This year, a long-standing Social Security spousal regulation formally terminates for everyone, except for individuals who reach 70 on January 1, 2024. In order to get the maximum amount, the law permits beneficiaries to alternate between their benefits and those of their spouses. However, you will not be eligible to benefit if you were not born before January 1, 1954.

The higher-earning partner would have received benefits for spouses at full retirement age when the other spouse collected their benefit under the now-expired rule. Due to postponed retirement credits, the greater earner will start receiving benefits at age 70, maximizing each month’s Social Security payment. Additionally, depending on whose income is larger, the lower-earning spouse can maintain their own or receive a spousal benefit. Since the rule is no longer in force, you need to create new plans to optimize your benefits as a spouse.

It’s important to talk about who is eligible for benefits and when to maximize Social Security spousal payments. Social Security always gives the lower earner’s spouse payments or the higher of the two. It is recommended that couples filing for benefits open a digital account with the Social Security Administration in order to view their expected benefits at different times of filing.

Matthew Allen, co-founder and CEO of Social Security Advisors, said MarketWatch that Social Security preparedness is “seriously necessary for married couples.”

Don’t Make Early Benefit Claims

As originally reported by GOBankingRates, a beneficiary’s Social Security benefit is based on their employment history and the timing of their application. People may submit a claim to begin benefits as soon as 62, even though the majority of workers’ full retirement age is currently 67. But you will receive a permanent 30% reduction in benefits.

If you file at age 62, your monthly payment will only be $1,400, even if your entire retirement payment is $2,000 at age 67. The amount that the main recipient gets is strongly related to the amount that the partner receives from Social Security. You will also permanently lose your spousal benefit if the other person claims for assistance at age 62.