Social Security Retirement Considerations for a Younger Spouse

If you have a significantly younger spouse, it's crucial to consider how Social Security may impact your retirement plans. Here are some key points to keep in mind:

Spousal Benefits

If your spouse doesn’t qualify for her own Social Security benefit, she may still be eligible for a spousal benefit. However, this benefit has age restrictions:

• Spousal benefits can only be claimed starting at age 62.

• If your spouse is five or more years younger than you, there may be a delay before she can access these benefits after your retirement.

• Additionally, claiming the spousal benefit at age 62 results in a reduced amount compared to waiting until full retirement age.

Survivors Benefits

In the event of a spouse’s death, the surviving spouse is often entitled to survivors benefits through Social Security, provided the deceased spouse qualified for retirement benefits. However, the timing of eligibility can present challenges:

• For most people, survivor’s benefits begin at age 60. An exception exists if the surviving spouse is still raising children under the age of 16.

• A significant age gap between spouses can create a "blackout period." This occurs if the older spouse passes away before the younger spouse turns 60, leaving a window where no survivors benefits are available.

Planning Ahead

If your spouse is younger, it’s essential to take these factors into account when planning your retirement. You may want to explore additional options, such as life insurance, to ensure financial stability during any potential benefit gaps.

Social Security rules and benefit amounts are subject to change by legislative action. Consult with a qualified financial advisor for current information. We are not associated with the Social Security Administration. Consult with a Social Security expert.

For more information about our advisory services, fees, and potential conflicts of interest, please request our Form ADV Part 2A brochure by contacting us at ty@twsplanning.com or visiting https://www.thepartnerswm.com/.