Social Security Eligibility Rules: Can A Full-Time Housewife Collect Social Security? When Social Security was first established, most families only had one bread-earner, and only the working spouse entitled for retirement benefits. This resulted in financial difficulties for the spouse who didn't work (and so didn't qualify for Social Security) if the working spouse died first. Thankfully the Social Security Administration realized this hardship and amended the law to allow wives to collect benefits based on their husband's earnings. The family dynamic has changed a lot since Social Security was established back in 1935, but there are still several families where one spouse does not work, and so does not qualify for retirement benefits based on their own earnings. There are several requirements in order to meet the criteria for Social Security retirement benefits, such as: - Age: In order to be eligible for Social Security retirement benefits, you must be at least age 62. Other benefits, such as survivor benefits or disability benefits may be collected at an earlier age, but the Social Security eligibility rules require you to be age 62 before you can request for retirement benefits. - Work Credits: You must work in a Social Security supported job (i.e., where you contribute to Social Security by means of payroll tax deductions) for not less than 40 credits to qualify for retirement benefits. You can earn up to four credits per year; so essentially, you must work for 10 years to be eligible for Social Security. - Citizenship or Residency Status: Many of us will be surprised to find that you do not have to be a U.S. citizen to avail Social Security retirement benefits. Employees who pay into the Social Security scheme may qualify for benefits even if they are not U.S. citizens, however they must live in the U.S. to actually collect benefits. So... do spouses qualify for Social Security? Given the Social Security eligibility criteria listed above, most full-time housewives will not qualify for retirement benefits themselves, unless they were working for 10 years (40 credits) before they became a homemaker. However, homemakers may qualify for benefits based on their spouse's earnings. Social Security spousal benefits allow husbands and wives to receive retirement benefits based on their spouse's salary if they result in a higher benefit than their own. To be more explicit, a spouse who has not worked or who has considerably lower earnings than their husband or wife can collect up to as much as half of their spouse's full retirement benefit. In addition to spousal benefits, homemakers may also qualify for Social Security survivor benefits. Widows and widowers can start collecting Social Security benefits based on their departed spouse's earnings beginning at age 60 (age 50 if they are handicapped). Children of deceased workers who are less than age 18 (19 if they are still in high school) can also qualify for survivor benefits. This is very useful for families with young children when the main bread earner passes away at an early age. While full-time homemakers who have never worked or who have worked for less than 10 years generally won't qualify for Social Security retirement benefits on their own, basically, they may be eligible for benefits based on their husband's earnings. Note: while this write-up has assumed that the homemaker is woman, Social Security is gender neutral, so gents who choose to stay home to raise the kids can also qualify for spousal and survivor benefits. How Are Social Security Benefits Calculated? Few Things & Factors Having Effect On The Benefits One of the most popular Social Security questions that I hear from baby boomers getting ready to retire is "how are Social Security benefits calculated?" This is an important question because it could affect how long you need to work, whether you should continue to work during your retirement years How Social Security Spousal Benefits Work Can a spouse collect on her husband's social security if she reaches retirement age before her husband? No. In order for a wife to collect Social Security benefits on her husband's earnings the following requirements must be met: Social Security Benefits: Guidelines To Help You Make The Most Of Your Social Security Retirement Benefits As you get closer to retirement, choosing when to take your Social Security may seem like rolling the dice. There are so many decisions to make, such as: Social Security Survivor Benefits- The Thing Women Should Learn About When Social Security was established most women did not work. Lower or no earnings combined with a longer life span meant poverty for many women when their husbands passed away. Social Security recognized these challenges and have implemented several changes to the system to help women avoid poverty. Social Security Benefits: A Few Crucial Specifics On Cost Of Living Adjustment For the second year in a row people who rely on Social Security will not be receiving a cost of living increase. This is only the second time since the cost of living adjustment (COLA) was adopted that recipients have not received an increase. 3 Reasons To Use A Fee Only Financial Planner There are three different types of financial advisors: the commission broker who sells a product for a commission, the fee-based advisor who provides investment management for a percentage of the assets invested, and the fee only financial planner who provides a comprehensive financial plan for an hourly fee. How You Will Go With Social Security Survivor Benefits After Your Spouse Passes Away When Social Security was first established, it only paid retirement income to workers who qualified. It was later amended to include benefits for spouses and survivors, which made it more of a family or insurance plan, instead of just a retirement plan. Find Out Tips On How To Apply For Social Security If you areapproaching retirement, you are probably already looking into how to apply for Social Security benefits. Generally, you can apply once you are within 120 days of your 62nd birthday. There are several things you should know to make the application process as smooth as possible. Questions To Ask When Looking For A Financial Planner Many people hire financial planners to help them meet their financial goals. Whether you are a beginner investor with very little experience or whether you have a good knowledge and understanding of financial planning topics, a financial planner can be a valuable asset when planning for your financial goals. So How Exactly Does Payday Loans Help. Have you ever found yourself in an emergency situation? Do you require a substantial amount of money fast but don't know where to get it? Payday loans may be just the thing you need. |
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