That would be a big hit to their bottom line because of the impact
on social security spousal benefits.
For more
on Social Security spousal benefits visit our Retirement Center and check out Rob's earlier blog post.
Not exact matches
However, your
Social Security spousal benefits are limited to 50 % or less of your spouse's primary insurance amount, depending
on your age when you claim them.
So if someone is collecting a
spousal benefit based
on your
Social Security, he or she, too, will have payments halted.
Among them are the rights to: bullet joint parenting; bullet joint adoption; bullet joint foster care, custody, and visitation (including non-biological parents); bullet status as next - of - kin for hospital visits and medical decisions where one partner is too ill to be competent; bullet joint insurance policies for home, auto and health; bullet dissolution and divorce protections such as community property and child support; bullet immigration and residency for partners from other countries; bullet inheritance automatically in the absence of a will; bullet joint leases with automatic renewal rights in the event one partner dies or leaves the house or apartment; bullet inheritance of jointly - owned real and personal property through the right of survivorship (which avoids the time and expense and taxes in probate); bullet benefits such as annuities, pension plans,
Social Security, and Medicare; bullet
spousal exemptions to property tax increases upon the death of one partner who is a co-owner of the home; bullet veterans» discounts
on medical care, education, and home loans; joint filing of tax returns; bullet joint filing of customs claims when traveling; bullet wrongful death benefits for a surviving partner and children; bullet bereavement or sick leave to care for a partner or child; bullet decision - making power with respect to whether a deceased partner will be cremated or not and where to bury him or her; bullet crime victims» recovery benefits; bullet loss of consortium tort benefits; bullet domestic violence protection orders; bullet judicial protections and evidentiary immunity; bullet and more...
You won't find an estimate for the
spousal benefit
on either spouse's
Social Security statement.
Her own benefit will remain reduced, but she'll get the full
spousal portion based
on her husband's earnings record, says Jim Blair, a partner at Premier
Social Security Consulting, in Sharonville, Ohio.
Because the WEP reduces your
Social Security Primary Insurance Amount (PIA),
spousal and dependent benefits based
on the PIA may also be reduced.
The «claim now, claim more later» strategy outlined in a new study by the Center for Retirement Research at Boston College is based
on the fact that married individuals are entitled to either a
Social Security benefit based
on their own earnings or to a
spousal benefit equal to one - half of their spouse's full retirement benefit.
It may be that your spouse could receive more from
Social Security based
on her own earnings record than through your
spousal benefit.
When workers who are not 62 by the end of 2015 apply for
spousal benefits,
Social Security will assume it is also an application for benefits
on the worker's record.
As a spouse, you have the option of claiming a
Social Security retirement benefit based
on your own earnings record or collecting a
spousal benefit equal to half of your spouse's
Social Security benefit.
Before she makes a decision about transferring, she should find out if the
Social Security spousal benefit would be greater than her own benefit based
on her employment.
In this case, he / she would normally qualify for a
spousal benefit based
on the non-Federal spouse's earned
Social Security benefit.
If the Government Pension Offset applies, the
spousal Social Security benefit will be reduced by two - thirds of any Federal pension based
on employment not covered by
Social Security.
In an unpublished opinion, the Virginia Court of Appeals affirmed a Circuit Court judge's award of fifty percent (50 %) of a husband's net military retirement pay and
spousal support where the wife was living
on credit cards,
social security, and food stamps.
750 ILCS 5/505 (a)(3)(A) defines «gross income» as income from all sources, including court ordered
spousal support received and
social security dependent benefits for the subject child paid
on behalf of the retired or disabled parent, less
spousal support paid or payable.
• Federal & New York State income tax return filing status: can now file «married» and it entitles them to the marital deduction • Recognized for estate and gift tax; applies even if the couple lives in a jurisdiction that doesn't recognize same - sex marriage; Same - sex married couples can transfer property to each other free of gift tax • If divorcing,
spousal maintenance is now a tax deduction for the payor and income for the recipient • Retirement plans are now subject to transfer and distribution
on divorce without penalty •
Social Security survivor benefits are available as well as social security spousal election • NYS recognizes that a child born of a same - sex marriage is the legal child of both p
Social Security survivor benefits are available as well as social security spousal election • NYS recognizes that a child born of a same - sex marriage is the legal child of both
Security survivor benefits are available as well as
social security spousal election • NYS recognizes that a child born of a same - sex marriage is the legal child of both p
social security spousal election • NYS recognizes that a child born of a same - sex marriage is the legal child of both
security spousal election • NYS recognizes that a child born of a same - sex marriage is the legal child of both parents
The length of the marriage can have an impact
on such things as
spousal support and
social security benefits.