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I'm going to be talking about Social Security spousal benefits. This video is part of a little series I put together all about Social Security. So if you missed any of the other videos, be sure to check those out. I'm going to put some links here in the description for this video so you can check those out after you finish watching today. Also, we have a Social Security guide that's available on our Free Resources section of moneyevolution.com, and I'll put a link here in the description for that guide as well.
Social Security spousal benefits. If you're married, as you probably know, you may be entitled to Social Security spousal benefits even if you never contributed to Social Security yourself. Your spousal benefits are actually equal to up to 50% of your spouse's primary insurance amount at your full retirement age.
So just to kind of refresh there, your primary insurance amount is the amount that you're eligible for at your full retirement age. If you decide to, you can collect those spousal benefits early, but they will be reduced. So for example, you can take spousal benefits as early as age 62, but you're only going to get 35% of your spouse's primary insurance amount, and then that adjusts a little bit upwards every year until it maxes out at age 60, where you're eligible for up to 50% of your spouse's primary insurance amount. This by the way is for people whose full retirement age is age 66. If your full retirement age is 67, these numbers will be a little bit lower for anybody that's full retirement age is 67. So as a married couple, there is some opportunity to coordinate your benefits and maybe maximize the benefits between you and your spouse with a couple of different strategies.
Unfortunately, there were a couple of rule changes that went into effect as part of the Bipartisan Budget Act of 2015, so some of these strategies have either been eliminated or are in the process of being phased out. And primarily, those two strategies are the file and suspend strategy and the filing of restricted application strategy. If you haven't seen it, I've got a video where I get into all the details on those two strategies, as well as how the Bipartisan Budget Act affected the ability to be able to use those strategies. So let's talk a little bit about some of the best ways that we might be able to coordinate our Social Security spousal benefits. And to do this, we're going to use a couple of hypothetical examples here.
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