Don't Delay Spousal Social Security Benefits
Delaying spousal benefits beyond full retirement age costs you money
Many farm couples have one spouse who is the primary “bread” winner and the other spouse stays at home and cares for the children or does work on the farm without getting “compensation” for the work. It all runs through the primary spouse.
When it comes time to start collecting social security, the spouse who stayed at home will usually get 50% of the primary spouse’s social security income.
However, this is only applicable if the stay-at-home spouse starts to collect their social security at full retirement age (FRA). For farmers starting to collect social security now, FRA is age 67.
Spousal benefits are only allowed once the primary spouse starts to collect. Usually, this spouse will wait until age 70 to maximize the benefits (an extra 24% by waiting). At that time, the other spouse can elect to receive their spousal benefit.
