Social Security Benefits Part 3

When it comes to retirement benefits, you're entitled to your own benefits or one half of your spouse's, whichever is larger. As always, there is an exception to every government rule.

If you begin to collect benefits before full retirement age (currently age 65), you benefit will be less than the one half. In that case, the amount of the spousal benefit is permanently reduced by a percentage based on the number of months before you reach full retirement age that you going to collect. For example, if you begin collecting benefits, the benefit would be about 46 percent of his at age 64; at age 63, it would be 42 percent; and at age 62, it would go down to 37.5 percent.

If your husband decides to continue to work past full retirement age and you have earned your own Social Security credits, you can retire and receive benefits based on your own recorded. Then when he retires, you can get benefits on his record if they would be higher.

You can take reduced benefits on your wage record before full retirement age. If you do, your benefits will always be reduced, even if you begin to take the wife's benefits once your husband retires. However, it still may be a good deal for you to do so. Upon the death or your spouse, you will begin to collect his benefit and lose yours.

You can collect benefits on a former spouse's Social Security record if ...

• He is receiving Social Security benefits or is deceased.

• Your marriage lasted at least 10 years.

• You are presently unmarried.

• You are age 62 or older. If he is deceased, you can collect benefits at age 60 (or age 50 if you become disabled).

• If you have been divorced for at least two years and your ex-spouse is at least age 62, you can apply for Social Security at age 62 even if your former spouse has not retired (if you meet the preceding criteria). The amount of benefits that a divorced spouse receives has no effect on the amount of benefits a current spouse can get.

• As a former spouse, if your ex dies, you could be eligible for a widow's benefit on his Social Security record even though you were not married to him for 10 years if .......

• You are caring for his child who is also your child.

• You are unmarried.

Here are two more rules you need to be aware of:

• If you remarry before reaching age 60, you cannot receive widow's benefits as long as the marriage remains in effect.

• If you remarry after age 60, you will continue to receive benefits on your deceased husband's Social Security record.

Once you reach age 62, even if you have never been employed outside the home, you will be eligible for Social Security benefits when your spouse retires, becomes disabled, or dies, You will also be eligible for Medicare coverage at age 65.