Even if you don't earn a traditional income, you may still qualify for stay-at-home parent tax credits that can significantly lower your tax bill. One of the most beneficial credits to consider is the Earned Income Tax Credit (EITC), designed to provide financial assistance to low and moderate-income families.
A wife with no work record or low benefit entitlement on her own work record is eligible for between one-third and one-half of her spouse's Social Security benefit.
Can you still receive Social Security as a stay-at-home mom or dad? The good news is you can. If you are a married person with little to no earnings history, you can receive a benefit of up to half of your spouse's Social Security.
The spousal benefit can be as much as half of the worker's "primary insurance amount," depending on the spouse's age at retirement. If the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit.
Even if you have never worked in a job covered by Social Security, as a parent, there are two ways that you may still be eligible for benefits. If you are a parent and take care of your child who receives Social Security benefits and is under age 18, you can get benefits until your child reaches age 16.
Simply put, a spousal IRA enables a stay-at-home husband or wife to set up a retirement account in their own name. As long as one person in your household brings home a paycheck and you file a joint tax return, you're good to go! When setting up a spousal IRA, you have a choice between a traditional and a Roth IRA.
Selling used items, offering in-home child care, working as a freelance writer, and pet sitting are services that can start making money on short notice.
Although you need at least 10 years of work (40 credits) to qualify for Social Security retirement benefits, we base the amount of your benefit on your highest 35 years of earnings.
Each survivor benefit can be up to 100% of your benefit. The amount may be reduced if the women start benefits before their own full retirement age, but they don't have to share — the amount isn't reduced because you've had more than one spouse.
A spouse who has never worked in paid jobs or has not worked to earn sufficient credits to be eligible for his/her own retired worker benefits can receive a spousal benefit that is 50 percent of the eligible worker's full benefit.
If you're a stay-at-home mom, you might be able to collect Social Security Disability benefits based on your work history. You may even qualify without a recent work history if you meet certain requirements. You might be able to receive these benefits even if you're divorced.
Social Security for Stay-at-Home Moms (and Dads): How to Qualify for Benefits. Just because you don't bring home a paycheck doesn't mean you're not working. A stay-at-home parent can get a Social Security check just like any other worker.
If you don't have enough Social Security credits to get benefits on your own work record or your own benefit is small, you may be able to receive benefits as a spouse. Your spouse must be receiving benefits for you to get benefits on their work record.
Making an extra $2000 a month is going to take work, that's just how it is. One option is starting a blog in your area of expertise and monetizing it through affiliate marketing or sponsored content. Another option is providing childcare services, working as a nanny, or starting a daycare center in your home.
As a stay-at-home parent, you can still earn money, whether through freelance writing, creating digital products, social media management, or tutoring. Sell your unwanted items on Facebook Marketplace, or get extra income with your crafts.
For qualified families, the state of California has a program called In-Home Supportive Services (IHSS), which pays an individual caregiver to stay home and care for a developmentally disabled child.
Stay-at-home parents may also be eligible for SSDI benefits based on the work history of their spouse or ex-spouse. Even if they have not paid Social Security taxes, spouses are entitled to benefits based on their partner's earnings record.
Social Security's special minimum benefit pays at least $49.40 per month in 2023 and $50.90 in 2024. Social Security's special minimum benefit tops out at $1,033.50 per month in 2023 and $1,066.50 in 2024. You'll receive 100% of the benefit if you file at full retirement age or later.
Spousal Benefits in Action
The working spouse's full retirement age (FRA) is 67, with a monthly Social Security benefit of $2,500. The non-working spouse, with minimal work history, can receive spousal benefits based on the working spouse's earnings record, up to 50% of the working spouse's full benefit.
You may be eligible for Medicaid depending on your income and assets. You would have to apply within your state as Medicaid is a state run program.
The spouse of a Medicare plan holder becomes eligible for their own plan when they turn 65 years old, even if they never worked outside the home. This is because they qualify based on their spouse's work record. If a Medicare enrollee's spouse has a disability, they may qualify at a younger age.