Social Security benefits may survive divorce.
Are you divorced?
Whether this is old news or relatively recent, money is a major concern.
This is especially true in retirement.
According to a recent Yahoo! Finance article titled “3 Things to Know About Social Security if You’re Divorced,” Social Security is an important part of retirement.
How much so?
Nearly 50 percent of married retired Americans and about 70 percent of those unmarried rely on Social Security for at least half of their retirement income.
This depends on your circumstances.
Were you married to the same person for more than 10 years?
Did you not remarry?
If you did not, then you may be eligible to receive spousal benefits from the work record of your ex-spouse.
To be eligible, your ex-spouse must be eligible for Social Security and you must be at least 62 years old.
Just because you are 62, however, does not mean you should immediately begin collecting Social Security.
If you delay, you could receive about eight percent more per month for every year you delay through age 70.
If you have a longer life expectancy, this would be a wise move.
You should also know full-retirement age has changed.
If you were born in 1937 or earlier, your full retirement age is 65.
If you were born in 1960 or later, your full retirement age is 67.
There are incremental adjustments for those born in between, like yours truly.
Do you need to wait for your ex-spouse to take benefits before you can?
Your ex-spouse merely needs to be eligible to take benefits.
What if he is remarried, divorced, or widowed?
Does this effect your eligibility?
Not one whit.
It also will not impact the benefits for your ex-spouse or his new spouse.
You should know that if your ex-spouse has not yet applied for Social Security, you must be divorced for at least two years before you can receive the spousal benefits.
I highly recommend that you click over to the full article for the full skinny on this important subject.
Reference: Yahoo! Finance (February 16, 2019) “3 Things to Know About Social Security if You’re Divorced”