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A Look at What's Happening in the World of Retirement
Unlocking Benefits for Spouses
Attention all retirees and soon-to-be retirees! If you're married and approaching retirement age, you'll want to pay attention to this important news. For the first time ever, spouses may be eligible to claim benefits based on their partner's earnings, even if their own retirement income is lower.
This groundbreaking change could have a significant impact on your retirement planning. Let's break down the details:
- If your benefits as a spouse are higher than your own retirement benefits, you will get a higher monthly payment.
- Based on current estimates, spouses may be able to claim up to 50% of their partner's primary insurance amount.
- To qualify, you must be at least 62 years old and have been married to your partner for at least five years.
This new provision is a major step forward for retirement security. It recognizes the contributions that spouses make to their families and ensures that they will not be penalized for choosing to stay home and raise children or care for loved ones.
To learn more about this important change and how it could impact your retirement plans, please consult with a financial planner or visit the Social Security Administration website.
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