This book contains minimal math, excepting the simple formula presented in this endnote. 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. Again, this strategy will have no impact on your exs benefits. The longer you delay social security to age 70, the higher your monthly benefits. To qualify for social security, you must accumulate 40 work credits, which is the equivalent of 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 workforce. Claim your free social security guide book retiree health.
How a bestseller helped change the rules of retirement. Nov 24, 2016 the final part of the book, part 4, has some other miscellaneous topics such as how to check your earnings records 4 page chapter 14, how social security is taxed 4 page chapter 15, how social security should affect your asset allocation 3 page chapter 16, and a few doover options 4 page chapter 18 like withdrawing an application. If your exspouse has not yet filed for his or her social security benefit, you will also have to show that you have been divorced for at least two years at the time you file for a spousal benefit. The two best books on social security white coat investor.
Social security provides a retirement benefit estimator on their website. You can reach them online by visiting their website at. The social security statement you receive is often incomplete if you are married, were married, or are a widow or widower. Benefit levels for a divorced spouse are the same as for a current spouse. You will, however, need to provide the social security administration with a copy of your divorce decree, and its helpful to have your exs.
Nov 11, 20 switching strategies being divorced also offers some switching strategies that can help boost your benefits. Social security for dummies is indispensable for anyone who wants to get the best possible deal from social security and that means all of us, young and old, because everyone will need social security benefits in this era of disappearing pensions and dwindling savings. Be entitled to a lower social security benefit on your own work record. Claiming strategies for married couples, or divorced people who were married to their exspouse for at least 10 years, can differ drastically from those employed by singles. To get a social security widow or widowers survivor benefit, you typically must have been married to a covered worker for at least nine months and be 60 years old.
The government is keeping money that belongs to you as a father and business owner dealing with medicare and social security services for my disabled son and my clients, helping others has been in my dna for over 30 years. The problem with this is that, for a lot of women though certainly not all, their husband was the higher wager earner or, in. May, 2019 the social security administration is a great resource for questions related to divorce and social security benefits. Mary beth writes regularly about the latest research and thought leadership on retirement income planning. To get all the social security you deserve, read a book that shouldnt need to exist. Her husband, bob, is collecting social security retirement benefits. The benefit is similar, in fact, to the spousal benefit that is available to a person who is still married.
Strategies for divorcing spouses, by miles mason, sr. Your statement shows your own earnings history and a projection of your individual benefits, but never shows your eligible benefits as a spouse, exspouse, or survivor. If you are divorced social security administration. Sometimes, being divorced is an advantage most of the divorce rules make it harder for exspouses to claim social security than current spouses. Claim your free social security guide book retiree.
Divorced spouses may qualify for widows or widowers benefits if the marriage lasted ten. Benefits also are provided for disabled widows or widowers who have reached 50. When you turn 70, you can switch back to your own, nowlarger benefits. Evaluate and take the higher benefit, claiming either survivors benefits or your own benefits and switching later. Strategies for single people, for married couples, for survivors, for. Based on your age and marital status single, married, divorced or survivor follow stepbystep instructions to maximizing your social security benefits. Social security surviving divorced spouse benefits. First, some basics you can start taking social security, receiving reduced benefits, when you reach age 62, rather than waiting until your full retirement age fra. Since its creation, social security has been designed to supplement americans retirement income. Before you decide, make sure you understand these two aspects of social security.
Your exspouse is entitled to social security retirement or disability benefits. Social security is complicated and dont let anyone tell you otherwise. But for a divorced woman, social security plays a very important role. To qualify as a surviving divorced spouse, you must meet the conditions below. Thanks for sharing important information on social security and medicare.
Social security strategies for divorced couples by sandra block, senior editor march 9, 2015 lots of things are lost when you get divorced. This book is even shorter than mikes 61 pages of a 5 x 3inch book and is aimed squarely at those who can still do the file and suspendrestricted application strategies. Social security benefits for divorced spouses dummies. Your 2017 guide to social security and divorce the. To get all the social security you deserve, read a book. Top 5 social security books social security intelligence. Jim and mary were married for 22 years while raising a family, and during most of that time mary was a stayathome mother. In most cases, that will put a stop to any additional benefits paid to spouses or dependent or disabled children. Social security provides an important financial safety net to millions of seniors.
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. Divorced spouses are also eligible for survivor benefits, as long as the marriage lasted 10 years or more. Take social security late, recommends a chorus of personal finance experts, notably including economist laurence kotlikoff. 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. However, its important to do your own research before you file for benefits for two important reasons. 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. Social security claiming strategy for divorced working woman. The amount of benefits your divorced spouse gets has no effect on the amount of benefits you or your current spouse may receive. Your social security payments are calculated using your 35 highestearning years in the workforce. Whether for a divorced or a current spouse, social security benefits are a key component of retirement. Strategies will be discussed on how to maximize the amount of money a recipient will receive, and pitfalls to avoid that could cause a reduction in benefits.
The final part of the book, part 4, has some other miscellaneous topics such as how to check your earnings records 4 page chapter 14, how social security is taxed 4 page chapter 15, how social security should affect your asset allocation 3 page chapter 16, and a few doover options 4 page chapter 18 like withdrawing an application. Were married for at least 10 years before the final divorce date. Mar 03, 2015 to get all the social security you deserve, read a book that shouldnt need to exist. Jul 24, 2015 social security claiming strategy for divorced working woman. A great article to understand social security and medicare.
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. Here are some strategies to consider to help make the most of your social security benefits if youre widowed, divorced, or have never married. Our second book today, the little black book of social security secrets, is by another of my favorite authors, james lange, author of retire secure, and is subtitled couples aged 6270 take action now, retire secure later. Social security now provides access to your social security statement online. 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. Aug 08, 2014 the way social security works is that a person collects benefits based on his or her own earnings from work. If your exspouse will also receive a pension based on work not covered by social security, such as government work, their social security benefit on your record may be affected. But the book also explained some obscure strategies that even many social security employees werent aware of. Mary beth is a nationally recognized expert in social security claiming strategies. Your 2017 guide to social security and divorce the motley fool. Mary beth franklin, cfp, contributing editor, investmentnews, is a nationally known and frequently quoted expert on social security claiming strategies. Did you know more than 70% of americans leave this money on the table, so make sure it doesnt happen to you. When appropriate, these and other strategies may increase your lifetime social security benefits substantially by tensofthousands of dollars in some instances.
What divorced women should know about claiming social security. Your social security statement which is typically mailed annually to people 60 and over, but is currently suspended for budgetary reasons. If you dont work for at least 35 years, zeros are factored into the calculation and reduce your. Mary beth franklin, cfp, expert on social security claiming. Jan 30, 2018 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. Her most recent book, maximizing social security retirement benefits everything you need to know to get the most out of complicated new claiming rules, has been updated to reflect changes in claiming strategies due to the bipartisan budget act of 2015. Social security is more important to your retirement plan than you may suspect, and you cannot rely on social security employees to give you all of the.
The 6670 social security strategy for married couples. Social security strategy for the divorced massmutual. The rules concerning social security claiming strategies are abundantly complex, especially if youre divorced. For working divorced spouses, theres an option that lets you file a restricted application with social security at full retirement age to collect a divorced spousal benefit, which is half of what your ex gets. Retirement benefit info for divorced persons social. In fact, she literally wrote the book maximizing your clients social security retirement benefits. 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. Mary beth franklin has a longtime interest and expertise in retirement issues, social security, and taxes, with a background in the federal budget, international trade, and capitol hill as it affects personal finance. How divorce can affect your social security huffpost. How married couples can maximize their social security. How divorce can affect your social security benefits las. By claiming at age 70 rather than at 62, retirees can boost their inflationadjusted income by 76 percent. Under this rule, anyone can file early for a reduced social security benefit and still suspend benefits at full retirement age until age 70. Social security rules and strategies for divorcee benefits.
Pick up your copy to explore the simple claiming strategies, all of which are designed to maximize your social security income and give you additional peace of mind during your retirement years. I have a question about my eligibility for my exhusbands social security. Social security for dummies, 2nd edition, by jonathan peterson this is the 1st book on social security that i read. Married, single, divorced or a widow, this book will have multiple strategies available to you and your situation. To get all the social security you deserve, read a book that. Are you wondering if you should start earlier or later. It makes no difference to the ssa if the breadwinner on whose record the spousal benefit is based has gotten remarried. Learn strategies to help maximize your lifetime benefit. Mar 29, 2016 take social security late, recommends a chorus of personal finance experts, notably including economist laurence kotlikoff.
Social security rewards americans who wait as long as possible to claim their benefits. If you are divorced, but your marriage lasted 10 years or longer, you can receive benefits on your exspouses record even if they have remarried if. 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. If you are divorced, your exspouse can receive benefits based on your record even if you have remarried if. Your benefit can be based on your exspouses work history. Social security benefits for widows and widowers dummies. Secret strategies to maximize benefits social security.
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. To qualify for social security, you must accumulate 40 work. You are entitled to social security retirement or disability benefits. Sep 16, 2019 your social security payments are calculated using your 35 highestearning years in the workforce. This book contains minimal math, excepting the simple formula presented in this note. Social security benefits for divorced women hofheimer. Also, at the time of retirement age, medicare plays a very important role in getting the health benefits. One more new rule applies to divorced social security filers. During this course, legal professionals will learn the law behind the social security income benefit. Is either of you or both of you close to retirement age.
Social security claiming strategies for divorced retirees. 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. Secret strategies below are three examples of the littleknown or poorly understood strategies we employ to help you maximize your social security benefits. 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.