Social Security, Spousal Benefits and Your Retirement Strategy

As a participant in the BMA of America Retirement Plan, you know that a good retirement strategy is not just one-dimensional. It takes multiple streams of income working together—Social Security and your retirement plan investments—to provide both security and flexibility. This combination helps build what we call your Future Funded Ministry, allowing you to minister with or without compensation in your golden years.

Let’s take a look at how the Social Security spousal benefit works. If you are married, a spouse may be eligible for up to 50% of the other spouse’s full retirement age (FRA) benefit. FRA is typically between age 66 and 67, depending on birth year. This benefit can be a significant source of household income, especially if one spouse had limited earnings.

For example, suppose John’s FRA benefit is $2,000 per month. His wife, Mary, worked part-time, and her own benefit is only $600 per month. At her FRA, Mary can instead receive a spousal benefit of $1,000—half of John’s. That means their combined Social Security income would be $3,000 per month.

A few things to note:

• The working spouse must file before the other can claim a spousal benefit.

• Claiming before FRA reduces the benefit permanently.

• Unlike individual benefits, spousal benefits don’t grow after FRA.

  
  

This is why Social Security should be viewed as one piece of your overall retirement plan. By combining your Social Security income with a strong investment strategy in the BMA of America Retirement Plan, you can ensure steady provision in retirement while positioning yourself to live generously and continue impacting others for Christ.

Your financial plan is about more than dollars—it’s about faithfulness. Together, Social Security and the BMA Retirement Plan can provide the margin and ministry opportunities you need to finish well.

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At BMA Financial, our desire is to assist you in becoming a better steward of God's resources. Please let us know how we can help you! Contact us today!

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Steve Crawley, PhD

BMA Financial

Executive Director