Social Security has been one of the most important social programs in the U.S. for decades. For retirement specifically, it provides vital income to millions of Americans across the country. After years of paying Social Security taxes, beneficiaries reap the rewards with a financial safety net of sorts.
However, these benefits aren’t restricted only to people who worked and paid taxes over the years. For example, Social Security allows spousal benefits to support non-working or low-earning spouses in retirement. For any couple that is nearing or in retirement and putting financial plans in place, here are three things they should know about Social Security spousal benefits.
1. How Social Security spousal benefits work
Social Security typically calculates a recipient’s monthly benefits using a formula that factors in their 35 highest-earning years of income….
