Jul 22, 2016 according to the social security administration ssa, even if you are divorced, you can receive benefits based on your exspouses record even if your exspouse has remarried if. The problem with this is that, for a lot of women though certainly not all, their. Before you decide to file for social security benefits, its important to educate yourself about the. As we recently discussed, its only possible for one spouse in a married couple to use the restricted application social security strategy, in which, upon reaching your full retirement age, you file a. Social security operates with a philosophy that a divorced person may deserve a personal benefit, having been the longterm partner and helpmate of a member of the.
May 07, 2016 social security divorce strategies scott thomas. Get more social security benefits with social security. There are hundreds, if not thousands, of ways to claim social security, but married couples can focus on 10 to 15 major strategies, say advisors. Get more social security benefits with social security solutions. It typically considers tens of thousands of alternative collection strategies before suggesting the one that maximizes your households lifetime benefits. Note that if you remarry, you generally cannot collect benefits on your former spouses record unless your later marriage ends due to death, divorce, or annulment, according to the social security administration. These social security claiming strategies can grow retirement. It makes no difference to the ssa if the breadwinner on whose record the spousal benefit is based has gotten remarried.
Social security rules and strategies for divorcee benefits. It typically considers tens of thousands of alternative collection strategies before. If you are divorced social security administration. Social security strategy for the divorced massmutual. Determining when to claim your social security benefits is not only an important decision, but also a complicated one for most people. You are entitled to social security retirement or disability benefits. You dont necessarily lose your social security spousal benefits after a divorce. Your social security payments are calculated using your 35 highestearning years in the workforce. Social security benefits for divorced spouses dummies. The ssa allows spousal benefits for divorced spouses if the marriage lasted at least ten years and the former spouse who seeks benefits is unmarried. According to the social security administration ssa, even if you are divorced, you can receive benefits based on your exspouses record even if your exspouse has remarried if. If you dont work for at least 35 years, zeros are factored into the calculation and reduce.
Collecting social security at 62 has some advantages. Sometimes, being divorced is an advantage most of the divorce rules make it harder for exspouses to claim social security than current spouses. How divorce can affect your social security benefits las. After all, if youve paid social security taxes for 10 years, then youre entitled to social security benefits. If you were divorced but have since remarried, you are now a spouse from social security s perspective. Your social security statement which is typically mailed annually to people. For example, you may be ready to retire and counting on social security as the cornerstone of your retirement plan. Social security is more important to your retirement plan than you may suspect, and you cannot rely on social security employees. Free online tools to optimize your social security benefits. Under the hood, maximize my social security is extremely careful in capturing social security s incredibly complex provisions. Produced and created by hoopis performance netowrk. These overlooked social security claiming strategies can help you get bigger checks in retirement. Her husband, bob, is collecting social security retirement benefits. The rules concerning social security claiming strategies are abundantly complex, especially if youre divorced.
A good social security calculator can help you get more benefits over your retirement years by providing you with customized claiming strategies that you might not have been aware of otherwise. The couple divorced 5 years ago when jim and mary were both 57, and now as mary reaches age 62, she is wondering whetherwhat social security benefits she may be entitled to as a divorcee. Benefit levels for a divorced spouse are the same as for a current spouse. A divorced spouse can collect a social security retirement benefit on the work record of an exhusband or exwife if the divorced spouse is at least age 62, was married for at least 10 years, is. Retirement benefit info for divorced persons social.
The problem with this is that, for a lot of women though certainly not all, their husband was the higher wager earner or, in some cases, the only wager earner during the marriage. They need prudent advice on how to build a retirement income plan that works and the role social security and its various filing options play in attaining financial stability for the remainder of their lives. The benefit is similar, in fact, to the spousal benefit that is available to a person who is still married. Social security claiming strategies for divorced retirees. Social security strategies for divorced and widowed spouses. There are both free calculators and calculators that charge a modest fee. There are free tools available to optimize your social security benefits. Marketwatch site logo a link that brings you back to the homepage. If you dont work for at least 35 years, zeros are factored into the calculation and reduce your. Feb 21, 2017 produced and created by hoopis performance netowrk.
Social security strategies for divorced and widowed. Jan 06, 2017 social security claiming strategies for widows and widowers retirement benefits guidance if youve lost a spouse or an exspouse by andy landis january 6, 2017. These social security claiming strategies can grow. However, its important to do your own research before you file for benefits for two important reasons. The age at which you are eligible to claim full and. Jim and mary were married for 22 years while raising a family, and during most of that time mary was a stayathome mother. To be eligible, you must have been married to your exspouse for 10 years or more.
Nov 24, 2019 the standard divorce rules for social security say that if an individual was married for at least 10 years to their spouse and then divorced, he or she is eligible to collect spousal benefits on. The benefit you are entitled to receive based on your own work is less than the benefit you would receive based on your exspouses work. They need prudent advice on how to build a retirement income plan that works and the. Apr 22, 2019 you dont necessarily lose your social security spousal benefits after a divorce. Say youre the higherearning spouse and you have hit full retirement age, but youd prefer to delay taking social security until you reach age 70 to maximize your own benefit and survivor benefits. Your retirement benefits will be based on your current spouses work history, not your exs, regardless of whether your current or former spouse has a larger primary insurance amount. If you are divorced, your exspouse can receive benefits based on your record even if you have remarried if. Social security planning services when it comes to social security, we believe people need more than information. The benefit that your exspouse is entitled to receive based on their own work is less than the benefit they would receive based on your work. Under the hood, maximize my social security is extremely careful in capturing social securitys incredibly complex provisions. Results will differ based on your specific case and filing strategy. Maximize my social security is a powerful tool that offers personalized social security withdrawal strategies based on your real earnings history, expected future earnings and expected lifespan. Although generally not of primary concern for high net worth individuals.
Social security benefits for divorced women hofheimer. She plans to retire from work at age 65 and is planning to begin her social security benefits then. Mar 04, 2019 hi larry, i was born in 1955 and so i am not eligible for spousal benefits due to the recent social security change eliminating the ability of someone my age to a claim on an exspouse at fra and. Discover your social security strategies social security. Social security claiming strategies for widows and widowers retirement benefits guidance if youve lost a spouse or an exspouse by andy landis january 6, 2017. However, its an outstanding tool, which is why were including it. Your retirement benefits will be based on your current spouses work. Because the social security program is designed to handle many different situations, the regulations covering who can get which benefits and at what age are numerous and complex. Nowadays, there are so many social security calculators that its hard to cover them all. If you are age 62, unmarried, and divorced from someone entitled to social security retirement or disability benefits, you may be eligible to receive benefits based on his or her record. Here are three considerations to keep in mind to help you receive the highest benefit for which youre eligible. Jan 30, 2018 there are hundreds of social security claiming strategies, but married couples can focus on 10 to 15 major approaches, say financial advisors. Aug 08, 2014 the way social security works is that a person collects benefits based on his or her own earnings from work. Hi larry, i was born in 1955 and so i am not eligible for spousal benefits due to the recent social security change eliminating the ability of someone my age to a claim on an exspouse at fra.
If you or your spouse reached age 62 by the end of 2015, you qualify for a social security claiming strategy called restricted application. It typically considers tens of thousands of alternative collection strategies before suggesting the one that maximizes your clients lifetime benefits. Although generally not of primary concern for high net worth individuals, the social security retirement benefits that may possibly be available to the former spouse of a wellpaid individual can be an important source of supplemental income during retirement years. A good social security calculator can help you get more lifetime benefits by showing you customized claiming strategies that you may not have otherwise realized were options. Social security changes will hit couples, divorced women.
Financial engines social security retirement calculator estimates social security benefits and produces claiming strategies for 1 a single person eligible for earned benefits only, 2 a single person eligible for earned benefits andor benefits based on a previous marriage, 3 unmarried couples eligible for earned benefits only, and 4 a. I have a question about my eligibility for my exhusbands social security. Big changes to two key social security claiming strategies could hit millions of married couples and divorcees hard. A comparison of free online tools for individuals deciding. Social security claiming strategy for divorced working woman. Even if younger the changes to social security in 2015 do not affect widows and divorced the way if affects married couples. The earliest you can claim social security benefits is age 62, but you could wait to claim benefits as late as age 70and you very likely may want to. Your benefit as a divorced spouse is equal to onehalf. When you plug your numbers into this easytouse system, you can quickly find the best withdrawal strategy and compare several scenarios to make the. Maximize my social security is a powerful tool that offers personalized social security withdrawal strategies based on your real earnings history, expected future earnings and expected.
The social security handbook, created by the social security administration, is described as a readable, easy to understand resource for the very complex social security programs and services. The younger spouse who doesnt need to have turned 62 at the end of 2015 claims social security benefits based on his or her own earnings record. If you were divorced but have since remarried, you are now a spouse from social securitys perspective. Married individuals are eligible to claim social security payments worth up to 50% of their spouses benefit if that amount is higher than their. Maximize my social security when should i take social. Note that if you remarry, you generally cannot collect benefits on your former spouses record unless your later marriage ends due to death, divorce, or annulment, according to the social security. Nov 01, 2019 the rules concerning social security claiming strategies are abundantly complex, especially if youre divorced. As we recently discussed, its only possible for one spouse in a married couple to use the restricted application social security strategy, in which, upon reaching your full retirement age, you file a restricted application for just spousal benefits, thereby allowing you to collect some cash while your own retirement benefit continues to grow until age 70. Divorce and social security retirement benefits matlaw. Jul 24, 2015 social security claiming strategy for divorced working woman. Social security operates with a philosophy that a divorced person may deserve a personal benefit, having been the longterm partner and helpmate of a member of the workforce. Your exspouse is entitled to social security retirement or disability benefits. Dec 21, 2018 these overlooked social security claiming strategies can help you get bigger checks in retirement.
However, its important to do your own research before you file for. Sep 16, 2019 your social security payments are calculated using your 35 highestearning years in the workforce. The way social security works is that a person collects benefits based on his or her own earnings from work. The age at which you are eligible to claim full and unreduced benefits also known as your primary insurance amount is your full retirement age, or fra.
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