Social Security benefits are vital for the financial support of millions of retired Americans. If you and your spouse receive Social Security, a combined monthly check of up to $3,089 might be available. Who qualifies for receiving this benefit and how do you ensure you get the maximum amount? Let’s look into that.
What Is the $3,089 Social Security Payment?
The maximum Social Security benefit for any retired worker in the year 2024 amounts to $3,822 per month, but that applies to a rare few who have worked at least 35 years and who claimed benefits only at their full retirement age (FRA) or thereafter. For an elderly couple, the combined payment varies but can go up to $3,089 in case both spouses qualify on the basis of their respective earnings histories.
Who Qualifies for the $3,089 Social Security Payment?
There are a few factors which will determine whether you qualify for this Social Security benefit.
- Your work and earnings record will be the most considerable factor. The Social Security Administration (SSA) calculates your benefits on the basis of your highest 35 years of earnings. Usually, to qualify, you must have worked and paid into Social Security for at least ten years, or earned forty work credits. The higher your lifetime earnings, the higher your payment.
- Your benefit amounts will also depend greatly upon the claimed full retirement age (FRA) time and the claim timing. The FRA is based on the year you were born, which would typically be between 66 and 67 years of age. If benefits are claimed before attaining FRA, the monthly payment is permanently reduced, whilst waiting on benefits beyond FRA, until 70 years of age, maximization occurs.
- Your total Social Security income would also involve consideration of spousal support and widow benefits. In case one spouse has little or no work history, that spouse will still be eligible for spousal benefits, which can go up to 50% of the higher-earning spouse’s benefits. If, unfortunately, a spouse dies, the remaining spouse may collect survivor benefits, which may equal up to 100% of the deceased spouse’s benefits.
- Another thing to consider is giving due weight to COLA; this is the Social Security cost-of-living adjustment. Beneficiaries on Social Security are adjusted yearly to be inflation-compatible. The COLA for 2024, which furthers the monthly benefit to retirees, is 3.2% in magnitude.
Applying for the Social Security Benefits?
As you approach retirement age, the first thing to consider is checking your benefit estimate. You could log onto the Social Security website and use the Retirement Estimator tool to give you an idea of what you might expect based on your earnings history and retirement age.
When you’re ready, you can apply online through SSA.gov or by phone at 1-800-772-1213. You can also drop by your nearest field office of Social Security. Be sure to collect all relevant documents beforehand, such as your Social Security number, birth certificate, work and earnings records, and bank account information for direct deposit.
Other Financial Considerations for Retired Couples
There should also be plans for secondary income and expenses during retirement. Many retirees withdraw from their 401(k)s and IRAs to supplement Social Security income. In this case, there are health care-related expenses, including Medicare and supplemental insurance, which can affect your budget considerably. Depending on your total income, Social Security benefits might be taxed, so seeing a tax advisor might be helpful to see how tax impacts your overall retirement income.
Final Thoughts
Social Security is yet another important source of retirement income, and in some cases, senior couples can earn up to $3,089, depending on their earnings history and claiming strategy. Maximizing benefits means claiming at age 70, looking into spousal benefits, and tracking COLAs.
Make sure to check for your eligibility and time your application appropriately in order to get the highest payout possible. Strategize now for maximizing Social Security benefits before you retire.