Thinking about claiming your Social Security benefits? Insurance Hub is here to help! If you’re one of the thousands of baby boomers retiring each day across the country, chances are you’re contemplating your Social Security options. But just how much do you know about the Social Security benefits you’re rightfully entitled to? “Carefully examining the options and picking the one that fits your life circumstances can generate thousands of dollars in added income over the course of a long retirement,” says Jennifer Jedrzejewski, the director of Advanced Planning for Northwestern Mutual. “But these strategies are often misunderstood.” 
Make sure you know the facts about your Social Security benefits. Take a look at these three common myth regarding claiming a Social Security spousal benefit.
I’m only eligible for spousal benefits if I am now married and have been for ten years, right?
Wrong. This is a common misconception held by those seeking to claim Social Security spousal benefits. In truth, you can claim your benefits if:
- You are age 62 or older, you have been married for one year, and your spouse has filed for Social Security.
- You are age 62 or older, you are divorced, you were married for at least ten years, and your ex-spouse is at least age 62. If you have been divorced multiple times, you may claim benefits from any one of your exes providing you were married for a period of ten years.
- You are age 60 or older, you have been widowed, and you were married to your spouse at least nine months before he or she passed away.
If I claim spousal benefits before my full retirement age, I can continue to work and earn money without penalty, right?
Wrong. The truth of the matter is that if you apply for benefits before age 70, there are earnings limits. If you make more than $15,720 annually, your benefit will be reduced by $1 for each $2 you earn above the limit. At age 70, the reduction is only $1 for each $3 you earn above $41,880 annually.
I’m locked in after executing a Social Security option, right?
Wrong. There are no penalties for changing your mind about an option – as long as you do so within the first 12 months of receiving your first Social Security benefit.
There are plenty of myths and commonly held misconceptions out there regarding Social Security. Make sure you stay informed and know the facts before claiming your Social Security spousal benefits. Contact our FL life insurance company with any questions.