5 Social Security Spousal Benefits and Loopholes You Need to Know Now

This article takes a look at 5 social security spousal benefits and loopholes you need to know now. If you wish to check out our detailed analysis on navigating social security, you may go to 14 Social Security Spousal Benefits and Loopholes You Need to Know Now.

5. Claiming Survivor Benefits Before FRA

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Since a worker can claim survivor benefits even before the Full Retirement Age, they are seemingly at an advantage. This is because a survivor can collect benefits for a longer period. While this is certainly a social security feature to talk about, the disadvantage is that the survivor will be collecting reduced benefits. It’s essential for individuals to carefully consider the timing of their benefit claims based on their financial situation and life expectancy, as claiming early may result in a lower monthly benefit but a longer total period of benefit receipt. Conversely, delaying the claim could lead to higher monthly benefits if the survivor waits until after FRA.