Claiming Early or Late

You can claim spousal benefits as early as age 62, but you won’t receive as much as if you had waited until your own full retirement age. For example, if your full retirement age is 67 and you choose to claim spousal benefits at 62, you’d receive a benefit that’s equal to 34.6% of your spouse’s full benefit amount.

The amount you receive increases with each year you delay. At your full retirement age (age 67 in this example), you’d be eligible for the maximum, which is 50% of your spouse’s full benefit . So there is no incentive to file for spousal benefits later than your own full retirement age.

If You’re Receiving Other Retirement Benefits

The calculation gets a bit more complicated if you are eligible to receive benefits from a government pension or foreign employer that is not covered by Social Security. Continue reading « The amount you receive will depend on when you begin to claim benefits »