Are you worried that your spouse, who had not been under Social Security, may not have much financial security when the time comes that they reach the retirement age?
Well, to allay your worries, according to the Social Security Administration (SSA), even if your spouse did not work under the Social Security, he or she may still collect benefits, at the earliest opportunity once he or she reached 62 years old.
However, if your spouse availed of his / her benefits early, a permanent reduction to the amount he/she may receive would be done. The reduction will be based on the percentage of the number of months until his or her full retirement age.
Here are the other benefits that your spouse may receive:
0 At the age of 65, qualify for Medicare on account to your record.
0 If he or she receives spouse benefits upon reaching full retirement age, he or she can receive an amount that is equal to half of your full retirement’s amount. However, any delayed retirement credits that you may receive would not be included in your spouse’s benefits.
0 Without regard to his or her age, your spouse may already receive the full half of your benefit amount if he or […]
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The list of hard choices and sacrifices parents make for their children is endless. Send them to soccer camp or little league, enroll then in private or public school, give them a 10p.m. or midnight curfew - the list goes on and on. One thing that shouldn’t be on that list - save for college or retirement.It might sound harsh, but parents shouldn’t sacrifice their own financial security for the sake of their children. What they should do is figure out how to save for their children’s college education and for their own retirement at the same time. The sooner they figure this out, the better.Unfortunately, saving usually ranks lower on the list compared to other priorities. People in their 20’s may be focused on paying off student loans and credit card debt. People in their 30’s may be focused on raising a family and juggling the costs that come along with that, such as buying a first home, paying two car payments, etc. When people reach their 40’s and 50’s they are concerned with saving for their children’s college education and their own retirement. And this is where the problem lies.Getting a late start can be a challenge, but […]
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