5 reasons to be thankful for Social Security | Personal Finance

2. You can also qualify if you don’t work

Social Security takes care of spouses or ex-spouses who never worked and instead stayed at home to start a family (or opted out of the workforce for some other reason). If you are or were married to someone who qualifies for social security, you may be entitled to a partner benefit equal to 50% of what your current or former spouse receives each month.

3. You get flexibility about when you can archive

You are entitled to your full Social Security benefit based on your income history once you have completed the full retirement age, or FRA. That age is 66, 67, or somewhere in between, depending on when you were born.

But you can claim social security so early 62 years old, if you want that. For each month you claim benefits before FRA, those benefits are reduced. But you still get the choice to get your money earlier. That may mean applying as soon as you qualify, or applying for benefits at age 65 in conjunction with Medicare enrollment.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *