Episode #34
Spousal Benefits Vs. Survivor Benefits...What's The Difference?
What’s the difference between Social Security spousal benefits and survivor benefits? While they may sound similar, the rules—and the potential benefits—can be very different. Deanne Rosso and Brian Rosso of Elevate Wealth Advisory explain how spousal benefits work while your spouse is living, how survivor benefits work after a spouse passes away, and why Social Security claiming decisions should often be considered together as a couple. The timing of one spouse’s decision may affect the benefits available to the other spouse later, making coordination an important part of retirement planning. Want help thinking through Social Security as part of your financial plan? Visit elevate-wealth.com and click Let’s Talk . Subtitles: Spousal benefits and survivor benefits sound similar, but they're very different. Let's talk about it today on Elevate Wealth. Hey there, I'm Deanne Rosso with Elevate Wealth Advisory, and I'm joined today again by Brian Rosso, our VP. Welcome, Brian. Thanks, Deanne. Good to have you today. So, Brian, what is the difference between spousal benefits and survivor benefits when it comes to Social Security? Right. So, at the most basic level, a spousal benefit is when you claim on your spouse's earnings record, but while they're still alive. Okay. Survivor benefit, on the other hand, they are benefits, but they're paid after a spouse has passed away. Okay. So, it's still a spouse, but it's the surviving spouse that's claiming a benefit. That's right. So, spousal benefits max out at 50% of the spouse's earnings record, whereas survivor benefits can allow you to get up to a maximum of 100% of the benefit. But again, that spouse has to be passed away. Right. Now, the claiming rules differ under both of those strategies as well. So, for spousal benefits, you must be at least 62 years of age and your spouse has to have also claimed for their own benefit. Survivor benefits, on the other hand, have their own complete set of rules, and it's important because there's some strategies that can come into play once one spouse passes. What's one planning point that couples should consider? Right. So, as a couple, the claiming decision on one spouse can affect what the benefit is for the surviving spouse, and this can impact the overall benefit and potentially lower the lifetime benefit for the household. Right. So that's a great reminder, Brian, because this is one of those areas when couples do need to plan together for when to claim while they're alive and also consider the fact that if there if one were to predecease the other and how that impacts the surviving spouse's benefits. So good things to remember, lots of different rules, and also there's divorced spouse benefits and divorced spouse survivor benefits, and we're not going to go into all of those today, but it can be complicated. So, if you have questions or need assistance in deciding your Social Security strategy or how these strategies work together for couples, we are here to help. Visit us at elevate-wealth.com and click "let's talk." Thank you for joining me, Brian. Thanks for having me. And we'll see you next time. Want help creating a coordinated Social Security strategy? Visit elevate-wealth.com and click Let's Talk. Website: https://elevate-wealth.com Facebook: https://www.facebook.com/elevatewealthadvisory Instagram: https://www.instagram.com/elevatewealthadvisory Subscribe to our channel and hit that notification bell to stay updated on the latest investment strategies and financial planning tips!#SocialSecurity #SurvivorBenefits #SpousalBenefits #RetirementPlanning #RetirementIncome #FinancialPlanning #PersonalFinance #Retirement #WealthManagement #ElevateWealthAdvisory
