What are spousal benefits and widow benefits?
If one partner in a marriage earns significantly less than the other, the lower-earning spouse can collect spousal benefits rather than payouts based on his or her own earnings history.
"The spouse can get the greater of their own or 50% of the other spouse's PIA," Horowitz says. "The lower-earning spouse is not eligible until the higher earner starts getting benefits, but both can start as early as 62."
Stumpf says this option can be a financial planning tool.
"Imagine a high earner whose spouse is his employee," he says. "If they cut her pay and transfer the rest to him, when she reaches retirement age, one-half of his income will be significantly higher than what she earned."
A divorced spouse who was married for more than 10 years and has not remarried can draw against the ex-spouse's work history. Widows and widowers can receive the higher of their own or their spouse's monthly payment, but not both.
"That's why it's important for the higher earner to delay taking benefits for as long as possible," says Horowitz.