Maximizing Social Security: Key Strategies for Spousal Benefits and Claiming Timing
Understanding eligibility, full retirement age, and earning requirements is essential for optimizing Social Security benefits.
- To qualify for spousal Social Security benefits, individuals must be married or divorced with specific eligibility criteria, including age and marital duration.
- The maximum spousal or divorce benefit is 50% of the spouse's full retirement age (FRA) benefit, but claiming before FRA results in permanently reduced payments.
- Understanding your full retirement age (FRA) is crucial for maximizing Social Security benefits, influencing the timing and amount of benefits.
- The maximum monthly Social Security benefit for 2024 is $4,873, requiring 35 years of high earnings and delaying claiming until age 70.
- Strategies for maximizing Social Security benefits include understanding benefit types, timing of claims, and the impact of earnings and age on benefits.
