Bottom line: Spouses taking care of a qualified or disabled child at age 62 can receive full-retirement age (FRA) spousal benefits.
Eligibility: When a worker files for retirement benefits, the worker’s spouse may be eligible for a benefit based on the worker’s earnings. Another requirement is that the spouse must be at least age 62 or have a qualifying child in her/his care. By a qualifying child, the Social Security Administration (SSA) means a child who is under age 16 or who receives Social Security disability benefits.
Benefits: According to the SSA spousal benefits can be as much as half of the worker’s benefit amount depending on the worker’s age at retirement. If the spouse begins receiving benefits before FRA the spouse will receive a reduced benefit. If a spouse is caring for a qualifying child, the spousal benefit is NOT reduced.
However, if a spouse is eligible for a retirement benefit based on his or her own earnings, and if that benefit is higher than the spousal benefit, then the SSA will pay the retirement benefit. Otherwise the SSA will pay the spousal benefit. For more information see http://www.ssa.gov/oact/quickcalc/spouse.html
About ksindell
Kathleen Sindell, Ph.D. is the author of numerous academic, popular, and professional finance articles, Web sites, proposals, and books. This includes the bestselling reference book, "Investing Online for Dummies, Eds 1-5" (listed for two consecutive years on the Wall Street Journal's Bestselling Business Book List). Her most recent book "Social Security: Maximize your Benefits" has been listed in Amazon's Top 100 Bestselling Retirement Planning Books. It is important to note that "Social Security: Maximize Your Benefits, 2nd Edition" was just released.
Sindell has an in-depth understanding of the financial services industry and has held Series 7, 63, and 65 licenses. Dr. Sindell is regularly tapped as a financial services expert on ABC World News, The Nightly Business Report, and at popular online and print outlets. Kathleen Sindell, Ph.D. is a member of the Board of Directors for the Financial Planning Association, National Capital Area (FPA NCA), is on the Editorial Advisory Panel of the Journal of Financial Planning, and is Co-Chair of the Metro Washington Financial Planning Day. Sindell is a Course Chair II, CFP Program Academic Officer, and adjunct full-professor at the University of Maryland, UMUC, School of Undergraduate Studies.
Contact Information: ksindell@kathleensindell.com or 703-299-1700
