Summary
In this episode, Steven Boorstein, PharmD, CFP® discusses Social Security Spousal Benefits After Divorce.
In this short video, we taken the complex topic of claiming Social Security benefits based on an ex-spouses earning record and simplified it into the basic rules and also, some special situations you may encounter.
Takeaways
+Can you collect based on your former spouse’s earnings record?
+How long did you have to have been married?
+What are the rules for collecting?
+At which age can you claim benefits as an ex-spouse?
+ And more, including two special situations that may surprise you…
The information presented in this podcast is intended for informational purposes only and does not purport to be investment advice or an offer of investment advice, an offer to buy or sell any security or a recommendation of any investment strategy or course of action. ===========================
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If you’re divorced, can you collect Social Security on your ex-spouses benefits?
Short answer, yes, in many cases you can.
Let’s talk about the rules:
- The marriage must have lasted at least 10 years
- You must be 62 or older and unmarried
- You can collect on your former spouse’s benefit record even if they are not yet collecting their own benefit, as long as you are at least 62 years old and the divorce was finalized at least two years before applying.
- If you are remarried, you can’t collect based on your former spouse’s benefit record unless the later married also ended in divorce, or ended by death or annulment
- Also it’s important to note that if you worked and qualify for SS benefits on your own record, the amount you qualify for must be less than the benefit you would qualify for on your ex-spouse’s record, otherwise, you would just get your own benefit
- It’s also important to note that if you collect earlier than your full retirement age, you will get permanently reduced benefits. However if you wait until full retirement age before you apply, you are entitled to an amount equal to half of your ex-spouse’s benefit… or again, your own, whichever is higher.
BONUS question: I had a client ask me if an ex-spouse collecting on his benefit record, affected the ability for his current spouse to collect based on his benefit record. In other words, can an ex-spouse and a current spouse both collect without affecting each other’s benefit or his benefit. And the answer is… each benefit stands on it’s own. An ex-spouse collecting on their former spouses benefit record has no impact on either the current spouse or the spouse on who’s benefit record they are collecting.
2nd BONUS question: If you were married and divorced twice, and each marriage lasted at least 10 years AND you are unmarried at the time you claim Social Security benefits… you have the ability to get again, either your own benefit or a benefit based on whichever of your former spouses benefit record is higher.
Thank you and be sure to tune in for the next episode of the Personal Financial CEO podcast.
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