Spousal Social Security: 3 Key Things to Know
Some retirees may find this is a better route than going with standard benefits.
Overview
Social Security benefits are a lifesaver for many retirees, keeping millions financially afloat. One issue some people encounter, however, is that benefits are mostly based on career earnings, and not everyone has a long enough or substantial enough work history to qualify.
That's where Social Security spousal benefits can save the day. Social Security allows people to claim benefits based on their partner's earnings record, and in many instances, this is a great route to take. If you're considering going this route, here are three things you should know.
Details
Someone's primary insurance amount (PIA) is how much they'd receive in benefits if they claimed at their full retirement age. By claiming spousal benefits, you're eligible to receive up to 50% of your partner's PIA. For example, if their PIA was $2,000, you could receive up to $1,000 in monthly benefits.
Source
Originally published at www.fool.com.