Key Points You may be eligible for spousal benefits from Social Security even if you never worked. You have to wait for your spouse to file for Social Security to claim spousal benefits. Those benefits are only worth so much, though their value increases if they become survivor benefits. The $23,760 Social Security bonus most retirees completely overlook › Social Security is a program that can be full of surprises. For example, did you know that if you claim benefits early and regret your decisi ...

Key Points The more you know about Social Security, the more you can maximize your benefits. Understand how spousal benefits work and when it makes sense to delay your filing. Know what options you have for earnings money while receiving Social Security. The $23,760 Social Security bonus most retirees completely overlook › Social Security serves as a key income source for millions of retirees. And chances are, it's an important income source for you -- or it will be one day. That's why it's so im ...

Social Security payments are primarily distributed according to beneficiaries' birth dates. Photo by Zhang Fengguo / Xinhua via Getty Images Close KEY TAKEAWAYS The Social Security Administration distributes benefits to almost 74 million people each month. Here is when to expect yours in December. Payments are primarily distributed according to beneficiaries' birth dates. However, for those who began receiving retirement, spousal, or survivor benefits before May 1997, they typically receive their payments o ...

Key Points You may not realize how much replacement income Social Security will give you in retirement. You might assume that if you never worked, benefits are off the table. You might think that once you claim benefits, you can't change your mind. The $23,760 Social Security bonus most retirees completely overlook › Social Security is a popular source of income for American retirees. Because of that, there are certain things about Social Security you might know, even if you aren't retired yet. ...

Core Points - Social Security primarily provides retirement benefits, intended to replace approximately 40% of income for retirees [1] - Additional benefits include spousal benefits, which can be crucial for individuals who earned less than their spouses during their careers [2] Spousal Benefits - Spousal benefits are available to married individuals and can also be claimed after a divorce if the marriage lasted at least 10 years [5] - Individuals who are divorced have an advantage in claiming spousal benefits, as they do not need to wait for their ex-spouse to claim their own benefits [7][9] - Married individuals must wait until their higher-earning spouse claims their retirement benefits before they can start receiving spousal benefits [8][10]

Core Insights - Many older Americans rely on Social Security for a financially comfortable retirement, as it is a crucial income source that is guaranteed and inflation-protected [1] Group 1: Maximizing Social Security Benefits - Delaying the claim of Social Security benefits until age 70 can guarantee a larger monthly check, with full retirement age (FRA) for those born in 1960 or later being 67 [4] - Each month of delay beyond FRA earns delayed retirement credits, increasing benefits by 2/3 of 1% per month, potentially leading to a 24% increase in monthly benefits if FRA is 67 [5][6] Group 2: Limitations on Delayed Benefits - Not all individuals can take advantage of delaying benefits; those planning to collect spousal benefits cannot earn delayed retirement credits, as they are capped at 50% of the primary earner's benefit [7][8] - Financial constraints may prevent some individuals from delaying their claims, making it essential to consider personal circumstances when deciding [8][9]