Sentences with phrase «earning spouse until»

It is intended to supply a means of living to the lesser - earning spouse until and unless that person gains an independent means of support.

Not exact matches

In general, the lower - earning spouse, usually the wife, should collect benefits early at age 62 — even though they will be reduced by 25 % or more and subject to earnings limits — and the higher - earning spouse should wait until age 70 to collect the biggest retirement benefit.

Essentially, the higher - earning spouse files for Social Security upon Full Retirement Age and then immediately suspends that filing, allowing the benefit to grow even more, at least until age 70.

You can still file and suspend your own benefits, and earn Delayed Retirement Credits until age 70, but your spouse, or other family members, can not collect on your work record while your benefits are suspended.

If you have earned income, have a social insurance number and have filed a tax return, you can contribute to an RRSP up until December 31 of the year your spouse turns 71.

In fact, a dual - income family doesn't actually break - even on the CCB until each spouse is earning about $ 80,000 in taxable income each year.

If you have RRSP room — either accumulated or from earned income in your 70s — you can still contribute to a spousal RRSP in your younger spouse's name until the end of the year they turn 71, Wayne.

In general, the lower - earning spouse should collect benefits early at age 62 — even though they will be reduced by 27 % or more and subject to earnings limits — and the higher - earning spouse should wait until age 70 to collect the biggest retirement benefit.

Note that money a spouse earns prior to the date of separation that isn't paid until after the date of separation is still marital property.

Until now, spouses paying alimony have been permitted to deduct the entire dollar amount from their earned income, lowering their overall tax liability.

However, the payments will not necessarily begin until the spouse that earned the pension would be entitled to receive a payout.