Claiming Social Security While Raising Kids: Updated Rules and Strategies for 2024

Did you know that if you’re 62 or older and still caring for young children, there’s a Social Security benefit strategy that could give your family a little financial boost? Here’s what to know!

Benefit Amount for Children

Children can receive up to half of your Primary Insurance Amount (PIA), which is the amount you would receive at full retirement age. Remember, the full retirement age for people born in 1955 or later is already 67.

Benefit Amount for Spouses

Spouses caring for minor children of deceased or disabled individuals can receive survivor or disability benefits, regardless of their age.

Family Maximum Benefit

There is a limit to the total amount a family can receive in Social Security benefits. This limit is calculated based on a formula and can range from 150% to 180% of your PIA. These resources can help you calculate your limit:

• Publication No. 05-10085 “Benefits for Children”
• Social Security Benefit Calculators

Updates and Clarifications for 2024

• Earnings limit: The current limit for reaching full retirement age in 2024 is $50,520. However, this limit increases each year, so refer to the Social Security Administration website for the most up-to-date information.
• Benefits for working individuals: While you may lose some of your own benefits if you earn above the limit before reaching full retirement age, your children’s benefits are not directly affected. However, if you completely lose your own benefits due to earnings, your children’s benefits will also stop.
• Recouping lost benefits: Children can receive retroactive benefits for months they were eligible but did not receive them, as long as the parent files for their own benefits within a certain timeframe.