Social Security is part of the bedrock of retirement security in the United States. For one-third of all retirees, Social Security represents nearly all of their retirement income. For two-thirds of retirees, Social Security makes up more than half of their retirement income. Overall, Social Security represents nearly one-third of all retirement income for retirees. A recent Gallup research study showed that roughly 57 percent of retirees indicated that Social Security is a “major” retirement income source.
The importance of the system is obvious as is the need to understand the best claiming strategies.
Many people are familiar with how their own Social Security benefits work – but fewer are aware of how spousal benefits work. And spousal benefits can be complex with numerous claiming options and factors to consider.
The concept is simple, though: If you’re married, you’re generally entitled to a spousal benefit. Even if you never paid into Social Security, you might be entitled to spousal benefits based on your spouse’s work history. This recognizes the important role non-working spouses play in raising families.