Social Security in Divorce
I know from personal experience how painful and time consuming dealing with divorce is so I will make this short. Ultimately you will need to know more. However, this will help you retain several Social Security benefits options due you.
Your age at this point is unimportant unless you are both over age 70.
Younger people may not be terribly concerned about their Social Security benefits now. However, we are just trying to inform you on how to keep your options open for your future benefits. It would be a shame if you found yourself regretting your inaction in the future.
Staying married for just over 10 years allows both divorcing spouses to retain options for Social Security grants to formerly married individuals. While these additional benefits are based on the former spouse’s work record, electing to use them has no impact on the former spouse; man or wife. So it makes sense to retain your optional benefits if possible. You both may get extra income.
Continuing your status as “married” keeps the 10 year clock ticking until the divorce is finalized. So, you may want to explore this option with your divorce mediator and/or your divorce lawyer if you are relatively close the 10 year mark. Based on the facts of your situation, you may find keeping these options open may allow you to employ strategies that could put additional lifetime Social Security benefits of over $50,000 in additional cash in your hands.
To obtain these potential additional benefits, you will need to be single to elect to use them in most situations. However, if you remarry after you turn age 60 you may be able to claim a Social Security “survivor benefits” on a former spouse, or spouses, that you were married to for more than 10 years. You only get to pick one benefit, but it will be the highest of your own or prior qualified spouses.
Social Security laws are detailed and complex. The information provided to you in this email are minimal. Seek competent legal divorce advice before acting on this information. To learn more about your retirement benefits, or disability benefits, see www.ssa.gov. This is a great site with lots of information.
If you would like a 4 page detailed analysis of how these strategies may maximize your Social Security income, call me at the number below. All I need is a copy of your most recent Social Security statement you got in the mail. Or you can download it from www.ssa.gov after setting up access to your account.
I am also available to discuss your social security divorce rights individually or jointly if you choose to engage me in that way. This service is offered on a fee for service basis.
Ken Davis, CPA, CFP, CLU, ChFC
602-971-1352
[email protected]