$795 dollars extra for Social Security benefits, some information you probably want to know as this could significantly increase your monthly benefit. I have all the details and everything you need to know right here on this topic.
It’s totally free to do so. And so I can keep you updated with all of this information that continues to change very rapidly. As I am your one and only daily advocate, I’m doing all the research so that you don’t need to. All right, So as all of us are living through this very weird time, I think all of us are keeping our eyes peeled and our ears open for any additional money, benefits, increases, to benefits programs, or anything else we can possibly take advantage of right now. Which is exactly why I’m literally doing research all day, every single day, trying to find anything I possibly can to benefit and help all of you right here in this community.
Because I do know that the vast majority of you right here in this community are those of you living on a fixed income from Social Security, maybe retirement or SSDI survivors, SSI, VA, RRB, a lot of low income, low-income seniors, elderly people with disabilities, and a lot of really great people right here in this community. And like I said, my dedication is to do whatever I possibly can to find valuable information for you to help you out during this time and help you take advantage of money, benefits, programs, anything else we can possibly get our hands-on. Well, I came across this and it was honestly a little bit eye-opening. And I wanted to share this information with you because based on my research, what they were saying in the articles, the reports, everything I was reading on this, the vast majority of people don’t even realize that this extra benefit actually is actually available. And according to what I was finding, the average beneficiary is getting an extra $795 every single month just because of this.
That’s substantial. I know that a lot of people here in this community are receiving less than $1,000 in your monthly benefit. Maybe it’s $700, maybe it’s $841 from SSI, maybe it’s $920 from SSDI Or maybe it’s $910 from retirement benefits. The deal is a lot of people need extra money right now.
So let me talk you through the details on this. So here’s what I was finding with this research and kind of surprising, but I want to lay this all out there for you. All right, So it all comes down to spousal and divorced benefits. Did you realize that this is a thing?
Well, according to what I was reading, like I said, a lot of people don’t even realize that these benefits are available. So here’s the deal. If you are currently married or if you are divorced, you can actually be getting benefits based on either your spouse or your ex-spouse work record. So let me talk you through the details on this because this could result in a higher benefit for you. So here’s what it comes down to.
Now, I do recognize there are a lot of moving parts here. It’s kind of confusing. But let me try to talk through this in such a way that makes sense. And I would highly encourage you to look into your situation. If what I’m about to tell you in this video right here is actually relevant for you and your current situation, I would highly advise you to look into this a little bit further because it could result in much higher benefits for you.
All right, so let’s quickly talk through the examples of if you are currently married. And then, of course, we will get into some examples if you are divorced and how you can take advantage of these benefits. All right, so here’s what it comes down to. If you are currently married right now, you could be taking advantage of your spouse’s work benefit or your work record from your spouse. So here’s the deal.
Let me quickly give you an example. Now, what it comes down to is your benefit and your spouse’s benefit. Right? So as you work, you pay in through Social Security taxes. Right?
And you also collect work credit over the course of your entire working career. You collect a handful of work credit each and every year. And once you get those 40 work credit, you can start drawing on your Social Security benefit, things like this, right? So technically, you can start drawing on Social Security retirement benefits at the age of 62. However, once you reach your full retirement age and or your spouse’s full retirement age, you could potentially start taking advantage of 50% of their full retirement benefit.
So here’s what it comes down to. By the way, full retirement age is also shown as FRA. So FRA stands for full retirement age. Here’s what it comes down to. So if you are currently married right now, you could take advantage of 50% of your spouse’s full retirement age benefit.
So let me give you an example on this. Let’s just say, for example, right now, your benefit is, say $1,000 each and every month. However, let’s just say that your spouse is receiving $3,000 every single month because of their from their benefit. Again, I have no idea. I’m just using these examples right here.
Again, everybody’s situation is different, but I’m just using some nice round numbers here for just this example. All right. So in this event, you could be looking at your benefit of $1,000. However, you could start drawing on spousal benefits and you could be entitled to up to 50% of your spouse’s full retirement age benefit. Well, if that full retirement age benefit is $3,000, technically you could be entitled up to 50% of that, which would actually entitle you to $1,500 every single month.
So you could essentially get a $500 boost to your benefit in this example, just by starting to draw on your spouse’s work record. Kind of makes sense right there. Yeah, pretty cool stuff. Now, something else you need to know about this. You cannot draw on both benefits.
It’s either one or the other. And obviously, you would choose the higher of the two because why wouldn’t you? Right. So here’s the deal. If you’re getting $1,000 like I’m giving in this example, if you’re receiving $1,000 and you could be entitled up to $1,500 from your spouse’s work record and their benefit, then obviously you could take advantage of their benefit, but you cannot get both.
You can’t get your $1,000 plus the $1,500 from your spouse. That’s not how it works. It’s either one or the other. And obviously, you would choose the higher of the benefits. So pretty amazing stuff right there right now.
Here’s the deal. Some people again, like I said, according to my research, a lot of people don’t even realize that spousal benefits are a thing. And you can actually start taking advantage of this. So you may want to look into this. If you are currently married right now and this is your situation, if your spouse is getting a higher benefit, remember, you’re entitled up to 50% of that spousal benefit, not 100%.
So you’d have to run the numbers on this. Let me give you one more quick example of a situation that would not make sense. Okay, All right So let’s just say that your spouse is receiving $2,000 a month right.
In their monthly benefit. Let’s just say your benefit is $1,200. Again, I’m just giving you examples here for just round numbers. Now, in this example, your spouse is receiving $2,000, you’re receiving $1,200. You’d be entitled up to 50% of the spousal benefit, which would be $1,000, but you’re receiving $1,200.
Would it make sense to take your spousal benefit? No, it would not make sense at all. You would effectively get a $200 per month cut to your benefit. So obviously, in this example, you would not take advantage of the spousal benefit. There would be no reason to your benefits would essentially be cut a couple of $100 a month.
So obviously, in this example, you would not do that. You would only do it in the event that 50% of your spousal benefit is actually higher than your current benefit makes sense. So anyway, if this is your current situation, I would highly advise you to do some more research on this, do some reading on it, and you may even want to call the Social Security Administration, have a conversation with somebody and see if they can hook you up with this and see if it would make sense for your specific situation. Everybody’s situation is very, very different. So obviously, I can’t give you advice either way because everybody’s situation is very different.
All right. So that is one situation. Now let’s quickly talk about divorce benefits. Now, this is another interesting one that a lot of people, again, according to my research, don’t realize that this is a thing you can take advantage of. Now, this one has a little bit more detail about it.
But again, let me talk you through the details and everything you need to know about this one. All right. So if you were married and you are now divorced, you can actually still take advantage of your ex spouse’s benefit. So let me tell you the details on this because there are some very detailed information pieces of information that you need to know. Number one, your marriage had to have lasted at least ten years.
So if you were married nine years and 365 or 364 days, unfortunately, it wouldn’t count for you. It’s all bets off. You need to be married for at least a minimum of ten years. So if you are in the position where maybe you’re looking at a potential divorce coming up. Now, again, I hope that’s not the situation for anybody.
But I’m just saying if you’re married like nine and a half years right now and you’re looking at potential divorcing, you may want to try to drag that thing out another six months to get over that ten year Mark if you think that your spouse will be sorry if your ex-spouse’s benefits may be advantageous for you to take advantage of. So again, just a quick little side note you may want to think about. But again, I can’t advise you either way, you got to do what’s best for you. All right But anyway, your marriage had to have lasted at least ten years in order to take advantage of your ex-spouse’s work record.
Now one more thing. If you are currently divorced, you must be divorced for at least two years before you can take advantage of this. So let me give you a quick example. Let’s just say that you are divorced for a year and three months.
You got to wait another what is that? Nine months until you can start taking advantage of your ex-spouse’s benefit. Okay, so you got to be divorced for at least two months before you can actually take advantage of this. But either way, once this is out there and you’ve been divorced for at least two years and you were married for at least ten years, you can start drawing on your ex-spouse’s work record. Now, here’s the cool thing about it.
Your ex-spouse doesn’t even need to know about this. It does not have any impact to their benefit. And you can start drawing on their benefit and it has no impact to them. And they have no clue that you’re even doing this. There’s nothing illegal about it.
It’s completely relevant. It’s completely legal to do. There’s no loopholes here. This is within the rules of Social Security. You can absolutely do this all day.
You can do this. This is something that a lot of people do and you can certainly take advantage of it. So it’s not like we’re trying to pull something here. It’s not like we’re trying to run through some loopholes, Not at all.
This is simply within the rules divorced benefits. So again, if this may be your situation, you might want to take advantage of this. And you may want to look into this one as well. Right? So you may want to look into this.
But again, the rules are still applying. Let me give you another quick example on this one, because this one is very similar to the spousal benefits. Let’s just say that your ex-spouse was working or whatever. And let’s just say, for example, their benefit was $3,000. Again, the same rules apply as the spousal benefit.
Here’s what it comes down to. Let’s just say, for example, that you’re currently receiving a $1,000 monthly benefit. If your ex-spouse is receiving $3,000 for their benefit, you’re entitled up to 50% of that ex-spouse’s benefit, therefore $1,500. Now, obviously, you would only do this in the event that their benefit is higher than your current benefit. And again, remember, this is at their full retirement age.
The FRA the full retirement age. So if this person is receiving their full retirement age benefit. And again, that’s different for everybody for the most part. Well, obviously not everybody, but it’s different for a lot of people out there. Your FRA your full retirement age.
So if that person is drawing on their benefits and they are actually receiving their full retirement age benefit, then you could take advantage of this. But if they’re taking benefits before their full retirement age, again, you may want to look into this and talk to Social Security about this a little bit further before you actually jump on this. But anyway, you’re entitled up to 50% of their benefits. So provided their benefit is higher, you can take advantage of it. And again, just like the spousal benefit, you’re only entitled to 50% and whatever is higher.
Not both benefits, but just one of them. Whichever one is higher. Makes sense. So anyway, according to my research, everything that I was finding on this, a lot of people don’t realize that these benefits are available. And unfortunately, a lot of people are not taking advantage of these.
So if this is your situation, whether you’re currently married or you are divorced, you are married for at least ten years and your divorce has been finalized for at least two years. You may want to look into this. So here’s what I would say. Do some research on this. Otherwise, call the Social Security Administration, have a conversation with them, and you can talk to an agent and they can look into your specific situation and they can tell you what may be best for you and your situation.
As far as which benefits would be the most advantageous for you to take advantage of, you may get a little boost here from your benefits. And like I said, the research was showing me that the average person gets an extra $795 every single month from deploying these strategies. So again, you might want to look into that. An extra $795 a month right now would be massive for a lot of people, right? Huge raise to your benefit anyway, I hope this one helps you out again.
As always, I’m doing anything I possibly can to help you out. Please leave your comments and questions down below as well as your feedback. I do my best to read as many comments as I can each and every day. I do respond to as many as possible and if I need to make a dedicated topic of course I can always do that for you as well.
Thanks again for reading, I truly do appreciate it. Enjoy your day and I’ll catch you again later in the next.