Social Security Eligibility Rules: Can A Full-Time Homemaker Get Social Security? When Social Security was first launched, most families only had one bread-earner, and only the working spouse entitled for retirement benefits. This caused financial difficulties for the spouse who didn't work (and hence didn't qualify for Social Security) if the working spouse passed away first. Thankfully the Social Security Administration recognized this hardship and amended the law to permit wives to collect benefits based on their husband's income. The family dynamic has changed a lot since Social Security was introduced back in 1935, but there are still several families where one spouse does not work, and therefore does not qualify for retirement benefits based on their own earnings. There are several requirements in order to qualify for Social Security retirement benefits, including: - Age: In order to qualify for Social Security retirement benefits, you need to be at least age 62. Other benefits, like survivor benefits or disability benefits may be collected at an earlier age, but the Social Security eligibility criteria require you to be age 62 before you can apply for retirement benefits. - Work Credits: You must work in a Social Security included job (i.e., where you contribute to Social Security through payroll tax deductions) for at least 40 credits to be eligible for retirement benefits. You can gain up to four credits per year; so essentially, you must work for 10 years to meet the criteria for Social Security. - Citizenship or Residency Status: Many of us will be surprised to learn that you do not have to be a U.S. citizen to be eligible for Social Security retirement benefits. Workers who pay into the Social Security system may qualify for benefits even if they are not U.S. nationals, however they must stay in the U.S. to actually collect benefits. And so... do spouses qualify for Social Security? Given the Social Security eligibility requirements listed above, most full-time housewives will not qualify for retirement benefits on their own, unless they worked for 10 years (40 credits) before they became a homemaker. Alternatively, homemakers are entitled for benefits based on their spouse's earnings. Social Security spousal benefits help husbands and wives to receive retirement benefits based on their spouse's earnings if they result in a higher benefit than their own. To be more precise, a spouse who has not worked or who has significantly lower earnings than their husband or wife can receive up to as much as half of their spouse's entire retirement benefit. Apart from spousal benefits, homemakers may also qualify for Social Security survivor benefits. Widows and widowers can start getting Social Security benefits based on their departed spouse's earnings beginning at age 60 (age 50 if they are disabled). Children of deceased workers who are below age 18 (19 if they are still in high school) may also qualify for survivor benefits. This is very helpful for families with small kids when the main bread earner dies at an early age. While full-time homemakers who have never worked or who were working for less than 10 years generally won't qualify for Social Security retirement benefits on their own, as you can see, they may be eligible for benefits based on their husband's earnings. Note: while this report has assumed that the homemaker is female, Social Security is gender neutral, so men who choose to stay home to bring up the kids can also qualify for spousal and survivor benefits. How You Will Go With Social Security Survivor Benefits After Your Spouse Passes Away When Social Security was first established, it only paid retirement income to workers who qualified. It was later amended to include benefits for spouses and survivors, which made it more of a family or insurance plan, instead of just a retirement plan. Some Significant Facts Which You Require To Know About Social Security Spouse Benefits When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits Why Women Need To Learn Regarding Social Security Spouse And Survivor Benefits When Social Security was established most women did not work. Lower or no earnings combined with a longer life span meant poverty for many women when their husbands passed away. Social Security recognized these challenges and have implemented several changes to the system to help women avoid poverty. Social Security Benefits: A Few Key Specifics On Cost Of Living Adjustment 2011 For the second year in a row people who rely on Social Security will not be receiving a cost of living increase. This is only the second time since the cost of living adjustment (COLA) was adopted that recipients have not received an increase. How Are Social Security Benefits Calculated? Few Points & Factors Affecting The Benefits One of the most popular Social Security questions that I hear from baby boomers getting ready to retire is "how are Social Security benefits calculated?" This is an important question because it could affect how long you need to work, whether you should continue to work during your retirement years 3 Ways A Financial Planner Can Easily Help You Attain Your Very Own Financial Objectives Many people wonder exactly what a financial planner does, and how they can help you. Here are just three ways a financial planner can help you achieve your financial dreams and goals. Pay Day Loans:Understand More About It. Have you ever found yourself in an emergency situation? Do you require a substantial amount of money fast but don't know where to get it? Payday loans may be just the thing you need. 3 Reasons To Use A Fee Only Financial Experts There are three different types of financial advisors: the commission broker who sells a product for a commission, the fee-based advisor who provides investment management for a percentage of the assets invested, and the fee only financial planner who provides a comprehensive financial plan for an hourly fee. The Story Of Americans Buying Gold Coins Buy gold coins is becoming popular as an investment for two key reasons. First, they can be easily purchased and easily sold because they are guaranteed by the United States government. Buying gold coins in trust Gold Eagles |
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