specific benefit amount that must be paid for partner benefit checks, as the specific amount depends on a number of factors, such as the employee’s lifetime income and how long he has worked. But according to the Social Security Administration, the average partner’s benefit in 2020 was $690 for men and $807 for women.

The partner’s benefit can be as much as half the “primary insurance amount,” the SSA states, depending on the spouse’s age at retirement. If the spouse decides to receive benefits before full retirement age, he will receive lower benefits as a result, just as the employee will if he receives early benefits. However, if the spouse takes care of a qualifying child, their partner allowance will not be reduced.

If a spouse qualifies for a retirement benefit based on their own earnings, and if that benefit exceeds the spousal benefit, then the SSA will pay them their retirement benefit – otherwise it will pay the spousal benefit.

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You can enter your date of birth and the month in which you wish to receive benefits on the SSA website here, and the SSA will tell you what effect early retirement will have on your partner’s benefit as a percentage of the employee’s primary insurance amount.

With Social Security benefits set to rise nearly 6% this year from another cost-of-living adjustment, and last year’s average spousal payments between $700 and 800, claiming your spousal benefits could give you a big income boost in 2022. .

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About the author

Georgina Tzanetos is a former financial advisor who studied post-industrial capitalist structures at New York University. She has eight years of experience in concentrations in asset management, portfolio management, private client banking and investment research. Georgina has written for Investopedia and WallStreetMojo.