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!
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.
Spouses caring for minor children of deceased or disabled individuals can receive survivor or disability benefits, regardless of their age.
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:
Originally published February 12, 2024