If you’re married and your spouse is receiving Social Security retirement or disability benefits, you may be eligible to receive spousal benefits. These benefits can provide crucial financial support, particularly if your spouse’s work history entitles them to a higher benefit amount. With September around the corner, it’s important to know how these benefits work, when you’ll receive them, and the eligibility criteria.
Spousal Benefits
Spousal benefits are designed to ensure that spouses of retired or disabled workers receive a portion of the worker’s Social Security benefits. As of July 2024, the average spousal benefit is approximately $910 per month.
However, this amount can vary significantly depending on factors such as the worker’s earnings record and the age at which the spouse begins receiving benefits. Some spouses might receive more or less than the average, depending on these factors.
Payment Schedule
Social Security benefits are typically paid out on a set schedule based on the recipient’s birth date or when they began receiving benefits. Here’s a breakdown of the payment dates for September 2024:
- September 3: If you receive Supplemental Security Income (SSI) and Social Security benefits, or if you started collecting Social Security before May 1997, your payment will be deposited on this date.
- September 11: This payment date is for those whose birth date falls before the 11th of the month.
- September 18: If your birthday is between the 11th and 20th, you’ll receive your payment on this date.
- September 25: Those born after the 20th of the month will get their payment on this date.
Supplemental Security Income (SSI) recipients will receive their payment on August 30, 2024, because SSI payments cannot be processed on Sundays when SSA offices and banks are closed. This early payment ensures that recipients do not experience delays in receiving their funds.
Eligibility Requirements
To qualify for spousal benefits, certain criteria must be met. Here’s what you need to know:
Marriage Duration
The spouse applying for benefits must be at least 62 years old to qualify for Social Security spousal benefits. Additionally, your spouse must already be receiving retirement or disability benefits. If you care for a qualifying child (under 16 or disabled), you might qualify for benefits regardless of your age.
Work History
The worker on whose record the spousal benefits are based must have paid enough into Social Security through payroll taxes. This is typically determined by the number of work credits the worker has accumulated over their career. For most people, 40 credits (equivalent to about 10 years of work) are needed to qualify for Social Security benefits.
Checking Your Eligibility
The easiest way to check your eligibility for spousal benefits is by accessing your my Social Security account online. Through this portal, you can download a Social Security Statement that provides detailed information about your spouse’s eligibility and estimated benefit amounts for both retirement and disability benefits. Additionally, it will show whether your family qualifies for survivors’ benefits or if you could be eligible for spousal benefits.
Benefits for Workers
It’s also helpful to address what your spouse might be receiving in terms of retirement benefits, as this can affect your spousal benefits. As of 2024, the average monthly payment for retired workers is about $1,919.
However, for those who have earned the taxable maximum throughout their careers and who delay filing for benefits until age 70, the monthly payment can be as high as $4,873. This means that your spousal benefits could be more substantial if your spouse is a high earner or has delayed retirement.
Spousal Benefits
If you’re nearing retirement age, it’s important to plan strategically to maximize your Social Security benefits. Delaying the start of your benefits can increase the monthly amount you receive. For spousal benefits, waiting until you reach your full retirement age (FRA) can entitle you to a higher benefit than if you start at 62.
Remember, while spousal benefits can provide significant support, they are typically capped at 50% of your spouse’s full retirement benefit. This cap applies if you start receiving spousal benefits at your FRA. If you start earlier, the amount is reduced.
Navigating the world of Social Security can be complex, but knowing the basics of spousal benefits, payment schedules, and eligibility requirements can help you make informed decisions about your financial future.
FAQs
How do I apply for spousal benefits?
You can apply online through your my Social Security account or by contacting the SSA directly.
What is the average spousal benefit in 2024?
The average spousal benefit is $910 per month as of July 2024.
When will I receive my Social Security payment in September 2024?
Your payment date depends on your birth date or when you started receiving benefits.
Can I receive spousal benefits if I’m under 62?
Yes, if you care for a qualifying child under 16 or who is disabled.
What is the maximum benefit my spouse can receive?
For high earners who file at 70, the maximum benefit can be up to $4,873 per month.
