How to Maximize Social Security with Spousal Benefits
For many retired Americans, their Social Security benefit is a significant part of their monthly income; making it imperative that they collect the largest monthly benefit they are allowed. If you’re married, or have been in the past, it’s worth contacting your local Social Security office to determine whether spousal SS benefits should be part of your retirement plan. 
Basic Information:
- The person claiming the spousal benefit must be at least 62 or caring for a qualifying child (under age 16 or entitled to SS Disability benefits – if this is the case, the spousal benefit will not be reduced)
- If you begin benefits before full retirement age, your benefit will be permanently reduced
- If the person claiming spousal benefit is eligible for their own SS and theirs is higher than the spousal benefit, the SS Administration will pay the higher of the two
- When applying for SS you’ll need to provide necessary documentation including (but not limited to) marriage certificates, SS numbers/cards, etc.
- You can apply for SS up to three months before turning 62
How Much to Expect:
- If you wait until your full retirement age, your spousal benefit will be half your spouse’s primary SS benefit
- Spousal SS benefits are separate from personal SS benefits – i.e. if you’re the higher earner, your spouse (or ex-spouse) claiming the spousal benefit will not decrease your benefit
When to Claim:
- Wait until your full retirement age to receive your full spousal benefit which is up to 50% of what your spouse is eligible for
- If your spouse hasn’t filed for SS yet, your initial benefit will be based on your earnings history. After your spouse files, you can switch to the spousal benefit.
Divorced:
- You may receive up to a max of 50% of your ex-spouses SS without impacting their payments if ALL of the following are true:
- you didn’t work or earned much less than your ex-spouse
- were married for at least 10 years
- have been divorced for at least 2 years
- have not remarried & are at least 62
- If your ex-spouse is receiving SS and you are already 62 you can claim benefits immediately
- If you’re already receiving SS you can also claim your ex-spouses SS and you’ll receive whichever is higher
- If your ex-spouse dies you could receive the same SS benefit as a surviving spouse if you were married for 10 or more years
Click here to read the full article “How to Maximize Social Security with Spousal Benefits.” SFS knows Social Security rules and regulations are very complicated, but we’re here to help. Please feel free to call us if you have questions or need guidance: (518) 584-2555.
What Percentage of Retirees Have $1.5 Million?
It’s common when planning for retirement to have a specific dollar amount in mind to have saved before retiring. Many Americans have $1 million or $1.5 million as a goal, but how realistic is that?
According to the most recent Survey of Consumer Finances (published in 2022) the average retirement savings for all families is $333,940, while the average for households led by someone aged 65-74 is $609,230. That said, having $1.5 million saved is certainly above average! The Employee Benefit Research Institute reports that only 4.7% of Americans have $1 million saved and just 1.8% have $2 million saved!
Do you have a specific dollar amount in mind? Here are a few things that can help you pursue your goal:
- Budgeting: Seriously assess your personal retirement needs, wants, and circumstances. This will help you determine a realistic amount of money you’ll need.
- Earning Potential: pursuing specialized training or higher education to further your career and thus increase your earnings: the more you earn, the more you can save. Side gigs or freelance work to supplement income can also accelerate savings.
- Saving Early: two words… compound interest! Don’t waste the opportunity to grow your savings exponentially and accelerate wealth building by neglecting to become a disciplined saver early on.
- Maximizing Retirement Accounts: take full advantage of any available employer matching programs and contribute the maximum allowable amounts into tax-advantaged accounts
Once you’ve retired, how long will that $1.5 million last? That depends on various factors… investment returns, your spending habits, withdrawal rates, personal health needs, market conditions, etc. SFS is dedicated to helping you pursue your financial goals and putting your retirement into focus. Call us to schedule a meeting and we’ll help you create a plan that works in tandem with your retirement goals and personal circumstances: (518) 584-2555. To read the full article “What Percentage of Retirees Have $1.5 Million?” click here.
SFS Email Address Update
Please note that our email addresses have all been updated.
We've had some name changes, and most importantly the domain changed from @lpl.com to @lplfinancial.com.
Please update your records to reflect these changes. Thank you!
Robert.Schermerhorn@lplfinancial.com
Jamie.Isabella@lplfinancial.com
Drew.Chapman@lplfinancial.com
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Kate.Fryer@lplfinancial.com
Springtime Fun in Saratoga!
It seems that as the temperature rises here is Saratoga Springs, so does the amount of things on the community calendar! Whether you’re into horses, theater, cars, or the art scene… there’s something for everyone happening this month!
- Kentucky Derby Party at the National Museum of Racing & Hall of Fame on Saturday May 3rd
- Home Made Theater presents Oklahoma! at Pitney Meadows Farm, Friday, Saturday & Sunday the weekends of May 9th and May 16th
- 2025 Spring Auto Show at the Saratoga Automobile Museum on Saturday May 10th
- Art in the Park 2025 at Congress Park on Saturday May 24th
Click here to view the entire calendar of events for May!