Can you claim a spousal Social Security benefit now and switch to your own later?
In this episode, Matt breaks down why, for most people, the answer is no. Thanks to a rule called deemed filing, anyone born on or after January 2, 1954, automatically applies for both their own and their spouse's benefits at the same time and receives the higher amount. That means the old strategy of claiming one benefit first and switching later is off the table.
Listen to learn how timing, strategy, and informed decisions can make a big difference in your Social Security benefits and your long-term financial well-being.
Transcripts
Matt:
Welcome to your Money Minute with Matt, where we simplify the complex and help you make smarter financial decisions.
,:
That means when you apply for benefits, you are automatically applying for both your own benefit and any spousal benefit you're eligible for, and Social Security simply pays you the higher of the two. You can't choose one now and switch later.
,:
If your own benefit is smaller and your spouse has already filed, you may receive a spousal top off, but that's automatic and capped at 50% of your spouse's full retirement age benefit. The bottom line is Social Security. Timing matters, and small misunderstandings can cost you tens of thousands of dollars over time.
If you want help deciding when and how to file, that's exactly what we talk through in a financial plan. Live well.
