How married couples can get more out of Social Security. You may be surprised to see that the average couple will only collect $2,753 a month in benefits next year. If that number sounds shockingly low to you, the good news is that there are things you can do to raise it.
Not when it comes to each spouse's own benefit. Both can receive retirement payments based on their respective earnings records and the age when they claimed benefits. One payment does not offset or affect the other.
The average retirement income for married couples over 65 was $101,500 in 2020. Since high incomes tend to pull up the average, the median retirement income may be a better benchmark. The median income for married couples over 65 was about $72,800 in 2020.
If you or your spouse (or even both of you!) can wait until you're 70, you'll receive your highest Social Security payments—up to 132% of your primary insurance amount (PIA) if your full retirement age (FRA) is 66, and 124% of your PIA if your FRA is 67.
The average couple's benefit in 2022
According to the SSA, the average benefit for a couple when both will be receiving benefits will be $2,753 in 2022. This is an increase from $2,559 in 2021.
But if you can supplement your retirement income with other savings or sources of income, then $6,000 a month could be a good starting point for a comfortable retirement.
If you make $120,000, here's your calculated monthly benefit
According to the Social Security benefit formula in the previous section, this would produce an initial monthly benefit of $2,920 at full retirement age.
You can receive up to 50% of your spouse's Social Security benefit. You can apply for benefits if you have been married for at least one year. If you have been divorced for at least two years, you can apply if the marriage lasted 10 or more years.
So, if you have a part-time job that pays $25,000 a year — $5,440 over the limit — Social Security will deduct $2,720 in benefits. Suppose you will reach full retirement age in 2022.
The survey, on the whole, found that Americans have grown their personal savings by 10% from $65,900 in 2020 to $73,100 in 2021. What's more, the average retirement savings have increased by a reasonable 13%, from $87,500 to $98,800.
According to data from the Federal Reserve, the average amount of retirement savings for 65- to 74-year-olds is just north of $426,000. While it's an interesting data point, your specific retirement savings may be different from someone else's.
Social Security Benefits Available to Married Couples
Members of a married couple are each entitled to Social Security benefits based upon their own work records (a “worker benefit”). This benefit, at Full Retirement Age,1 is known as the Primary Insurance Amount (PIA).
Social Security will not combine a late spouse's benefit and your own and pay you both. When you are eligible for two benefits, such as a survivor benefit and a retirement payment, Social Security doesn't add them together but rather pays you the higher of the two amounts.
The short answer is yes. Retirees who begin collecting Social Security at 62 instead of at the full retirement age (67 for those born in 1960 or later) can expect their monthly benefits to be 30% lower. So, delaying claiming until 67 will result in a larger monthly check.
A surviving spouse can collect 100 percent of the late spouse's benefit if the survivor has reached full retirement age, but the amount will be lower if the deceased spouse claimed benefits before he or she reached full retirement age.
However once you are at full retirement age (between 65 and 67 years old, depending on your year of birth) your Social Security payments can no longer be withheld if, when combined with your other forms of income, they exceed the maximum threshold.
According to the SSA's 2021 Annual Statistical Supplement, the monthly benefit amount for retired workers claiming benefits at age 62 earning the average wage was $1,480 per month for the worker alone. The benefit amount for workers with spouses claiming benefits was $2,170 at age 62.
At age 65: $2,993. At age 66: $3,240. At age 70: $4,194.
A: Your Social Security payment is based on your best 35 years of work. And, whether we like it or not, if you don't have 35 years of work, the Social Security Administration (SSA) still uses 35 years and posts zeros for the missing years, says Andy Landis, author of Social Security: The Inside Story, 2016 Edition.
That adds up to $2,096.48 as a monthly benefit if you retire at full retirement age. Put another way, Social Security will replace about 42% of your past $60,000 salary. That's a lot better than the roughly 26% figure for those making $120,000 per year.
You can get Social Security retirement or survivors benefits and work at the same time. But, if you're younger than full retirement age, and earn more than certain amounts, your benefits will be reduced.
Does my spouse's income affect the earnings limit for my Social Security benefits? No. Even if you file taxes jointly, Social Security does not count both spouses' incomes against one spouse's earnings limit. It's only interested in how much you make from work while receiving benefits.