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What is the Social Security spousal benefit? Joe and Big Al explain in episode 77 of the YMYW podcast. Plus, how leveraging your home equity in a reverse mortgage can help you generate retirement income. Original publish date October 29, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

02:57 - \u201cIf you\u2019re married you have a spousal benefit, or if you were married and divorced and were married to that individual for ten years, you could potentially qualify for that spousal benefit on your ex-spouse as long as you haven\u2019t re-married.\u201d

05:23 - \u201cIf I take the spousal benefit prior to my full retirement age, I would receive a reduction in that benefit. You can take Social Security benefits as early as 62.\u201d

08:17 - \u201cWhen you look at a restricted application, that goes hand in hand with your spousal benefit.\u201d

14:19 - \u201cA lot of us are living longer and you\u2019ve got to think of Social Security as maybe longevity insurance.\u201d

17:23 - \u201cThe difference between [taking your Social Security] at age 62 versus age 70 is a 76% increase.\u201d

23:03 - \u201c[Hillary Clinton] wants to keep the tax brackets that we have right now as is except she wants to add a surtax if your adjusted gross income is over $5 million.\u201d

25:31 - \u201cTrump would actually like to reduce our taxes; he wants to take it to three brackets \u2013 12%, 25% and 33%. Right now our lowest bracket is 10% and our highest is 39.6%.\u201d

35:57 - \u201cCosts of buying and selling a home only to do it again during retirement might cost you more money.\u201d