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My boyfriend wants me to marry him so that I can use his social security. I am 64 years old and he is 74 years old. I now earn approximately US$5,000 per month. He received $1,700 in Social Security benefits.
If we get married, can he ask me for more social security benefits? Will marrying him help my social security? I intend to continue working until I really can no longer work.
My job is health care, so work is not easy. Now, I pay the mortgage and many expenses.
-E.
Dear E.,
Improving your social security is not as simple as walking down the aisle. If this is the case, I suspect that we will be overwhelmed by wedding invitations from people in our 60s and 70s.
I don’t think you two will get more Social Security Marriage pension. The rules regarding social security and marriage can become complicated. But basically, what you need to know is that you can get up to 50% of the benefits of your spouse while alive.If you request Social security for former spouse.
Double dip is not allowed. Therefore, you can apply for your own benefits, or you can apply for up to 50% of spouse benefits, provided that you have been married for at least one year. You cannot claim your own benefits plus half of your spouse’s. (When you apply for social security benefits from your former spouse, the 50% limit also applies.)
When a spouse spends most of his adult life outside of work, it usually makes sense to claim spouse benefits. But you earn $5,000 per month. You may not just stumble upon a job that can pay you $60,000 overnight. I guess you have a decent work record. Therefore, using your own income to receive Social Security will almost certainly be higher than the maximum benefit of $850 based on your boyfriend’s records.
If you two get married, after one year of marriage, when you submit your application, your boyfriend can transfer the benefits to you. But remember: he can get up to 50% of your income. Unless you expect him to receive at least a doubling of the $1,700 monthly, he won’t take an extra penny from Social Security.
In summary, when one of you dies, marriage may bring more social security to the widowed spouse Survivor’s welfare Pay up to 100% of the larger benefit.But it sounds like you care more about how to increase your Retirement budget For the life you build together.
Unfortunately, there is really no easy way to increase your social security benefits. Unless you marry someone far ahead of you, the solution is basically: work longer. Make more money. Wait as long as possible.
But working forever and deferring social security to 70 is not an option at all for many people. There is no doubt that you are very aware of this fact, especially when you are engaged in a difficult job.
Marriage is unlikely to provide any quick solutions, but I want to know if your boyfriend can do anything to make your life easier. It sounds like you are under a lot of pressure between working and bearing so many expenses.
Does he have enough savings to pay more expenses? You can set aside any extra money for your retirement so that you don’t feel that you need to work into old age, which will be a huge victory for you. Even if his budget is maximized, will he help you with cooking and housework? Or is he willing to talk about strategies such as budget cuts or layoffs so that you can reduce your work in the end? There may not be any simple answers, but the pressure to handle everything shouldn’t fall on you.
In the end, many decisions around love and marriage are inseparable from money. But this does not sound like one of them. If you think it will make you happier, marry him. However, if you are considering getting married just because you want more social security, please don’t bother to send a save date.
Robin Hartill is Penny Hoarder’s certified financial planner and senior writer.Send your tough money questions to [email protected].
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