Claiming Social Security Benefits

Written by: Jacob Brydels, Wealth Manager

Are you approaching retirement and thinking about when to claim your Social Security benefits? Social Security decisions are personal, and we are here to help you navigate the options to determine what’s best for you. 

To qualify for Social Security, you must have paid into the system for at least 40 quarters, or 10 years. Once you’re eligible, you can begin claiming benefits, but there may be factors in addition to your starting age that can influence the timing and amount of those benefits. 

A major consideration is your marital status, which can provide additional benefits. If you’re married, you may be eligible to receive a spousal benefit based on your spouse’s earnings record. If your spouse had a higher earnings history, you may be able to claim up to 50% of their benefit amount, if it’s higher than your own. To receive the full 50%, you must wait until your Full Retirement Age (FRA). If claimed earlier, the amount will be reduced. Sometimes it makes sense to claim your benefit first, and once you’ve reached your Full Retirement age, claim your spousal benefit.  

For widows and widowers, Social Security may provide a higher benefit as well. If you were married for at least 9 months, you may be eligible to claim your deceased spouse’s benefit and can receive up to 100% of their benefit if you wait until your Full Retirement age. This will be reduced if taken earlier, but you can begin this as early as age 60 (or age 50 if you are disabled).  

Divorcees also have potential benefits under Social Security. If you were married for 10 years or longer, you can qualify for Social Security benefits based on your ex-spouse’s earnings. If your ex-spouse has remarried, you can still be eligible for this benefit, as long as you have not remarried. The benefit amount will be 50% of your ex-spouse’s benefit, if more than your own. However, if you claim benefits before your Full Retirement age, the amount will be reduced.   

If you are married, widow/widower, or divorced, it’s important to evaluate whether claiming benefits based on your spouse’s or ex-spouse’s record is more advantageous than claiming based on your own record.   

Our team at Wheelhouse is here to help you assess your options and determine the best strategy for you and your family. 

Sources: 

• Social Security Administration. “Retirement Benefits.” https://www.ssa.gov/benefits/retirement/ 
• Social Security Administration. “Widows and Widowers.” https://www.ssa.gov/benefits/survivors/ 
• Social Security Administration. “Divorced Spouse Benefits.” https://www.ssa.gov/family/eligibility  
• Social Security Administration. “Family Benefits.”  https://www.ssa.gov/family